Articles for Special Finance Experts
Wednesday, June 23, 2010
Twice each year, once in April and once in November, Auto Dealer Monthly reports the temperature of the retail finance climate. Having begun this process in 2005, this is the twelfth time we have asked dealers and their dealership personnel to offer their opinions of the retail finance companies they are doing business with.
Monday, April 26, 2010
As the calendar turns to March, good news seems to be abounding in the special finance world. E-mails and phone conversations with dealers and their managers indicate that business is indeed returning to that of the old days (late ‘90s) when SF was solid and deals were reasonable.
Wednesday, March 31, 2010
Greg Goebel - I have talked with probably more than 10,000 dealers about special finance over the past two decades. The range of their commitment to special finance has been from “off the charts” to a “you couldn’t get me to touch it with a 10-foot pole.”
Thursday, March 11, 2010
Greg Goebel - It is a new year, and many dealers have finished their annual planning and are prepared for a continued upswing in business for the coming year. Based on the calls and e-mails I have received recently, that includes for some dealers (for very good reasons) a refocus on their special finance efforts.
Tuesday, January 05, 2010
Greg Goebel - The seasons are changing, and judging by my phone and e-mail messages, so is the climate for special finance. As inquiries pick up, I can tell more focus and effort is returning to the market.
Thursday, November 19, 2009
Greg Goebel - The past 18 months have proven to be historic times in the automobile industry, and that certainly holds true for the special finance segment of the market. The three “Cs” – capital, collections and collateral – all experienced significant if not total deterioration during some or all of the past year.
Thursday, September 03, 2009
Greg Goebel - It has been a while since I have used a running analogy for special finance, but based on recent events in my life and the auto industry, I feel there is no better time than the present. Prior to taking up marathon running in late 2007, it had been many, many years since I was identified as an athlete, so regardless of whether or not you run, this article is still very apropos ...
Sunday, August 09, 2009
Greg Goebel - I write this month’s column while on the plane back from the Non-Prime Auto Finance Conference hosted by the National Auto Finance Association. While this conference is oriented towards the non-prime auto finance companies and the industry vendors that serve them, I do recommend it to dealers who desire a better understanding of the other side of the fence – the challenges finance companies face on a day in and day out basis ...
Thursday, July 30, 2009
Greg Goebel - Some department managers self-prophesied themselves out of a job. After convincing their senior managers and dealer principals that SF was no longer viable and finance companies were not willing to finance the subprime credit customers, their positions were easy to eliminate as dealerships were looking to ...
Wednesday, July 08, 2009
Greg Goebel - ... the reporting of the death of the SF industry is beginning to sound much like the infamous “Dewey Defeats Truman” headline from 60 years ago. Yes, the industry has definitely changed, but it is still alive and kicking. Although it’s more challenging than in recent years, much can be learned from the SF Top 10 dealers ...
Sunday, May 31, 2009
Greg Goebel - It only seems appropriate that this month’s column focus on the auto finance companies that are serving the special finance market. Without a doubt, it has been a tumultuous year, but contrary to the perspective of many dealers, finance companies are still issuing loans. One of the most often-asked questions I used to receive was, “Who is hot?” Nowadays, it has become, “Who is in the market?” The good news is that there are still options ...
Tuesday, May 12, 2009
Greg Goebel - Suddenly it became crystal clear. Well, maybe not crystal, but for the first time in a long time, I really get it. I understand the special finance landscape from many of the finance companies’ perspectives, which also gives me a leg up on trying to help give dealers better ...
Tuesday, March 31, 2009
Greg Goebel - Selling opportunities have always been too precious to squander, but now, it can cost a dealer the store. The bottom line is that in order to succeed in today’s special finance market, you must be able to quickly distinguish a ...
Thursday, March 12, 2009
Greg Goebel - Dealers say consumer credit doesn’t exist. Certainly, some banks and finance companies have perished. Others have merged, while others have had their access to capital greatly reduced. Guess what? To create revenue banks still have to loan money. Credit is still available, even to subprime credit customers. The difference is that ...
Thursday, February 12, 2009
Greg Goebel - You have to continue your brand in the market——continue to remind people that you are able to help them, and most certainly ask for business. You simply must be prudent about what you spend and reasonable about your expectations. Forecast your deliveries and spend appropriately ...
Saturday, December 06, 2008
Greg Goebel - Through the first nine months of 2008, the flow of money through securitization has amounted to less than $1.5 billion; through the first five months of 2007, over $12 billion flowed into subprime finance.
Tuesday, October 21, 2008
Greg Goebel - 2008 has proven to be a tumultuous year in the special finance industry ... Finance companies as a whole have tightened underwriting guidelines, reduced advances, increased fees and raised interest rates.
Wednesday, September 24, 2008
Greg Goebel - Fast funding must be the culture of the dealership. For some dealers, that means a significant change of policy...
Wednesday, June 18, 2008
Greg Goebel - The primary goal is to establish good rapport and set an appointment. Without achieving this, a sale will most likely never occur. Please note, I did not say work to get the customer approved before you invite them into the store!...
Friday, March 14, 2008
Greg Goebel - The inventory prediction programs are based on many things. Book and auction values are part of the equation. Book values have always just been guides. Sharp used car managers and buyers use ...