Losing auto loans to dealers? Stop the bleeding

By: Bo McDonald, yourmarketingco

“It’s not personal. It’s business.” When you end up paying more and borrowing more, it gets personal quickly.

You’ve purchased a car before and, most likely, experienced the financing procedures at the dealership. Do you really know what goes on behind the scenes at a car dealership?

What happens when your sales person scurries away to his finance manager?

What conversations happen between the sales people, managers, and finance people?

Do you know exactly how dealerships make their real money?

In an episode of American Public Radio’s “This American Life” last year, host Ira Glass traveled into the raging bowels of a New York car dealership. “Most people do not trust car dealers. Most people think that they’re ripping us off, throwing on extra charges, milking us for every dime. And they say, if you and I only knew the reality, we would see that, in fact, the dealer is not making a killing off us,” said the owner of the dealer during the multi-week story.

They may not be printing money but is it right for consumers?

“These people are such good salesmen, not only did she pay more, not only did they put her into a Jeep, which meant that, since they are a Jeep dealer, they could sell her a warranty, which they also did for a few thousand dollars, she came out of this loving her car and loving them.”

How is that different from what you’ve experienced in the financing procedures at your own institution? It doesn’t matter if you’re a lender, marketer, or C-Level exec at your financial institution, take 77 minutes within the next 7 days and listen to this podcast and hear actual conversations happening at this dealership. You’ll get a better understanding of how it works, and be able to better arm yourself to go head-to-head with the auto dealers and fight for a bigger share of auto loans.

But 77 minutes! Think you can’t spare the time? Think about those you serve, and how many loans you’re missing out on. Think about your bottom line. Think what a difference there would be if you found the way to have people love their car and love you.

Now can you find the time?

in Your Marketing Company