As a dealer, you want to secure auto finance leads year-round. But it’s important to take full advantage of one of the busiest and most fruitful times for auto lead generation: the spring. It may be only January, but it’s important to get a head start on your preparations for getting new car loan leads. That way, you’ll be able to get a higher quantity of automotive leads in a few months’ time. Here are three specific reasons why you should get started now, rather than leaving your prep work until it’s too late:
It’s the biggest season for buying a car
The most obvious reason for getting started early on your car lead generation is that springtime is “go time” for car buyers. For most dealerships, April through August are the busiest months of the year. If your main focus is getting new car loan leads, don’t blow your chances for the spring by not planning far enough ahead of time. If you want to take full advantage of the spring season, you’ll need to identify and follow-up with quality leads before and during this time frame.
You can use technology and operating hours to your advantage
While some customers may try to get loans through their credit union, your dealership actually has the upper hand. By getting new car loan leads online, you’ll be able to reach out to consumers in a way that banks and credit unions typically overlook. In addition, most car buying transactions occur on weekends or in the evenings (times during which credit unions are closed). You can use this to your benefit by offering your customers a loan agreement at the time of purchase and use it as incentive for your buyer not to wait until they hear from their bank.
You don’t overlook those with bad credit or no credit
An overwhelming number of banks overlook millennial customers who have poor credit due to school loans, or no credit at all. According to reports, around 25-30% of credit unions don’t even have a first-time buyer program, and many organizations will not grant financing opportunities to subprime leads. For reference, buyers who have credit scores of 500-600 are subprime; those with scores of 300 to 500 are deep subprime. These credit unions are missing out on excellent revenue opportunities, but you can use this to your advantage. By targeting subprime auto leads, you can easily identify these customers and reach out to them. Since these buyers are typically limited in their options, you should appeal to these customers in advance of prime buying season.
If you need assistance in generating viable car loan leads, you’re not alone. We can provide you with all the tools you need to get a leg up on the competition this season. For more information, please contact us today.
