Welcome to September! Please, let me borrow your attention for a moment for a quick side-story.

I have a couple of friends looking for a new home in Oklahoma. They flew up there and spent the day driving around to check out some property choices. NOT ONE single listing agent would let them NEAR the property until they could prove bank financing was a done deal! 

Now, can you imagine if the car business was run like that? A pending customer walks onto your lot, you welcome them to your dealership, then firmly announce, “Sir/Madam, before we can show you any vehicle here, you must provide proof of your financial ability to purchase.”

NOT ONE DEALER I know would do that, yet it is the next logical progression of our business. When this process first began, the real estate world went bonkers; People were angry! What happened next? Their closing ratios exploded because they were now only working with customers possessing the true ABILITY to buy. 

The big company dealerships are already on this track, revving up the engine, and starting to journey to using the same process as real estate companies. They encourage their clients to first learn what the true buying power available to them is. Then, with the customer armed with his/her financial abilities clearly listed before them; They begin to feel more a part of, and somewhat in control of, the buying process. You will know exactly how and where to assist your customers to get the most out of what that their financial ability allows.

I believe it will eventually all go this way, for all financing-type companies. So, why not start transitioning now? The best way I know how to begin is to make sure your website is transparent enough to explain the entire process of purchasing a vehicle and that financing is the most important key to purchasing their new car from you. This process will require thought, skill, new habits, and lots of patience. Educating your customer will be a crucial part of the process.

I recommend letting anyone have a look around (and drool over the units they want), however, we strongly suggest you not allow test drives until they know their financial capabilities. Doing this will shave hours off the process. Make sure to include a list of documents they need (both on your website and at your dealership) with the ability to download or fill them out on your website aside from the purchase process.

Okay, that is all for our September food for thought and tracks for success! Big changes are coming our way! As always, we are here for ALL your BHPH needs! We can assist with breaking them down into manageable, success-proven stages.  Schedule your consultation today to get started working towards a healthier business model designed to make your business thrive!

Create-A-Great-Day

Tom Hampton