Used car sales outpaced new car sales before the pandemic and even more this time, with no signs of stopping. Prices for used cars keep going up while the demand continues to grow.
Your independent auto dealership may be in a prime position to make more money, but are you taking advantage of the opportunities? Car financing for independent dealers is one of the most significant sources of income after car sales. However, not everyone in this industry uses it.
Most auto finance companies for used car dealerships have a high barrier to entry. As a result, many dealerships face this formidable challenge, forcing them to completely forgo offering financing options to their customers.
However, Vantage Finance has changed this landscape for independent auto dealers nationwide. They have continued to provide a wide range of services since 2010, allowing independent retailers to provide F&I services both offline and online.
How Vantage Finance can help your business
Vantage Finance works closely with its partners, providing technology and training to help them increase their profitability. It is a reputable virtual finance company that connects its clients to various lenders. As a result, resellers can provide customers with customized financing solutions.
Here are some of the key strategies Vantage has implemented for its reseller customers:
Integrate F&I services into your business
Running a successful used car dealership isn’t just about selling a car. It is also vital to provide maximum customer satisfaction throughout the process. The best way to achieve this is to integrate F&I with your business.
While the sales department handles the sale of your inventory, your F&I department is responsible for financing, compliance, bargaining, and generating ongoing revenue for your dealership. However, for an F&I department to be successful, it is also necessary a competent F&I manager. Your F&I manager will negotiate on behalf of the customer and at the same time represent your dealership.
Improve the performance of the F&I manager
Adding F&I services to your business is just the first step. Vantage can help yours The F&I manager performs better providing solutions tailored to the needs of target customers. They will assist you in creating a product portfolio to satisfy your customers and attract more new customers accordingly.
Simply put, Vantage will help your finance and insurance department with their primary but dual goals. They will help you offer financial aid to customers while increasing the dealership’s revenue consistently.
Sell more F&I products
Perceived pressure can take a toll on your numbers, especially if this is what your customers generally feel when they come to your dealership.
The technology and training provided by Vantage can help significantly decrease the perceived pressure, allowing your F&I manager to sell more products with ease. It will also help attract new customers as existing ones will most likely share their shopping experiences with friends and family.
Avoid SLA errors
Service contracts continue to be in high demand these days because not all Americans have funds readily available in times of emergency. However, most dealers miss the opportunity to close deals because they can’t avoid it common car service contract mistakes. The training Vantage offers its reseller customers can help identify these pitfalls. As a result, this solution allows F&I managers to better sell SLAs.
Build compliance with best practices
Vantage can help your F&I manager comply with regulations, legislation and even technological changes. Compliance doesn’t necessarily mean you’ll generate more revenue. But it can help you avoid paying penalties or, worse, closing your business. This safety net ensures your business stays afloat and ready to grow.
Your F&I manager will learn how to do this perform best practices and specific techniques to adapt quickly and bring the rest of the team up to date.
Keep up to date with the latest trends
Keep up with automotive finance industry trends it is essential to identify opportunities on the horizon. It allows you to tailor your strategy more efficiently by eliminating any guesswork.
However, not everyone can quickly identify an opportunity from a seemingly difficult situation. A huge benefit of partnering with Vantage is that you have access to their amazing ability to infer which trends can make a difference. Vantage is always on the lookout for the latest trends, so you can rest assured that the products it supplies aren’t outdated.
Provide additional protection for your customers
When you partner with Vantage Finance, you automatically take your customer experience to a whole new level. In turn, it allows your F&I department to offer services that protect your car buyershow:
- GAP insurance
- Road risk guarantee
- Service contract
Vantage will help you strike the right balance between making a sizable profit and satisfying your customers. It is truly a win-win situation.
Identify the pitfalls of the car dealership
The virtual F&I offered by Vantage Finance allows any used car dealer to consistently increase their profitability regardless of the global crisis or changes in the industry. Compared to other dealerships, you will be able to provide your customers with lower monthly fees and protection coverage for their vehicles. Plus, they can do all this from the comfort of their home.
Not making your products available online is one of the problems pitfalls that most retailers fall into, forcing them to leave their money on the table, even if unintentionally. When you partner with Vantage, you can identify these issues and come to a resolution before the negative impact takes root.
Provide turnkey F&I solutions
Most auto finance companies for independent dealers let you go through hoops to partner with or have lackluster products and services. To ensure a noticeable increase in profitability, you need an auto finance company that provides turnkey F&I solutions.
The F&I options that Vantage offers its customers can increase sales and lead to customer satisfaction. The National Independent Automobile Dealers Association (NIADA) also supports Vantage’s solutions.
Sell SLA effectively
While it’s ideal to be able to sell a SLA along with every deal you close, it’s next to impossible. Some retailers even end up not offering any SLAs because they feel it’s a big waste of time and effort.
Vantage helps identify the trouble spots that cause potential buyers to churn and instead offers approaches to get them to sign up. As a result, its customers can sell SLAs more efficiently.
The virtual services offered by Vantage also include service agreements, which allow you to reach customers who are not physically located at your dealership. Effectively removes perceived pressure from the very beginning. You will also be able to provide customers with technical knowledge about the service contracts offered.
This approach makes your business transparent and authentic – essential qualities that attract new customers and retain existing ones.
Skyrocket your independent dealership with Vantage
Don’t choose almost any auto finance for independent dealers. Choosing the wrong one will not only waste your time, it can also negatively impact your dealership’s performance and reputation. When you partner with Vantage Finance, you will increase your sales numbers. In addition, 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.
This article was published by: Trent Welch by title: What Vantage can do for your dealership
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