Potential car buyers have been using the internet to search for vehicles more and more over the past few years. For whatever reason, dealerships have yet to notice the full potential of these buyers.
The fear for dealerships is of course due to the subprime nature of the buyer.
Dealerships fear that because the lead came from the web that they would then open themselves up to even more subprime borrowers. The fact is the subprime borrowers have become quite the hot commodity.
Leads generated in this way from such potential buyers have proven they are ready to buy.
The problem for buyers comes then, at the point of lending. For decades subprime buyers have been unable to secure a reasonable loan for themselves. However subprime the credit may be, they understand that fees and higher rates will only make their situation worse.
So they held out for something better. Well now, so many of them have held out that they created quite a large market. Even picky lenders have taken notice of this market. Car dealers should also take notice.
There’s never before in history been such a large group of people more ready and willing to purchase a car. Avoiding this group is not advised. It would be like not marketing at all.
Fortunately, several dealerships have jumped on board. They began special finance departments to cater specially to these buyers. They’ve teamed up with larger networks of lenders, hired more staff and corrected sales funnels. All in order to cater to subprime auto leads.
They do this because the subprime auto leads are so plentiful.
You can practically get these leads by the handfuls. This makes it easy for dealerships to meet sales quotas and produce volume, which in turn leads to bigger profit margins.
Dealerships have noticed long-term growth.
Dealerships looking to start this process must first get the leads. But this is not your typical lead, they don’t usually wander in with your other foot traffic.
Although, sometimes you can purchase them from banks, other car dealerships and credit unions(due to their strict applications) these leads are almost exclusive to the web. Therefore in order to fully take advantage of this new market you need to hire a subprime auto lead generation company.
Subprime auto lead generation should be held to a high standard.
In order for their leads to work for your dealership they must meet certain criteria. Dealerships need to ensure that they have the exclusive rights to these leads, and that a lead generation company hasn’t sold these leads to other dealerships.
Sometimes second rate lead generation companies will sell the same leads to many dealerships. This obviously causes some trouble. Many times dealership contacts a lead that is already been closed, or worse.
Be sure that you hire the best subprime auto lead generation company.
Doing so, will improve your conversion rates and cut down on wasted time.
Contact us today and find out how we generate your leads.