It has become increasingly apparent to me, as I wander around up here in the not-so-frozen North, that we are on the cusp of another growth period in the Special Finance industry.  The demand has never been greater and lenders are beginning to aggressively market their programs.  The knowledgeable, committed Special Finance professional is in the proverbial “catbird seat” as our industry looks forward to the upcoming surge in Sub-prime...

I don’t gauge my performance on the percentage of accounts I open, I gauge it on the accounts I didn’t open. When I attended the Digital Dealer Conference in Orlando earlier this month (the first conference which I enjoyed by the way) I wasn’t prepared for all the number tossing. 55.4% of the 62% of used car sales in 2012 were sub prime, 60% of vehicles sold in 2012 were from drive in traffic. Mail companies were boasting 7% – 9%...

I entered the car business in 1995. That’s when the old body style 300Zs, the new body style two-door Ford Escorts and Convertible Geo Trackers were hot at the pre-owned lot I worked in Virginia Beach, Va. In those days beepers were the “in” thing, cell phones were as big as briefcases, customers didn’t care about M.P.G. because a gallon of premium gas was only $1.20, vehicles had tape players instead of MP3 players and...

Are your appointments showing up?   You just received a text alert that your provider has sent over an Internet Finance Lead so you rush inside to see what you have. Whether someone is trying to re-establish their credit or save time, that person took the time to enter their personal information. So before you call or email that person back shouldn’t you take the time to review the application? To start, credit should be pulled when...

From VOISYS by Dick Hassberger In my last offering, I promised to cover what I consider to be the basics of establishing and operating a Special Finance program.  I explained that, in my mind, there are three basic areas that contribute to the success or failure of Special Finance in the average dealership, Commitment, Knowledge and Inventory.  Other writers have expressed their opinion that there are anywhere from 6 to 15 of these...

It seems that when I am traveling long distances, my thought processes seem to be at their very best.  Maybe it is just that, given the same-ness of the Interstate system, my mind has nothing better to do. Recently, I found myself driving home ahead of the rapidly advancing effects of Winter Storm Q.  TV and Internet reports were showing local drivers bedeviled by ice and massive amounts of snow.  Progress was, in our case, unimpeded and, in...

Okay, you set the appointment and the Prospect just called to say they will be there in an hour. You have already pulled credit per the online app and they are financeable. What do you do? Grab a coffee and a smoke and talk to the guys until your customer arrives? No, you prepare. 1. Grab the keys to the vehicle they are interested in check out everything: AC, radio, windows, locks, sunroof, make sure there is a spare in the trunk etc. Make sure...