Used-car sales have been outpacing new car sales before the pandemic and more so this time – with no signs of stopping. Prices for used cars continue to rise while demand still keeps on growing.
Your independent auto dealership may be in a prime position to earn more, but are you taking advantage of the opportunities? Auto financing for independent dealers is one of the most significant income sources after car sales. However, not everyone in this business is using this.
Most auto finance companies for used car dealers have a high barrier to entry. As a result, many dealerships have to face this formidable challenge, causing them to forego offering financing options to their customers entirely.
However, Vantage Finance has changed this landscape for independent auto dealers nationwide. They continue to provide a wide range of services since 2010, allowing independent dealers to deliver F&I services both offline and online.
Ways Vantage Finance Can Help Your Business
Vantage Finance works closely with its partners, providing both technology and training to help them boost their profitability. It is a reputable virtual finance company that connects its clients to various lenders. As a result, dealers can provide customers with customized financing solutions.
Here are some of the fundamental strategies Vantage has been implementing for their dealer clients:
Integrate F&I Services to Your Business
Running a successful used-car dealership is not just about making a car sale. It is also crucial to provide the utmost customer satisfaction throughout the process. The best way to achieve this goal is to integrate F&I with your business.
While the sales department takes care of selling your inventory, your F&I department is in charge of financing, compliance, contracting, and generating continuous revenue for your dealership. However, for an F&I department to succeed, you also need a competent F&I manager. Your F&I manager will be negotiating on behalf of the customer while representing your dealership at the same time.
Improve F&I Manager Performance
Adding F&I services to your business is just the first step. Vantage can help your F&I manager perform better by providing solutions tailored to your target customers’ needs. They will assist you in creating a product portfolio to satisfy your customers and attract more new clients as a result.
In a nutshell, Vantage will help your Finance and Insurance department with their primary yet dual goals. They will help you offer financial aid to customers while at the same time increasing the dealership’s revenue consistently.
Sell More F&I Products
Perceived pressure can make a considerable dent in your numbers, especially if this is what your customers generally feel when they go to your dealership.
The technology and training provided by Vantage can help significantly decrease perceived pressure, allowing your F&I manager to sell more products with ease. It will also help attract new customers since your existing ones will most likely share their buying experiences with friends and family.
Avoid Service Contract Mistakes
Service contracts continue to be in great demand nowadays because not all Americans have funds readily available in times of emergencies. However, most dealerships miss their chance to close deals because they fail to avoid common auto service contract mistakes. The training Vantage provides to their dealer clients can help identify these pitfalls. As a result, this solution allows the F&I managers to sell service agreements better.
Build Compliance with Best Practices
Vantage can help your F&I manager comply with the regulation, legislation, and even technological changes. Compliance does not necessarily mean you will generate more revenue. But it can help you avoid paying for penalties or, worse, getting your business shut down. This safety net ensures your business stays afloat and ready to grow.
Your F&I manager will learn to execute best practices and specific techniques to quickly adjust and bring the rest of the team up to speed.
Keep You Up-to-Date With The Latest Trends
Staying abreast with auto finance industry trends is essential to identify opportunities on the horizon. It allows you to customize your strategy more efficiently while eliminating any guesswork.
However, not everyone can quickly identify an opportunity from a seemingly challenging situation. One tremendous advantage of partnering with Vantage is that you get access to their uncanny ability to deduce which trends can make a difference. Vantage is always on the lookout for the latest trends, so you can rest assured that the products they provide are not outdated.
Provide Added Protection To Your Customers
When you partner with Vantage Finance, you automatically elevate your customer’s experience to an entirely new level. In turn, it allows your F&I department to offer services that protect your car buyers, such as:
- GAP insurance
- Road hazard warranty
- Service contract
Vantage will help you achieve a proper balance between making a considerable profit and keeping your customers happy. It is indeed a win-win situation.
Identify Auto Dealership Pitfalls
The virtual F&I offered by Vantage Finance allows any used car dealer to consistently increase their profitability regardless of global crisis or industry changes. Compared to other dealers, you will be able to provide your customers with lower monthly fees and protection coverage for their vehicles. Plus, they can do all these from the comfort of their homes.
Not making your products available online is one of the pitfalls most dealers fall into, causing them to leave money on the table – albeit unintentionally. When you partner with Vantage, you can identify these problems and arrive at a resolution before negative impact takes root.
Provide Turnkey F&I Solutions
Most auto finance companies for independent dealers either make you go through hoops to partner with or have lackluster products and services. To ensure a considerable increase in profitability, you need an auto finance company that provides turnkey F&I solutions.
The F&I options Vantage delivers to their clients can boost sales and lead to customer satisfaction. Even the National Independent Automobile Dealers Association (NIADA) endorses Vantage’s solutions.
Sell Service Contract Effectively
While it is ideal to be able to sell a service contract together with every deal you close, it is next to impossible. Some dealers even end up not offering any service contract because they believe it is a big waste of time and effort.
Vantage helps identify problem points that cause potential buyers to leave and offers approaches to get them to sign instead. As a result, its clients can sell service contracts more efficiently.
The virtual services offered by Vantage also include service contracts – allowing you to reach customers who are not physically at your dealership. It effectively removes perceived pressure right from the onset. You will also be able to provide customers with technical knowledge about the offered service contracts.
This approach makes your business transparent and authentic – essential qualities that attract new customers and retain existing ones.
Skyrocket Your Independent Dealership to New Heights with Vantage
Do not pick just about any auto financing for independent dealers. Choosing the wrong one will not only waste your time but can also negatively impact your dealership’s performance and reputation. When you partner with Vantage Finance, you will get to boost your sales numbers. Plus, you will also be able to provide your customers with the satisfaction they deserve.
Ready to give your dealership a substantial boost? Contact Vantage Finance and connect with the best F&I partner in the industry today.
