Secondary

Discover strategies for successfully managing secondary finance opportunities to increase deal approvals and maximize dealership profitability in the retail automotive industry.

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Course curriculum

1. Introduction
2. The History of Secondary Finance
3. The Best Kind of Customer
4. The Difference Between Secondary and "Buy Here/Pay Here"
5. The Dealership's Commitment to Secondary Finance
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6. The "Concept" of Selling Credit Repair
7. Concepts Behind Proper Deal Structuring
8. Be Careful of Your Secondary Finance Verbiage and Lingo
1. Don't Be Fooled
2. The Percentages
3. What is "Situational Bad Credit"
1. Characteristics of a Secondary Finance Manager
2. Ongoing Training
3. The Lumber Man Story
4. Advertising
5. Inventory
6. Personnel
7. Software
1. How a Score Breaks Down
2. Why Use Credit Scores
3. What Affects Each Category
4. What the Scores Ignore
1. Who is Responsible
2. Books
3. Using the Correct Book with the Correct Lender
1. Credible Appearance
2. Inspiring Phone Personality
3. Intelligently Sharp
4. Level Headed
5. Trainability
6. Strong Work Ethic
7. Extensive Automobile Background
8. Empathetic Towards Secondary Customers
1. Why Should the Dealership be Involved
2. Basic Difference
3. Difference in Advertising
4. Difference in Inventory
5. Difference in Processes
1. Commitment
2. Follow Through
3. Patience
4. Funding the Department
1. Remember Your Customer
2. Exposure Advertising
3. Impact Advertising
4. 0-12 Deliveries Per Month
5. 13 - 24 Deliveries Per Month
6. 25 Deliveries Per Month and Up
7. Distribution of Dollars and Media Placement
1. Size of Inventory
2. Type of Vehicles
3. Price Points
4. Where to Get Them
5. Inventory Mix
6. Multi Dealership Cross Selling
7. How to Build an Inventory
1. How Lenders Operate
2. How Many Lenders Should I Have
3. Recourse or Non-Recourse
4. Who Really is the Lender's Customer
5. Guidelines, Stipulations and Funding
6. Dealership Exposure
1. Collecting the Stips
2. Proper Execution
3. Training the Biller
4. Funding
5. Customer Interviews / Verbals
6. The Importance of a Checklist
1. Picking the Player
2. Picking the Place
3. The "Look" of the Office
4. When to Purchase Software
5. Making it a Real Department
1. Making Friends
2. Make it Complete, Accurate and Legible
1. The Concept
2. Keep Your Eye on the Target
1. Why is This the Best
2. Pros to a Blend of Secondary and a Salesperson
3. Cons to a Blend of Secondary and a Salesperson
1. Why Use the Finance Manager
2. Pros and Cons
3. Why You Still Need a Process
1. Identifying the Secondary Finance Customer
2. Turn Over to the Secondary Finance Manager
1. Credit Interview
2. Determining the Customers
3. Select a Vehicle
4. Turn Over Back to the Salesperson
1. Why There is a Magic Number
2. Don't Forget to Sell the Car
3. The Turnover to the Secondary Finance Manager
4. Selling the Deal
5. Paperwork
1. Be Ready for the Customer
2. Look, Act, Be the Professional
3. Closing the Deal
1. Introduction To Objections
2. Old Style Objection Handling
3. Concepts of Effectively Handling Secondary Finance Objections
4. The 4 Step Process for Effectively Handling Customer Objections
5. Step #1: Acknowledge the Objection
6. Step #2: The Counter
7. Step #3: Seek Acknowledgement
8. Step #4: The Close
9. Scripting Your Objection Responses
10. "That Payment is Too High"
11. "That Interest Rate is Exorbitant"
12. "We Really Didn't Want to Have to Put Any Money Down"
13. "I Think the Price of the Car is Too High"
1. Always Get Them
2. Turning Referrals into Sales
1. Sales Structure
2. The 7 Components that can Damage your Success
3. Don't Get Greedy
1. Your Secondary Customers are Not Necessarily Who You Think They Are
2. Let's Look at the Statistics
1. What are the Legal Liabilities
2. Who are You Protecting
3. Are You Red Flag Compliant
1. Lenders
2. Deal Sorting
3. Deal Structure
4. Follow Up

About this course

$79.00 / month
124 lessons

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Secondary

Course curriculum

Chapter 1 - Introduction to Secondary Finance

Chapter 2 - Identifying Your Customer

Chapter 3 - Necessary Resources

Chapter 4 - Understanding Credit Scores

Chapter 5 - Book Outs

Chapter 6 - Characteristics of a Good Secondary Finance Manager

Chapter 7 - Basic Difference Between Secondary and Retail

Chapter 8 - Dealer's Responsibility for Success

Chapter 9 - Advertising

Chapter 10 - Inventory

Chapter 11 - Lenders

Chapter 12 - Lender Paperwork

Chapter 13 - Setting Up the Secondary Finance Office

Chapter 14 - The Application Process

Chapter 15 - The Basic Philosophy

Chapter 16 - Blend of the Secondary and Salesperson

Chapter 17 - Finance Manager in Charge

Chapter 18 - The Sales Process, Part 1

Chapter 19 - The Sales Process, Part 2

Chapter 20 - The Sales Process, Part 3

Chapter 21 - Presenting the Deal

Chapter 22 - Objections

Chapter 23 - Referrals

Chapter 24 - Why Some Dealerships Fail

Chapter 25 - Recognizing Your Marketplace

Chapter 26 - Legal Liability

Chapter 27 - Functions of Software

About this course

Discover your potential, starting today