4 BEST PRACTICES FOR BUY HERE PAY HERE DEALERSHIPS
Zach Klempf, Founder & CEO Selly Automotive
A
ccording to a survey by cars.com, 93% of
people say they are now using a personal vehicle more than they were pre-pandemic, and it’s unlikely that this use will decrease any time soon. The economic downturn and the high number of unemployed individuals will drive people to turn more frequently to buy here pay here dealerships, as they are unable to pursue traditional financing. Although best practices are always critical to success at a buy here pay here dealership, implementation now will increase dealers’ ability to flourish and thrive. Here are four best practices we’ve gathered for your buy here pay here dealership. Give Your Sales Team the Training They Need You already know that your people are the core of your business and its most valuable asset and resource. Appropriate and relevant training sets up your salespeople to have the right information at the right moment for the customer. Sales skills such as negotiation,
overcoming objections, and closing the deal are perhaps some of the first areas that come to mind. However, compliance is one of the most important areas to remember for ongoing training, especially as regulations and laws change frequently. If your salespeople take action that is outside of compliance, the consequences will fall back on you. Make use of industry organizations, such as NIADA, which often offer up-to-date training. Systems training for your team is also critical. Do they understand how to use your CRM? How to access templates for emails and SMS text templates? What about basic marketing tasks you expect them to complete, such as replying to Facebook Messenger chats? Make Sure Your Working for You
Website
Is
Buy here pay here dealers understand the importance of maintaining the right inventory for their customer base: inventory that is dependable and will last for the terms of the deal; inventory that is diverse and will capture your customers’ interests and needs; and inventory that is clean and well-presented. In the past, this has been enough, but now, it’s critical that your digital home meet these standards as well. According to McKinsey & Company, 75% of Americans have
8 | the Front Row | wsiada.com | May/June 2021
tried new shopping behaviors due to COVID-19, including no-contact orders and deliveries. Customers have become more and more comfortable with the pre-shopping experience and the subsequent purchase occurring online. With your dealership’s website, you want to ensure that it’s maximized for both information and function. It should look appealing and be mobile friendly. List inventory and provide detailed, compelling descriptions and attractive photographs, or even video tours. Consider expanded chat functions and the ability to obtain pre-approval, and complete paperwork or submit financial identification ahead of time seamlessly. Share video testimonials from customers who purchase and finance their vehicle with you for a more personalized connection. Websites that are inviting, functional, and compelling are the foundation of a robust digital marketing strategy, critical as we move into the digital future. Carvana, for example, understands the importance of this approach and has leveraged it to fuel their growth. Strengthen Relationships with Automated Marketing and Lead Nurturing Maybe your buy here pay here dealership is already doing community outreach programs, or meeting a specific need of your local
