autosuccessJun06

Sell What It Does, Not What It Is
June 2006

MOVING CUSTOMERS FROM
THE INTERNET TO YOUR SHOWROOM
HOW MODERN CONSUMER’S

HELPED SPECIAL FINANCE
LEADER EARNHARDT
DO JUST THAT
Terry and Kevin Murphy

There’s only one place that has more car shoppers than the newspaper.
But that tends to happen when you have more cars than the newspaper.

Where do 2.7 million vehicles and millions of. serious
shoppers a month come together? It isn’t the newspaper.
It’s the ultimate automotive marketplace. AutoTrader.com.

To reach more buyers, call 1-888-249-6860.

©2006 AutoTrader.com is a trademark of TPI Holdings, Inc. and is used under license.

NEED AN EVENT THAT PAYS?

The Hottest
Do-it -Yourself
SALES EVENTS
IN THE NATION
OUR DEALERS AVERAGE 340% MORE UPS WITH OUR EVENTS
THAN LEADING SALES. NO TEAMS, NO COMMISIONS, JUST TRAFFIC!!

POWERFUL EVENTS • REAL BIG RESULTS • REALLY INEXPENSIVE
Plus, we include everything for you...
Direct Parcel • Event Website • Credit Hotline • Balloons • Mirror Tags
Registration Cards • Incentives • BDC Scripts and more!
CALL FOR A FREE MARKET REPORT.
The Driving Force Behind
EVENT SPECIALISTS ARE STANDING BY
Automotive Advertising

Market Exclusive 866-239-3862 Copyright © 2006 Turn-Key Events and it’s licensors.

SUMMITIV
BEST PRACTICES

LEADERSHIP • INTERNET • CRM • MARKETING • BDC • SALES

Wow! I was hoping to gain at least five
new ideas to take our Internet sales to
the next level. I had more than five the
very first day.
The thing I liked best was the people.
The sharing of information during
breakfast and lunch was just as help-
ful as the quality presentations. Great people who
work hard and play hard ... after all it was Las Vegas. I
enjoyed the casual and professional environment and
the opportunity to visit with 15 vendors in between
speakers.
“What happens in Vegas goes back to Texas.” I met with
my Internet team of 10 professionals and started to
implement ideas on Saturday afternoon.
This was my first Summit and I hope I can come again
in November!
Great Show ... Fabulous Ideas!

Summit IV was another
Joe Healy
Internet Director,
Lawrence Marshall Dealerships

“This is my second Summit and they
keep getting better. It’s hard to be able

huge success, and
to put all the ideas into practice because
there’s just so many! Great event, great
speakers, and great location.”
Heather Conary
Web developer,

congratuations to all who
Downeast Toyota

“We seldom know what we don’t know.
Learn what you don’t know by attending
the next AutoSuccess Summit. Apply the
nuggets of wisdom presented at these

attended and participated
summits, and your return on the invest-
ment will be outstanding. It’s like a 20
Group for the Internet!””
Mike Parsons
Director of e-commerce,
Asbury Automotive Group

Sign up now for the Best Practices Summit V, November 2006 - Las Vegas • Call 866.396.7050 for dates

Take our customers...
Please!
Why chase false leads when you can have real,
qualified customers?
She completed an extensive application, pre-qualified
with flying colors, received her purchase check, and
now she just needs a car. Want her contact info?

Become a myAutoloan Preferred Dealer now.
Our approved customers arrive with financing in place.
Our qualified customers have passed an extensive
verification process through our Preferred Placement®
technology. Now, all you have to do is put them in the
driver’s seat.

Each month, we approve hundreds of qualified, ready-
to-buy customers in your area. They prefer all brands,
all models, and great service. But they don’t require
selling – they’re ready to buy!

To choose your spot on our Preferred Dealer Network
and start getting these customers, give us a call toll free
at 866.625.2668, send an email to contact@myautoloan.com,
or visit our Web Site at www.myautoloan.com/dealers.

In partnership with

Complete Customer Contact Details
Exclusive Territories
Entire Credit Spectrum Applicants
Exclusive Real-Time Leads by Zip Code
24/7 Online Dealer Access
Customers are Buying Now

REAL LENDERS - REAL LOANS - REAL TIME

Gaining Visibility
8 BrianTracy

Prospecting: Establishing Relationships
9 ZigZiglar

Characteristics of a Pro
10 TomHopkins

Increasing Total Yield
12 MikeTamas

Developing the Traits of a Leader, Part 1
13 SeanWolfington

Are You Checking the Bad Guy List
Complying with OFAC Regulations
14 CharlesArrambide

Sell More Online Immediately and Keep Your Best People
16 DavidKain

Going Up
What’s an Elevator Speech and Why Do You Need One, Part 1
18 PattiWood

The Value of a Loyal Customer
19 DavidJohnson

The Speed of Doing Business
20 JimAdams

Investing the Fundamentals
22 TimShea

Moving Customers From the Internet to Your Showroom
How Modern Consumer’s Driverloans.com Helped Special Finance Leader Earnhardt Do Just That
24 KevinMurphy

Five Keys to Selling 100 Extra Cars a Month
FordDirect Internet Dealer of the Year Shares Best Practices
26 BryanHopkins

The Essentials of Leasing More Cars
28 JeffMorrill

Don’t Let Profits Walk Out the Door
30 RichardLibin

Scott’s Individualized Consultation Transcripts
32 ScottJoseph

The 7 Commandments of Selling, Part 1
34 DavidJacobson

cover 24 A Hidden Cash Asset - Your Customer’s Future Credit Card Sales
Higher Response Rates and More Leads
Fool-proof Advertising with Vanity Numbers
36
38
LauraNoonan

GlennGoldman

The Most Important Decision of Your Life
39 MarkTewart

The No. 1 Suzuki Dealership in the Nation
is Selling 25-40 Referral Appointments Per Month
40 GaryLinam

Patrick Luck, Editor & Publisher Courtney Paris, Sales-improvement Strategist
luck43@autosuccessonline.com courtney.paris@autosuccessonline.com

Susan Givens, Vice President Brian Ankney, Sales-improvement Strategist
sgivens1@autosuccessonline.com super6@autosuccessonline.com
3411 Pinnacle Gardens Drive
Louisville, Kentucky 40245 Thomas Williams, Creative Director Brian Balash, Sales-improvement Strategist
design@autosuccessonline.com bb11@autosuccessonline.com
toll free: 877.818.6620
facsimile: 502.588.3170 Dave Davis, Creative Strategist Charlie Tierney, Sales-improvement Strategist
web: www.AutoSuccessOnline.com ddavis@autosuccessonline.com cpt2@autosuccessonline.com

helping to promote...
Acts 10: 34-35
And Peter opened his mouth and said:“Truly I perceive that God shows
no partiality, but in every nation any one who fears Him and does
what is right is acceptable to Him...”
God is the source of all supply

AutoSuccess Magazine is published monthly at 3411 Pinnacle Gardens Drive, Louisville, Kentucky, 40245; 502.588.3155, fax 502.588.3170. Direct all subscription and customer service inquiries to 877.818.6620 or info@autosuccessonline.com. Subscription rate is $75 per year.
AutoSuccess welcomes unsolicited editorials and graphics (not responsible for their return). All submitted editorials and graphics are subject to editing for grammar, content and page length. AutoSuccess provides its contributing writers latitude in expressing advice and solutions;
views expressed are not necessarily those of AutoSuccess and by no means reflect any guarantees. AutoSuccess accepts no liability in respect of the content of any third party material appearing in this magazine or in respect of the content of any other magazine to which this
magazine may be linked from time to time. Always confer with legal counsel before implementing changes in procedures.© All contents copyrighted by AutoSuccess Magazine, a Division of Systems Marketing, Inc. All rights reserved. Reproduction in
whole or part is prohibited without express written consent from AutoSuccess. AutoSuccess may occasionally make readers’ names available to other companies whose products and/or services may be of interest; readers may request that
names be removed by calling 877.818.6620. Printed in the USA. Postmaster: Send address changes to AutoSuccess Magazine, 3411 Pinnacle Gardens Drive, Louisville, Kentucky 40245.

sts fos ls ms sf fis
BrianTracy
leadership solution

Gaining Visibility
Have you noticed that dress. Dress for the position two jobs above soon be noticed by people who are higher up.
some workers receive your own. Many men and women with limited contacts
more promotions and and limited resources have risen to positions
greater pay than their Join professional associations. of great prominence as the result of getting
colleagues, despite Research professional associations to know the key community leaders who
the fact that they connected with your business or field. Begin participate in charitable organizations and
are apparently not as competent as you? by attending meetings as a guest to carefully professional associations.
This doesn’t seem fair. Why should some assess whether or not a professional
people get ahead when others, who seem association can be of value to you. Determine Be able to set priorities.
to be working much harder and even longer if the members are the kind of people you Learn how to separate the relevant from
hours, get passed over for promotion and the would like to know and are well established the irrelevant when facing the many tasks
additional rewards that go with it? in their careers. Then, if you have decided of the day. Managers place very high value
that becoming known to the key people in on a person who can set priorities and move
The fact is, to be a great success, it is important this association can advance your career, quickly to get the job finished. Dependability
not only to be good at what you do but also to take out a membership and get involved. in job completion is one of the most valued
be perceived as being good at what you do. Pick a key committee and volunteer for traits in the American work force. When
Human beings are creatures of perception. service. Find out which committee seems to your employer can hand you a job and then
It is not what they see but what they think be the most active and the most influential walk away and never worry about it again,
they see that determines how they think and in that organization and then step up to the you have moved yourself onto the fast track,
act. If one person is perceived as being more plate. Volunteer your time, expertise and and your subsequent promotion and pay are
promotable, then it is very likely that he/she energy, and get busy. Attend every meeting. virtually guaranteed.
will get additional responsibilities and more Take careful notes. Ask for assignments, and
money, even though there are others that can complete them on time and in an excellent Upgrade your work-related skills.
do a better job, if given the chance. fashion. This gives you an opportunity Continually look for ways to keep your skills
to perform for other key people in your current, and make sure that your superiors
Fortunately, there are several things that one profession in a non-threatening environment. know about it. Look for additional courses
can do to increase visibility and accelerate You give them a chance to see what you can you can take to improve at your job, and
the speed at which they move ahead in their do and what kind of a person you are. You discuss them with your boss. Ask him/her
career. expand your range of valuable contacts in to pay for the courses, but make it clear that
one of the most effective ways possible. The you’re going to take them anyway. Also,
Develop competence. people you get to know on these committees ask your boss for book and audio program
Determine what parts of your job are most can eventually be extremely helpful to you recommendations. Then follow up by
important to your boss and to your company in your work and in your career. reading and listening to them and asking for
and then make the decision to become very further recommendations. Bosses are very
good in those areas. You must be perceived impressed with people who are constantly
as being very competent at what you do. striving to learn more in order to increase
That perception alone will bring you to the
attention of more people faster than you
The fact is, their value to their companies.

can imagine. The perception of excellent
performance will open up opportunities
to be a great Develop a positive mental attitude.
People like to be around people they like
for greater responsibilities, higher pay and success, it is and tend to promote them. A consistent,

important not
better positions. Becoming good at what you persistent attitude of cheerfulness and
do should be the foundation of your strategy optimism is quickly noticed by everybody.

only to be good
for gaining higher visibility and rapid When you make an effort to cultivate an
advancement in your career. attitude of friendliness toward people, they,

Pay attention to your overall image. at what you do in turn, will go to extraordinary efforts to
open doors for you.
How you appear to others makes a real
difference. A recent survey of personnel but also to be In the final analysis, taking the time to
executives found that the decision to hire or
not to hire is made in the first 30 seconds. perceived as become an excellent human being will do
more to raise your visibility and improve
There are many elements of your life over
which you have no control. But your external being good at your chances for promotion than will any
other single thing that you can do. You can
dress and appearance are totally a matter of
personal preference. Through their choice
what you do. do it if you really want to.

of clothes, their grooming and their overall
appearance, individuals deliberately make
a statement about the kind of people they Join a well-known, charitable organization.
are. The way you look on the outside is a Become active by donating your services to Brian Tracy is the chairman and CEO
representation of the way you see yourself its annual fund-raising programs. You may of Brian Tracy International. He can be
on the inside. It’s a good idea to dress the not be wealthy now, but you do have time, contacted at 866.300.9881, or by e-mail at
way the senior people in your company and your willingness to give of yourself will btracy@autosuccessonline.com.

8 www.autosuccessonline.com

ZigZiglar
sales and training solution

Prospecting:
Establishing Relationships
Selling is a contact 5. Offer a free service. and Learn” programs. What an educational
sport. By increasing We all like free stuff. So do your customers way to establish a relationship.
your contacts, you and their business associates. Perhaps you can
increase your selling make a presentation in a “brown bag lunch” Zig Ziglar is the chairman of the board of
opportunities. Be format. Maybe you can bring in an associate Ziglar Training Systems in Dallas, TX. This
creative. to address physical wellness, financial issues, article was reprinted with permission. All
parenting or family matters. A vice president rights reserved. He can be contacted at
1. Take a doctor jogging. of a staffing agency here in Dallas conducts 866.873.0026, or by e-mail at
One of our clients sells to hospitals, clinics 30-minute sessions on what she calls “Lunch zziglar@autosuccessonline.com.
and doctors. She was having a difficult time
meeting with a certain doctor. The doctor’s
staff told the sales rep that she (the doctor) was
a jogger and that she participated in various
volunteer activities within the community.
The sales person thought outside the box and
entered the doctor and herself into a 5K run
for “Race for the Cure.” What an active way
to establish a relationship.

2. Hit a bucket of golf balls.
Do you play golf? (I do, but I still stand too
close to the ball AFTER I hit it!) Does your
prospect play golf? Instead of investing an
entire four hours on the course, why don’t
you invite your prospect out to the driving
range and hit a bucket of balls for an hour?
You don’t play golf? Well, try this. Pay for
your prospect to receive a golf lesson by a
local pro. What a swinging way to establish
a relationship.

3. Celebrate obscure holidays.
For instance, did you know that January
is Hot Tea Month? Perhaps you know of
a prospect that is a hot tea drinker. January
is your month to make an impression.
September is Better Breakfast Month. Maybe
you should celebrate by taking a prospect to
your favorite breakfast restaurant. October is
National Popcorn Popping Month. Is there an
office that could use an extra large container
of assorted popcorn? You’ll be a big hit if you
can find one. What a fun way to establish a
relationship.

4. Send greeting cards.
Hand written cards get opened. Hand written
messages get read. Capitalize on obscure days
because you can rest assured that you are the
only sales person celebrating these days. Aug.
16 is National Tell a Joke Day. (Don’t get me
started!) Sept. 14 is National Cream Filled
Donut Day. Oct. 5 is National Do Something
Nice Day. Buy a card. Write a message. Mail
the card. Wait three to five days. Call the
prospect and tell her you were the one who
sent the card on International Tuba Day (May
7). Greeting cards can help separate you
from the competition. What a creative way to
establish a relationship.

june 2006
9

TomHopkins

Characteristics of a Pro
There are many traits anxiety and pain you can handle before you strive daily to improve their skills. They
or attributes common call it quits. Are two rejections and three have jumped in with both feet and are willing
to those who can be No’s enough to send you looking for another to pay the price of learning what they have to
called professionals in profession? If so, you have a low threshold know to be a professional in this business.
the field of automotive of desire and a high one for rejection. Think They’ve committed to sales as their career.
sales. A particular about what you’re willing to give or do to They are constantly striving to improve
quality that separates the average from the achieve what you really want. themselves by attending seminars and
great can be expressed by one simple word functions, listening and reading sales material
- discipline. Desire without discipline leads to and staying abreast of new technology that
disappointment, disillusionment and despair. will assist them in serving their clients more
Years ago, I used to teach that one of the top Don’t let yourself be disappointed. Develop efficiently.
qualities separating the average from the the discipline you need to succeed.
great was DESIRE. However, I have since The live by this motto: “I must do the most
met and observed many students who had Professionals pay close attention to details. productive thing possible at every given
the overwhelming desire to succeed, but They ask questions that help them get a moment.” Those 12 simple words literally
lacked the discipline required to lay out the better understanding of exactly what their changed my life and my career nearly 40
specifics of their paths to success, stay on clients are looking for in a vehicle - style, years ago. Whenever I felt doubt about what
track and ultimately fulfill their potential. performance, mileage, color and size. They I was doing I would glance at these words
So, your desire to achieve must be tempered have their paperwork in order - properly hung by my desk, get re-focused and do the
with your ability to discipline yourself to do filled out, recorded and filed. They return next most important thing.
what’s necessary at all times. phone calls promptly - even if it’s just to
leave a quick message that they’ll be back I hope you’re not one of those people who is
Most of the great ones have an overwhelming in touch later. They keep their promises “just giving it a try.” People with that attitude
desire to prove something to someone. They and have answers ready when questions are have a plan of action for when they fail.
know they can be the best in their field and asked. You’ve heard it, I’m sure. “If I don’t make
are out to prove it to the world, or maybe just it in this, I can always....” They have a plan
to themselves and their families. This desire They are highly goal-oriented. for failure. They’re anticipating it, and will
burns so strongly within them that it keeps They are striving for a certain number of cars probably get it. Planning to succeed is so
them moving in the right direction. It keeps sold each month, a certain income, a trophy much more exciting than planning to fail.
them positive on days when things don’t or an award. They know exactly what they’re
go just right. It keeps them cheerful to their working for and have a plan detailing when Another characteristic of the top people in
clients and fellow sales people. It makes and how they’ll achieve it. sales is that they give excellent service.
them more efficient and professional in their They know they are paid in direct proportion
day-to-day activities. It’s the fuel that keeps Do you have your goals in writing? If not, to the amount of service they give to their
their engines running in top condition. you are a wisher, an undisciplined dreamer. clients. They understand that we are in the
You haven’t really committed yourself to people business. We don’t sell vehicles.
The desire they have to succeed is not wholly achieving anything. You’re like those average We get people happily involved in owning
selfish either. In their quest for success, they people in your office who say, “Sure, I want vehicles by satisfying their needs.
sincerely want to find those people looking to make more money, but after the day I had
for a new vehicle and fulfill their needs. yesterday, I’m not leaving the office today.”
Their success is brought about by bringing
happiness to those people they come in You see, the successful ones, the true
contact with and serve. professionals, begin where the failures stop.
World-renowned master sales trainer Tom
They do what the failures are afraid or too Hopkins is the chairman of Tom Hopkins
Now, I can’t tell how much desire you have to lazy to do. International. He can be contacted at
make it in this field. Only you know that. The 866.347.6148, or by e-mail at
answer comes in knowing how much stress, The great ones understand that they must thopkins@autosuccessonline.com.

If You're Involved With Increasing
Revenue, You Should Have One.
Buy one subscription for $75 and
Read get one FREE! 866.269.8604


Dealers Consistently Rate Dealix Their
#1 Internet Sales Lead Provider, Year after Year

2002 2003 2004 2005 2006
Lead Quality, Service Lead Quality Highest Overall Highest Overall and #1 in Auto Dealer
and Profit per Car sold and Lead Quantity #1 Provider to the Ward's Monthly's Dealers'
e-Dealer 100 Choice Awards

If you're thinking about whether Dealix will help you
sell more vehicles, ask the people who know.

The Cobalt Group, including Dealix, is used
by 94% of the Ward's e-Dealer 100.

The Best Dealers Use Dealix.
"Dealix's third party leads and search marketing service, PowerSearch, help us
get the maximum visibility and customers, with the minimum investment, in
the shortest amount of time."
Mike Zavell, Internet Sales Manager
Gunther VW of Coconut Creek, Pompano Beach, FL

"Our Dealix leads have the highest closing ratio of any other lead source."
Paul Miller, Internet Director
Capital Ford, Raleigh, NC

"Dealix customer service is unparalleled. I have been a long time customer of
Dealix and use their leads because their lead quality is the best in the industry, bar
none. They're a great group of people to work with. I wish I could clone my rep
Dolores. She is the best!"
Gilbert Chavez, Internet Director
Phil Long Motor Group, Colorado Springs, CO

For complete details on these studies, and to get a free lead estimate, contact Dealix at (800) 717-8079, or visit us at www.dealix.com.

Dealix Drives Success.

MikeTamas
f&i solution

Increasing Total Yield
Are you happy with most of their PRU income from rate. What our industry, this program certainly brings a
your F&I department’s happens to your store’s total yield if the value-added concept to both customers and
production? Is your customer refinances? Are you maximizing dealerships. For starters, this program is only
PRU where you want total yield by offering the proper products? available if the customer finances at your
it? What are you willing When was the last time you reviewed and dealership. Should the customer refinance, he
to do about it? Because updated the products on your menu? Do the or she will lose the benefits of the program.
of the pressure from above to get volume, products you offer bring perceived value This is also a great way to increase finance
many sales managers do anything they can to to your customers? Does your menu offer a penetration and decrease chargebacks through
“move” a unit, even if it means losing money service contract in each package? refinancing. Unlike credit insurance, this
on the front end. Business managers then program is not rated by age or health. Almost
have the task of making the total yield of the Many stores are loading up their menus by everyone qualifies, which means you can offer
deal positive. offering products such as dent repair, GPS it to everyone financing a car at your store.
tracking devices and paint protection.
Does your business manager have the proper To ensure your menu produces profitable
tools and training to improve the total yield? Recently a program hit the industry that results, be sure your business manager is
The buzz in F&I over the past few years has actually allows customers to bring their properly trained; then review the products
been menu selling and legal compliance. vehicles back to the selling dealership being offered to be sure they are in tune with
Don’t let your business managers use a menu without facing any negative credit effects if the needs of today’s customers. Combining a
without being professionally trained. The a certain life-changing event has occurred. professionally trained business manager with
general consensus seems to be that by simply This criterion covers a wide range of a properly balanced menu will increase total
using a menu, production will increase and everyday circumstances, including physical yield in your dealership.
the store will stay out of the legal doghouse. or mental disability, loss of driver’s license
or involuntary job loss. Many more real-life Mike Tamas is the vice president
Look at increasing total yield through product situations are covered, as well. of training with American Financial
sales. & Automotive Services. He can be
With today’s unsteady economy, massive lay- contacted at 866.286.1339, or by e-mail at
Many stores that use a menu still generate offs and negative-equity epidemic gripping mtamas@autosuccessonline.com.


SeanWolfington
leadership solution

Developing the Traits Turn Your
Internet Leads
of a Leader, Part 1 into Showroom
Look at any leader
and you’ll notice he
food that requires no preparation, they charge
major purchases without the resources to pay
Appointments...
or she has developed for them and they have access to anything
a collection of traits and everything at a moment’s notice. It
that have helped him would appear to go against our very culture
or her arrive at the top to reserve a reward until after the job is done,
- at a place where they are considered one but those who do will find that self-discipline
of the best, if not the best, at what they do. becomes part of the fiber of their character.
These leadership traits include discipline, the
ability to prioritize, to build trust, the ability Stay Focused on Results
to influence others and to cast vision. In this Anyone who focuses on the difficulty of
article we will look closely at the ability to the work instead of its promised results or
build self-discipline and examine the other rewards will easily become discouraged.
leadership traits in future articles. Discouragement breeds procrastination, and
if a person dwells on those difficulties too
No matter how gifted a leader is, his gifts long they develop self-pity rather than self-
will never reach their maximum potential discipline. The next time you’re facing a
without the application of self-discipline. critical task and you find yourself thinking
Self-discipline is a key to success. Self- of how daunting it is, and this leads you to
discipline often means doing more than thinking of doing what’s convenient to avoid
what’s necessary, what you need to do to paying the price of the hard work ahead,
prepare and to grow even when it’s tough and change your focus. Count the benefits of
it hurts and when you’d rather do something doing what’s right and then dive in.
else. Self-discipline means refusing to quit.
A person who refuses to quit knows that their Do Right and You Will Feel Right “WorldDealer has
helped us with all
job begins when others stop trying. Self-discipline has rewards other than just
facets of our web
getting results. It feels good to do good
initiative and we have
Self-discipline positions a leader to go to and the people who do whatever it takes to
had significant and
the highest level and is a key to leadership do things right enjoy the process and the
consistent growth for
that lasts. If you want to become a leader for outcome a lot better than those who cut the past six years.
whom self-discipline is an asset, here are a corners. As you do the big and little things Their customer service
few action points: right, it builds your internal architecture is outstanding and I would recommend
and character, but if you take short cuts that them to any dealer.”
Challenge Your Excuses make you more comfortable in the moment,
To make self-discipline part of your lifestyle, it tears down that internal architecture that - John Taylor, Findlay Auto Group
you must challenge and eliminate any holds up your character and self esteem.
tendency to make excuses. Some common
ones include, “I don’t have time,” “I have
The most important tasks are the small ones
that no one knows about but you. By doing
Call for a FREE
too many responsibilities,” “I don’t know
how to” or “I’m not good at.” You get the
the little things well, we prepare ourselves
for the big things and each job well done
evaluation to see if
picture and can probably think of a few
more. The worst excuse of all is “I have
outside the sight of others is a private victory
that strengthens our self-discipline and
you qualify for our
to … (you fill in the blank)” because it
conveys a victim attitude. Change “have” to
character.
IBDC program
“choose” and watch your excuse slip away. You may have talent and you might even see
If you have several reasons why you can’t be a lot of motion, but without self-discipline • Call Center Services
self-disciplined, realize that they are really you’ll see little sustained and concrete • Dynamic Web sites
just a bunch of excuses and challenge each results. So start challenging your excuses,
and every one of them to get to the next level reserve your rewards until the difficult tasks • LMS
as a leader. are done and stay focused on the results and • SEO/SEM
Remove Rewards Until the Task is Done
you will find yourself building self-discipline
and success as a leader today.
• Media Buying/
Any industry that pays goof-offs and go- Production
getters equally will sooner or later find itself
with more goof-offs than go-getters. If you
lack self-discipline you may be in the habit
of expecting your rewards before hitting Sean Wolfington is the owner of
your target. In today’s culture of instant www.worlddealer.net
BZResults.com. He can be contacted
gratification this can be easier said than done. at 866.802.5753, or by e-mail at e-mail: info@worlddealer.net
Today, people reward themselves with fast swolfington@autosuccessonline.com. 866.429.6826

june 2006
13

CharlesArrambide
leadership solution

Are You Checking the Bad Guy List
Complying with OFAC Regulations
Checking the so-called blades just as you would a customer buying type of service. If you use a credit
“Bad Guy” list should a new car. Additionally, you must screen bureau to screen credit transactions,
be part of your hiring employees and vendors against the database. remember that you also need to screen
and sales processes. employees, payments to vendors and
If you’re not familiar Penalties for non-compliance cash transactions.
with this list, you may know it by another Violators could face harsh criminal and civil • Know what to do if a name matches
name, the “OFAC” list or the “Specially penalties. Penalties include fines ranging the SDN list. OFAC has a process for
Designated Nationals (SDNs) and Blocked from $50,000 to $10 million, and 10 to 30 handling “hits,” and it involves a little
Persons” list. years in prison for willful violations. Civil research. Is the name an exact match
penalties range from $11,000 to $1 million or close? Is the person located in the
The U.S. Department of the Treasury’s Office for each violation. same general area as the SDN? If not,
of Foreign Assets Control (OFAC) maintains you may have a “false hit.” If it looks
the list, which incorporates the names of How to comply very similar, call OFAC’s compliance
thousands of suspected and known terrorist If you are not in compliance with OFAC hotline at 800-540-OFAC (6322) for
organizations, drug traffickers and others. requirements, take immediate action toward verification.
OFAC administers and enforces economic complying. Here’s how to get started: • Document and retain screening records.
and trade sanctions against targeted foreign Store them in the appropriate customer,
countries, terrorism-sponsoring organizations • Develop a written policy stating vendor or employee files. If a problem
and international narcotics traffickers. compliance with the law is mandatory. arises, you’ll be able to show your
• Assign responsibility for coordinating screening results.
How does OFAC’s list apply to your the program to a trusted employee.
dealership? • Determine who and what you will For more information
The government prohibits all U.S. persons screen. This should include employees What I have provided is strictly an overview.
from doing business with any individual, and all required transactions (virtually Please talk with qualified legal counsel for
group or entity listed. Someone listed could all sales and service cash and credit further details and to ensure that you are in
attempt to buy a vehicle from you or apply transactions, as well as payments to compliance. Another good resource is the U.S.
for a position at your dealership. vendors). Department of the Treasury Web site, http://
• Decide how you will screen names. The www.treasury.gov/offices/enforcement/
Consider these scenarios: process doesn’t have to be expensive or ofac/, which provides answers to frequently
• A dealer rents a truck to a customer cumbersome. You can: asked questions and much more.
without checking OFAC. The customer • Screen names using OFAC’s Web
fills the truck with explosives, parks it site. Note: OFAC updates the list as What’s ahead?
in front of a building and lights a fuse, needed, which is fairly frequently, Next month I’ll address self-audits – things
destroying the building. so don’t rely on a printed version. you should be checking before someone else
• A dealer hires an employee without • Screen names using vendor does.
checking OFAC. The employee works software programs. There are
for two years. One day he doesn’t show many options, including some This information is presented for risk
up for work or call. Later, it’s discovered vendors that specialize in the management purposes only. It is not to be
the employee was part of a terrorist automotive industry. Here are a construed as legal advice or legal opinions.
attack. few to consider: Consult your legal counsel for assistance with
• Dealership Defense LLC OFAC compliance. Universal Underwriters
In both cases, if an investigation shows (www.dealershipdefense.com) Insurance Company, its affiliates, agents
that the perpetrator was on the SDN list, • Automotive Compliance and employees assume no responsibility
the dealers could be held accountable for Consultants or liability for making this information
neglecting to screen the names. (www.compliantnow.com) available.
• EthosHROnline
When are you required to check the OFAC (www.ethoshronline.com)
list? • Equifax (www.equifax.com)
OFAC requirements apply to all cash, credit • First American CREDCO
and lease transactions, as well as consumer- (www.credco.com) Charles F. Arrambide is assistant vice
and business-purpose transactions. There is • Let someone else check. There are president and associate risk officer
for Universal Underwriters Insurance
no minimum-dollar amount on purchases. vendors who will implement software Company. He can be contacted
Following the letter of the law, you should and perform screening for you. Also, at 866.347.5019, or by e-mail at
screen a customer buying windshield wiper most major credit bureaus offer this carrambide@autosuccessonline.com.


Why limit your
profit improvement
to just F&I?

There are many pieces to the profit puzzle.
Some companies focus on just one,
and that’s not good for your bottom line—
or your customers.

At Resource Automotive, our 40 year
heritage has taught us that long-term profitability comes from
a balanced strategy of driving revenues through process
improvement in all departments, not just one.
Each of our products and services embeds innovative technology
as well as adherence to regulatory and compliance requirements
within the automotive industry. Additionally, all of our tools are
tailored to fit your specific sales, service and customer satisfaction
objectives.
For immediate impact—throughout your organization—call www.resourceautomotive.com
(847) 953-6000
us today.

DavidKain
marketing solution

Sell More Online Immediately
and Keep Your Best People
In the mid- to late 90s, pleased with the traditional sales process of assist them. It is no different to me than the
when dealerships were back-and-forth negotiations with the sales customer who had researched at their library,
starting to consider the manager and wanted to have a streamlined bank or credit union prior to their dealership
Internet as a marketing buying solution. It was suggested by many visit when I first started selling in the 1980s.
tool, dealership owners online pioneers that the Internet provided I had to adapt my selling to credit them for
and managers were the perfect environment to bypass the sales their due diligence while still moving them
faced with a decision: Embrace the Internet manager role and give the consumer the through the steps to the sale.
as a marketing and sales tool or wait and see opportunity to complete the transaction with
if it would be the “event” so many predicted. one dedicated person. This idea worked Rather than limit your sales and profit success
I think the dealers who have embraced then and works now, but it is short sighted by funneling Internet customers to Internet-
the opportunity are enjoying the fruits of because it sidelines some of your best only sales people, I truly feel the dealerships
their labor and are likely morphing their dealership sales talent and, in many cases, that will sell in volume in the future will
online operations to increase their overall puts the dealership at great risk when their train their entire staff to respond to this
dealership profitability and market share with “dedicated” person leaves and takes all the ever-growing buying population and, most
moves into parts and service, commercial experience, marketing contacts and online importantly, challenge their sales managers
vehicles, auctions and more. If you are still sales ideas with them to another dealership. to add Internet sales responsibility to their
waiting, the good news is you can still adapt already full plate. Your sales managers
your organization to this consumer - and A better solution that is long lasting is to already recognize that lot traffic is dropping
dealership - friendly environment and grow weave the Internet into your traditional and this will open up their eyes to a growing
your sales and profits right away. selling system and normalize deals as much opportunity and allow them to show their
as possible to satisfy the online and offline true sales talents.
One of the early mainstay thoughts was to buyers. This is not a stretch to consider
have “dedicated” Internet staff to manage holding your sales managers accountable for The good news is that the current thinking
the leads a dealership received. Why this ALL SALES - including the Internet. The old of dedicated Internet sales teams and BDC
worked then, and works now, is that having adage that sales managers have full plates and teams still works extremely well, so there is
someone focused specifically on this part can’t supervise the sale of online prospects no need to abandon successful operations.
of your business without distraction causes while they can manage walk-in and phone- My suggestion is to take what works and
them to make things happen in order to earn in prospects is preposterous. The best sales transfer these ideas to the overall sales floor
their paycheck. It makes sense that, if the managers want to manage the entire selling and teach your sales managers and traditional
only way you are going to make money is environment and adapt their approaches to sales people how to effectively work with
by selling vehicles online, you will improve what works for each client. It is pure art to Internet prospects. You would likely see an
your processes to the point that customers see a sales manager work with a customer immediate boost in sales. Imagine if you
respond positively and purchase vehicles who is a tough negotiator in one office, close knew that 80 percent of your customers were
from your dedicated Internet sales person. the deal by showing firm closing skills, and in a parking lot each day at the local discount
then deftly work with a first-time buyer in store – I can assure you that your sales
The interesting thing is that then, and even the next office who needs a gentle push to managers would be there too with a team
now, the role of the dealership sales manager decide to purchase. Therein lays the reason of sales people focusing on those prospects.
was not adapted to lead the charge in online the sales manager ascended to this role in the This is similar, and now I think it is time for
sales in many, if not most, dealerships. first place. Why limit your growth potential you to ask your sales managers to add one
Dealers and general managers abdicated by sidelining that talent when it comes to the more item to their already full plate and sell
their sales managers of the responsibility to Internet? more vehicles to online prospects.
create selling processes for Internet leads
while holding them accountable for lot With nearly 80 percent of automotive Internet
David Kain is the automotive Internet
traffic and phone traffic. Perhaps this set- shoppers starting the buying process online, training specialist at Kain Automotive Inc.
up was born from manufacturers and lead one has to reason that many will walk in and He can be contacted at 800.385.0095, or
providers who surveyed customers and phone in after doing their research and hope by e-mail at dkain@autosuccessonline.
found the customer was not particularly to find sales people who have the dexterity to com, or visit www.kainautomotive.com.

If You're Involved With Increasing
Revenue, You Should Have One.
Buy one subscription for $75 and
Read get one FREE! 866.852.0323


You Are Guaranteed to Increase
Your Bottom Line in One Year by
$250,000 or I’ll Pay You $10,000!
Hi my name is Mark Tewart. I am This isn’t some magic-button, pie-
a renowned expert in automotive in-sky fad. These are real-world and
sales, sales marketing and sales proven methods for massive profit
management. Many of you reading improvements. It takes hard work and
this may have heard me speak at lots of commitment.
seminars, state association meetings,
NADA or NIADA conventions. The second reason for me being
You may have read my articles in picky about who I work with on
AutoSuccess or other magazines these projects is that frankly I don’t
or seen my shows on Automotive have the time. To create the massive
Satellite Training Network. results that you and I are looking for
requires a great deal of my time and
Whether you know me or not, you may effort. I am an in demand speaker,
MARK TEWART
be wondering what allows me to be able trainer and consultant and I own three
Tewart Enterprises
to make such an outrageous claim. The successful businesses. Because of my
answer is simple. I have accomplished time restraints, I refuse to spend time 888 2 TEWART (888 283-9278)
this for my clients, every time I have and effort with wanna-be’s. I only or 513 932-9526 or email me at
tried without fail. If a client follows align myself with passionate people info@tewart.com with your
my full-proof and proven methods, committed to winning. information and we can talk.
the results are as predictable as the sun
Sincerely, Mark Tewart
coming up every day. That may sound The third and final reason for me being
arrogant to some of you, but to me and selective is my reputation. I can’t write “We have went from 40 cars to 130
my select clients it’s just reality. ads like this and make such incredible cars a month and improved our
guarantees unless I can bring the gross over $400 a vehicle in one
Every year I am bombarded with dealers results. My reputation is beyond solid. year and expect to get to 200 units
that ask me to help improve their sales a month by the end of this year by
and profits. I reject most of them. I only By the way, the $250,000 bottom line using Tewart Enterprises Inc.”
choose a few each year to work with improvement is just an example. I have Mark Ward, Ward Chrysler,
on such a large scale. There are a few had some dealers increase their bottom Carbondale, IL
reasons why I carefully hand pick who lines by more than $1,000,000 in just
to work with. one year. Look at this way, I don’t take P.S. Don’t miss my High
$10,000 guarantees lightly. I put my Performance Management Seminar
The first reason is that it’s easy for money where my mouth is. June 15 &16 in Cincinnati, OH
you to say you want to improve but
most people don’t want to do the If you want to talk to me in strict Call 888 2TEWART or go to www.
things necessary to make it happen. confidentiality, call me at: tewart.com/seminar for details

Visit www.tewart.com to
receive your free newsletter

PattiWood

Going Up
What’s an Elevator Speech and Why Do You Need One, Part 1
You’re standing at someone on your achievements. An elevator at a banquet to the guy in front of you in the
the luggage carrousel speech is also used as a way to network for grocery line. It’s a way of taking advantage
at the airport waiting mutual gain. Should you have the chance to of those encounters.
for your baggage. talk to a stranger or an important person by
When you grab your happenstance, you have something to say to Ideally, the elevator speech is a few sentences
bag, the person next them that states the benefits of hiring you or that lead to a meaningful conversation.
to you notices your bag tag has your auto using your company, or if they already know There is no need to go into your resume
dealership’s name on it and he asks if you what you do, the benefits of considering you points, your company’s mission statement or
work there. You’re able to give him your for other opportunities. It’s also important a rapid-fire delivery of your last 15 business
short “elevator” speech and intrigue him to listen in an elevator encounter so you can successes. Leave the listener curious and
enough that he asks for your card and you support and assist the person you are talking asking for more information, not bored or
get his. Later that month you sell him a car. to with their goals. running away.
A three-sentence “speech” has led to a great
sale. Are you well prepared for your elevator- The funky name “elevator speech” comes Why the heck do you prepare for one? The
speech opportunity? from two sources. One source is the elevator speech prepares you to respond to
salesmen’s tradition that you need to have any question or opportunity concerning what
What is an elevator speech? something ready to say when you have a you and/or your company have done and can
The classic “elevator speech” is essentially a chance encounter with someone in some do. If you’re thinking, “I don’t need to give
standard mini-speech to give to people you nontraditional business setting, like an an elevator speech; I’m not sales,” know that
meet in chance encounters. You craft the elevator. The other source for the name elevator speeches serve multiple purposes. It
speech in advance, to answer the questions is the short length of the elevator ride and is not just about getting business. Meeting
“Who are you, and what do you or your the short time you may have to get your people casually inside or outside your
company do?” If you are giving the elevator objective across. Though it’s called an dealership can help you introduce yourself
speech inside your dealership or to someone “elevator speech,” it’s a conversation that and establish a relationship with someone
in the auto industry, this prepared material can take place anywhere with anyone, from a who can support and mentor you. It can aid
can give you the opportunity to “update” seatmate on a plane to the person next to you continued on page 42


DavidJohnson

The Value of WOULD YOU
a Loyal Customer
LIKE MORE

$$$
Harvard Business front? If you build it (the relationship) they
School published that will come (referrals). Sounds too simple,
a loyal pizza eater will doesn’t it? It is. Here is a list of a few things
generate on average to remember during your follow-up to help
$8,000 in their lifetime build that relationship.
to the local pizza joint.
The loyal car shopper is estimated to be • Be reliable: do what you say you are

FROM
worth $332,000. If what Joe Girard (who going to do.
sold 174 retail units in one month) said is • Be professional and friendly.
true and each person does have a sphere of • Be easily reachable. Give out all of your

SERVICE?
influence of 250 people, then one customer contact information to each customer
can possibly be worth $83,000,000 (yes, and call your customers back.
that’s million), assuming you are able to • Show interest in what your customer
make a loyal customer of his entire sphere. does and send them referrals.
Does that number sound too high to be true? • Create rapport with your customer With DealerLOGIX ServiceOPS
Actually, if you take into account that each of during your routine follow-up calls by service departments are:
those 250 people in your original customer’s getting them to talk about themselves. Growing hours per RO and parts
sphere also has a sphere of their own, then • Allow genuine friendship to evolve revenue using vehicle specific Good,
that number would be too low. over time. Better, Best Menus
• Send handwritten notes and remember
Protecting assets with full disclosure
Do I believe that I will get that from each birthdays and anniversaries.
customer? Of course not, but that’s not the • Accept responsibility for mistakes and Performing consistent walk-arounds
point. The point is that, if done properly, fix them quickly. Increasing CSI
you can create loyalty in a customer that will • Commit to excellence.
Improving “Fix it right the first time” by
create wealth for you and your dealership.
providing techs with consisitent and
So how do you create the type of loyalty If you serve the customer, more sales will
clear issue information
in a customer that will keep them not only come. The less you have to wait on lot
coming back to see you but sending business ups, the easier you will be able to weather
to you, as well? the slumps in the car business. You are the
CEO; the best way to increase your business
By creating positive experiences for the is by having your customer help you. The
customer before, during and after the sale, only way that will happen is if you have a
and by proactively going above and beyond compensation plan for your customers, one
from what even the customer expects, loyalty that pays them in customer service, customer “Not only have
is formed. care and servitude. Don’t waste your day by we added $63
waiting for the next up; use that time to call per RO, but
It has been conventional wisdom that if you your customers, send out newsletters and our CSI has
satisfy a customer, you create loyalty. That’s hand-written notes. It’s much easier to ask increased too!”
just not right. It’s part of making a customer for referrals after the relationship has had Pat Cox, Hajek
loyal, but that in itself is just a small piece of time to develop. Of course, there is a point Chevrolet
a much larger, tastier pie. To create loyalty, in the relationship where you don’t have to
you must form a relationship with each and
every customer, and afterwards sales and
worry about asking anymore; they just show
up at your lot, asking for you. If you need Call Now or Go Online
referrals will come your way. Relationship any ideas on how to create loyalty with your to Schedule Your Free
building takes time and can never be done
during the one and only visit they made to
customers, just shoot me an e-mail. I would
love to hear from you. Happy selling.
Demonstration Today!
your dealership to buy that new Mustang,
which was only the beginning. How you
follow up after the sale is how you are
able to cultivate your relationship with that
customer.
David Johnson is the Internet Sales
So why go through the trouble of creating a
Manager at Orville Beckford Ford Mercury
in Milton, Fla. He can be contacted at
866.872.8150 ext. 72
follow-up program that builds a relationship
instead of just asking for referrals right up
866.347.2379, or by e-mail at
djohnson@autosuccessonline.com.
www.dealerlogix.com
june 2006
19

JimAdams

The Speed of Doing Business
The retail automotive Joe Verde teaches that they must like an hour and a half to two hours to
industry is moving at you before they’ll listen, listen before reach an agreement with a customer
light speed. Today’s they’ll believe and believe before and then all of the sudden the customer
new-car buyer they’ll buy. First, they have to like has to leave in 20 minutes. Professional
is smarter, better you! Look at the customer, make eye sales people must learn how to control
informed and, like contact and really listen. We must the sales process and make sure your
all of us, have less time than ever before. build rapport before we can begin the customer has a clear understanding of
Today’s automotive professional must be a fact-finding step of the sale. During the the time that it will take to complete
highly trained professional educated with fact-finding step we must find out who the transaction. Remember, once a deal
superior product knowledge. He/she must the vehicle is for, how many people are is secure at the desk, your customer’s
possess excellent communication; follow up, in the family, what the primary use will clock starts ticking. MOVE WITH A
prospecting and selling skills. Now more than be and more. Taking the time to truly PURPOSE. If you want to make sure
ever we must exercise the “Speed of doing investigate the customer’s wants and that your deal is expedited through the
business” principal. Doing it right … now. needs will actually speed up the sales business office, make sure the following
process by matching the customer with is complete:
There is a fundamental difference between the right vehicle. Once the vehicle
“doing it right now” and “doing it right … is selected, if you have to go into the • Make sure the credit applications are
now.” The key difference is the quality of dealership to get keys, MOVE WITH complete and signed. Many lenders
work performed and the speed in which we do A PURPOSE! Run into the dealership require references and previous
it. Our goal as a professional is to make sure to get the keys and return to the lot employment information. In some cases
that the essential selling steps are completed quickly. The customer loves to see that a applications can not even be submitted
in a timely fashion to ensure that the process sales person is going above and beyond without this information. Take a little
has little to no wasted time and energy for to serve them. Secondly, the less time extra time to review the credit application
yourself and the customer. Here are a few that the customer spends alone at the and it will speed up the process.
steps to make sure that your customer has dealership the better. Once the vehicle
a great buying experience and that they are is pulled from the row and opened • Insure that you have the VIN and exact
handled in a timely manner: up, the sales person should begin a mileage on the unit you are selling
well-rehearsed product demonstration and on the trade in. If anything slows
1. Evaluate your process. Take a look and walk-around presentation based down the process, it’s watching the F&I
at the keys to a great sales process. A on the customer’s wants and needs, process come to a grinding stop while
great greeting is essential. When you which includes a great pre-planned the sales person has to return to the lot to
are up, be up. Customer contact is the demonstration drive. A customer should verify information that should have been
first impression. Make sure you are not go on an unaccompanied demo ride. complete before the deal was turned into
dressed for success, clean shaven and An unaccompanied demo drive will not the business office.
are mentally and physically prepared to allow you to demonstrate the features,
greet the customer. A firm handshake, a build rapport and ask closing questions • Make sure that you have copies of
warm smile and a welcome word starts and actually slows the process down. driver’s license and insurance cards, the
you on the road to the sale. Letting Remember the speed of doing business trade payoff and address and any other
the customer wander around on the does not mean short cutting the process; requirements before the deal is turned in
lot for five minutes also creates a first it means eliminating unnecessary time for approval.
impression - one that says, “These in the true sales process.
guys are not very interested in me.” 3. Management and F&I. Your sales
Next, we must begin to build rapport. 2. Paperwork. A sales person can spend person worked hard on this deal to get it to
this point. They deserve your undivided
attention. There is nothing that you
could possibly be doing more important
ELIMINATE PARTS DELIVERY than taking care of the customer that is
sitting in your showroom.

HEADACHES TODAY! Not short cutting the process only speeds
up the process. Evaluate your time that you
// Professional Drivers // GPS Tracking spend with every customer and make sure
that you are not wasting any of their time or
// Guaranteed Service // Lower Liability yours. The speed of doing business means
doing it right and doing it now.
FREE EVALUATION
888.374.3354 Jim Adams is the general manager at
Roper Kia in Joplin, MO. He can be
www.dililgentusa.com contacted at 800.905.0627, or by e-mail at
jadams@autosuccessonline.com.


sts fos ls ms sfs fis
TimShea
special finance solution

Investing the Fundamentals
In the April issue, we scores today, practically every dealership is A second advantage gained from working
introduced Five Critical to some degree in the subprime business. our prospects first through the credit process
Success Factors and then engaging in “finance appropriate”
for subprime auto. Ask yourself these questions. Are you product decisions is that gross profit will
Those fundamentals “re-actively” or “pro-actively” pursuing increase.
included: subprime business and how are you handling
those customers? Re-active business comes To excel in subprime sales necessitates
1. Dedicated subprime department / from lot traffic. For most dealerships, a working your prospects “backwards”
personnel significant percentage of their lot traffic is through the sales cycle: meet, greet,
2. Proper lender relationships subprime. Being pro-active means that you discovery and credit. Credit and the
3. Appropriate inventory advertise for or pursue subprime customers. customer’s capacity to repay a loan will
4. Efficient business systems The challenge faced by many dealerships determine a payment call which translates
5. Marketing who only re-actively or minimally pursue to “finance appropriate” product decisions.
subprime customers is how to tailor the way For most sales teams, it’s difficult to move
This month we will investigate the first of they handle those customers. effectively from “forward” to “backward”
those fundamentals, having a department selling. This reason, along with the desire
or personnel dedicated to subprime and Properly sold, subprime business is to improve the closing ratio and maximize
the proper process for handling those handled completely backwards from your gross profits, is why most dealerships
customers. prime business and should be separated benefit from having a separate department
from it. or dedicated staff handling subprime
Your dealership should have a dedicated customers. Each team can then commit to
subprime department or personnel. What Our normal habit in the sales process is to and focus on their specific selling style.
that will look like will vary from dealership meet, greet, ask discovery questions, engage
to dealership depending upon a number of our prospects in a product decision and then Remember these fundamentals are building
factors including: training, maturity of your discuss price and financing. If those prospects blocks. Perfecting these basics will help your
sales force, the percentage of subprime sales happen to fall in the half of our population team excel in Subprime sales. E-mail me and
to total sales and more. In dealerships with that is “prime” we have acted correctly. I’ll send a checklist of 49.5 Best Practices
large subprime volume, the subprime effort If, however, they fall in that percentage of to SUPERCHARGE your Subprime Sales
may involve the entire sales and finance business that is “subprime,” we have not. & Profits.
staff. In other dealerships, it may be as (see figure below)
simple as one individual working with a
dedicated number of sales reps. What does Two primary advantages are gained when we
not vary is that these customers should be follow this procedure. First, our closing ratio
handled through a different sales process with subprime prospects explodes. Landing
Tim Shea is the president of Great Direct
than prime customers. For most dealerships, subprime prospects on “finance appropriate” Concepts. He can be contacted at
that will mean having a separate department vehicles first will improve your delivery 866.853.0223, or by e-mail at
or dedicated staff to handle subprime. ratio instantly. tshea@autosuccessonline.com.

Let’s first consider the market surrounding
your dealership and why you should even
focus on these fundamentals. Within a 30-
mile radius of most dealerships, an analysis
of credit scores shows that approximately 50
percent of the individuals have credit scores
of 640 or less. Simply put, the market share is
too large and profitable for most dealerships
to ignore. Because of the dispersion of credit


autosuccessJun06

Recomendados

Recomendados

Mais conteúdo relacionado

Destaque

Destaque (20)

Semelhante a autosuccessJun06

Semelhante a autosuccessJun06 (20)

Mais de autosuccess

Mais de autosuccess (20)

Último

Último (20)

autosuccessJun06