Trust, or lack thereof, has been the largest stumbling block our industry has ever faced! Every bit of that mistrust was driven by the almighty dollar and the belief that WE, the dealer, knows better what is best to meet the needs of our client and our business. Those days died in 1995, yet for some reason, the car industry was never fully able to wipe the stain from our reputation. My desire to see our industry prosper at levels we never could have dreamed of is what drives me to shout these convictions from every rooftop!
Transparency is the most vital part or regaining trust from the community. Listed on your website, should be your entire purchasing process – beginning with financial qualifications and an application. Like I mentioned last month, I believe the future of Used Car Purchases is going to be recreated in the Home Buying image; Customers will be preapproved and have a verified purchasing amount prior to beginning the buying processes. It makes so much sense in our industry. How many times have you wasted hours going from one car to another with a customer only to find out their credit is shot, and their down payment doesn’t exist? A preapproved amount ensures that both you and your customers don’t waste each other’s time. We deserve transparency from our customers as well.
Make sure your website includes resources your prospective customer can use to make an informed decision about whether they want to put in an application or not. This should include information for all customer types, including Credit Challenged, New Credit, Average to Good Credit, and Great Credit. Keep a printable checklist of all the required documentation necessary and require it be uploaded to the secure application before it can be submitted.
Once you have an approved amount, and an appointment time to meet with your customer (who is also bringing hard copies of those required documents), you can open a dialog to the customers needs and wants in their new vehicle purchase, where the magic starts! I might also add, that nowadays, some customers are much more comfortable communicating via text or email; Both of which you will want to make sure stay totally compliant with TCPA guidelines. (We’ve got a solution for that too!)
TRUST = TRANSPARENCY
Now you can coach your customer to leverage their buying power into the best vehicle purchase they have ever made, without the customer feeling like there is a curveball about to hit. All the transparency has built trust, layer upon layer, for both you and your customer. I leave you with a final question; Who of you, over the next year, will transition into a new way of doing business? The mortgage process in the BHPH industry makes sense. It saves us time, effort, and energy; All which we can never recover.
The clock never stops, neither does change. It is time to step up our game and make everyday operations clearer than they’ve ever been!
Create-A-Great-Day
Tom
