It’s SUBRIME TIME! Repos are up 23% versus last year and BK’s up 16% over last year. With over 25 years of experience as a subprime finance manager, I've witnessed these cycles firsthand. I foresee this trend continuing as more consumers struggle with the high cost of living, borrowing, and negative equity in their vehicles. The silver lining? By catering to subprime customers and offering them reliable transportation during financial hardships, you can establish a loyal customer base. Provide a top-notch buying experience with empathy, and you'll secure customers for life. These customers also serve as excellent referral sources, so don't forget to ask for referrals both at the time of sale and post-sale. Too learn more about the best way to get more referrals from your subprime customers and others, visit my website. #SubprimeFinance #CustomerExperience #Referrals #FinanceManager
Jose Reyes
2mo
Although experience is a great benefactor. How can we actually predict what will be happening. Up to 2022 there was still some Covid money wondering around, after that it went down hill, so the start of 2023 was still strong but by the end the money finally ended and the beginning of 2024 and further more has killed the momentum. With an election year, recession, high interest rates, closed finance companies, a culture of entitlement and a stronghold from FDCPA to finance companies... don't see a silver lining or this coming to an end soon. Not disputing as right or wrong on your assumption, just feel as a point of view with some facts here that the auto industry is facing its worst years to come.
🚗 Experienced Automotive Sales Professional | Retail Sales & Finance Management | B2B Sales Automotive
2moDennis O'Brien I completely agree. Unless something dramatic were to take place that changed the current trend, We are in for a long haul cycle that those of us who have been in the industry for 30+ years haven’t really been through. Many Dealers are scrambling to adjust and adapt. I’m in 8-10 stores everyday and look at 30+ deals everyday across a full spectrum of credit. Consumers who have always been 750 or higher credit scores are fully maxed out on revolving debt and starting to charge off on unsecured installment loans and falling in to the 600’s. Even Dealers who are doing a decent job with “subprime” are missing a ton of business with the mid to high 600’s scores with recent derog. Sales & Finance Managers at stores in affluent areas and high line import stores are being hit with a wave of customers in this range that they simply don’t have experience working deals with.