Article

special finance

April 2016, Auto Dealer Today - WebXclusive

Launching Special Finance: Part Six

Photo courtesy Tax Credits

By Greg Goebel

Despite a parade of obstacles, Champion Motors’ Red Team pulls out a win in overtime.

Tags: DealerStrong, Finance, special finance, training

March 2016, Auto Dealer Today - WebXclusive

Launching Special Finance: Part Five

Champion Motors’ new SF department hit a couple speed bumps in Month Four but continued to show progress in setting appointments and making sales. Photo by Michael Coghlan

By Greg Goebel

Website and BDC issues have slowed but not stopped the progress of Champion Motors’ new special finance team.

Tags: DealerStrong, Finance, special finance, training

January 2016, Auto Dealer Today - WebXclusive

Launching Special Finance: Part Four

By Greg Goebel

The DealerStrong team experiences the highs of beating expectations and the lows of an underperforming BDC and third-party lead provider.

Tags: DealerStrong, Finance, special finance, training

November 2015, Auto Dealer Today - WebXclusive

Launching Special Finance: Part Three

Photo: ©ISTOCKPHOTO.COM/KZENON

By Greg Goebel

With a fully operational SF department, the DealerStrong team shifts their focus to finding, selling and financing customers.

Tags: CRM, DealerStrong, special finance, training

October 2015, Auto Dealer Today - WebXclusive

Launching Special Finance: Part Two

By Greg Goebel

The DealerStrong team digs in at Champion Motors and finds a few surprises, including a freshly installed CRM.

Tags: CRM, DealerStrong, special finance, training

September 2015, Auto Dealer Today - WebXclusive

Launching Special Finance: Part One

By Greg Goebel

Welcome to Part One of a six-part series of articles about the launch of a startup special finance operation at an already successful independent dealership on the fringe of a major U.S. metro market.

Tags: DealerStrong, sales, special finance, training

April 2015, Auto Dealer Today - Feature

Good to Great in 3 Easy Steps

Sourcing inventory from Craigslist can bring ideal SF units and new customers to your store.

By Shawn Foster

Establishing proven processes for sales, desking and inventory acquisition can boost your SF numbers in short order.

Tags: Credit Scores, credit scoring, inventory, special finance

February 2015, Auto Dealer Today - Feature

Top 8 Tax Time Pitfalls

Image via IStockPhoto.com

By Greg Goebel

An SF expert lists the most common mistakes dealers make during tax refund season and how to avoid them.

Tags: special finance, tax refurn, tax season

January 2015, Auto Dealer Today - Feature

Turn Dealbreakers into Dealmakers

Photo: istockphoto.com/yingyang

By Greg Goebel

The art of selling additional cash down payments takes on added importance during the holiday season.

Tags: customer satisfaction, Finance, Sales Tactics, special finance

November 2014, Auto Dealer Today - Feature

We Are the 64%

New data proves that a significant number of potential special finance customers will purchase at another dealership — most likely one that has a proven process in place and a team committed to capturing their share of that market. 

By Greg Goebel

New data proves that nearly two-thirds of dealers who serve subprime customers are being outsold by their competitors. Escape the 64% club by committing to special finance and getting your entire team on board.

Tags: Greg Goebel, special finance

September 2014, Auto Dealer Today - Feature

Stop Punishing Your Staff!

Videos are most effective as part of a training curriculum that adds context to the lessons presented.

By Harlene Doane

Sentencing your sales staff to an afternoon in front of the TV or computer is no way to motivate them.

Tags: Harlene Doane, sales training, special finance

September 2014, Auto Dealer Today - Feature

Stop the Presses!

Dealers who excel in SF know that the documentation customers use to prove residence and income is becoming increasingly easy to fake, prolonging the verification process. 

By Greg Goebel

A recent front-page article spins the facts to make the auto finance industry and dealers look bad.

Tags: Greg Goebel, special finance

July 2014, Auto Dealer Today - Feature

The Foundation of Marketing Expansion

By Greg Goebel

Dealers who dive into special finance without personnel, processes and pay plans in place are bound to miss opportunities.

Tags: Independent Dealerships, special finance, Used-Car Sales

January 2014, Auto Dealer Today - Feature

Special Finance: When the Wheels Fall Off

Aging inventory is a symptom of slow sales. Dealers who excel in special finance have learned to stock the type of units that customers and finance companies demand.

By Greg Goebel

Special finance guru weighs in to help troubleshoot your underperforming department.

Tags: benchmark, F&I, Greg Goebel, inventory, personnel, special finance

September 2013, Auto Dealer Today - Feature

Shifting into High Gear

By Greg Goebel

The 2013 Special Finance Benchmarks are in, and all indications point toward a strong market for dealers and increased competition among finance companies.

Tags: 2013 Special Finance Benchmarks, back-end profit, Dealer Advertising, front-end profit, lead conversion, special finance

August 2013, Auto Dealer Today - Feature

How to Add a New Department

By David Keller

Diversifying your operation can bring new customers, new revenue — and new accounting concerns. The magazine’s resident number cruncher asks the tough questions.

Tags: accounting concerns, advertising costs, bhph, CASH FLOW, expanding your dealership, future space requirements, marketing, new customers, New Department, new revenue, personnel, special finance

August 2013, Auto Dealer Today - Cover Story

Back on the Road

By Tariq Kamal

Meet four dealers who are closing deals and driving loyalty by providing a much-needed service to customers who have filed for bankruptcy.

Tags: bankruptcy, Consumer Portfolio Services (CPS), financing bankruptcy customers, First Investors, OnlineBKManager, Prestige Financial, rebuilding credit, repeat customers or referrals, special finance

August 2013, Auto Dealer Today - Feature

The Clock is Ticking

By Greg Goebel

Special finance guru offers a time-proven strategy for converting all types of special finance leads.

Tags: a phone call and a call guide., a plan, adverse action letter, Credit Interview, CRM, Customer Interview, establish rapport, handling subprime credit internet leads, Internet Leads, special finance

July 2013, Auto Dealer Today - Feature

5 Keys To Better Callbacks

By Kelly Wadlinger

The magazine's F&I pro lays out a five-step primer to getting stronger callbacks from finance sources.

Tags: Auto Lending, automatic allowances, bankruptcies, creating relationships, Credit Bureaus, credit reports, Equifax, Experian, F&I, F&I manager, financing bankruptcy customers, flat program, Relationship lending, special finance, TransUnion

July 2013, Auto Dealer Today - Feature

Check The Stubs

Greg Goebel is the CEO of Used Car University LLC. GoebelG@AutoDealerMonthly.com

By Greg Goebel

Fraudulent paystubs are a serious threat to your dealership and the trust you’ve built with your finance companies.

Tags: bank fraud, Consumer Financial Protection Bureau, Credit, Credit Applications, Federal Trade Commission, Finance, finance company, fraud, special finance, testimonials

June 2013, Auto Dealer Today - Feature

Capturing The Special Finance Lead

Greg Goebel is the CEO of Used Car University LLC. GoebelG@AutoDealerMonthly.com

By Greg Goebel

Special finance expert Greg Gloebel explains how he would spend his advertising dollars to attract credit challenged customers in today’s market.

Tags: advertising, budget, Consumer Portfolio Services Inc., credit application, Greg Goebel, Internet Leads, marketing, ROI, special finance

May 2013, Auto Dealer Today - Feature

Process Breakdown

Greg Goebel is the CEO of Used Car University LLC.

By Greg Goebel

Setting up a process to handle subprime customers takes a serious commitment starts with the dealer and extends all the way through the store.

Tags: Credit Scores, Customer Retention, Customer Service, Finance, special finance, subprime, used vehicles

April 2013, Auto Dealer Today - Feature

Funding Fundamentals

Greg Goebel is the CEO of Used Car University LLC.

By Greg Goebel

Unfunded deals make life difficult for you, your finance companies and your customers. Our special finance expert lays out a foolproof process for quicker funding.

Tags: F&I process, Finance, finance company, Greg Goebel, loan approval, special finance

February 2013, Auto Dealer Today - Feature

Fraud? Maybe Not

By Tom Hudson

The magazine's legal expert takes a look at a recent case involving what his lawyer buddies call "common law fraud," and explains why promises made by salespeople can be a tricky affair.

Tags: Carfax, Carfax Report, contracts, court, Deceptive Practices, fraud, Lawsuit, special finance

February 2013, Auto Dealer Today - Feature

Preparing For Tax Season

By Greg Goebel

It's the best time of the year for special finance- that's if you've planned appropriately. If you haven't, the SF guru provides a checklist you'll need to get your operation primed for tax season.

Tags: Ally Financial, Capital One, chapter 7, Chase Custom, Credit Scores, demographics, Experian, FDIC, GM Financial/Americredit and Santander, Lobel Financial, prime financing, special finance, subprime, tax refund, Turner Acceptance

January 2013, Auto Dealer Today - WebXclusive

Related Finance Company Considerations: A Difficult Decision That Requires Extensive Review Cont'd

By David Keller, CPA, CFE

David Keller - You should review all the legal implications with an attorney who is familiar with the BHPH and RFC industry to ensure your paperwork and other related documents comply with all regulations and laws...

Tags: BDC, bhph dealers, Dealer's Guide to Compliant Paperwork, Regulations, special finance

December 2012, Auto Dealer Today - WebXclusive

Are You Considering F&I in Your Digital Marketing Decisions?

By Ali Amirrezvani

Ali Amirrezvani, president and CEO of DealerOn, discusses changes dealers can make to their digital marketing strategy to include an under-served segment online, F&I.

Tags: automotive SEO, BDC, CAPTCHA code, credit application, F&I, NADA, Online Marketing, search engine optimization, special finance, web marketing, Web Tools, WordPress

November 2012, Auto Dealer Today - WebXclusive

In Search of Silver Bullets

By Greg Goebel

Greg Goebel, president and CEO of Auto Dealer Monthly, discusses how your special finance department can increase their amount of 'good' leads. Through 5 easy steps from tracking your traffic to setting up a budget, Greg outlines the perfect plan to increase your special finance departments' leads immediately.

Tags: advertising, advertising copy, BDC, compliance, Customer Reviews, deal tracking, dealer review, F&I department, lead conversion, lead generation, lead management, special finance

October 2012, Auto Dealer Today - WebXclusive

Strengths and Weaknesses of Inventory Management Processes

By Kimberly Long

Kimberly Long, editor at Auto Dealer Monthly, discusses how to tackle your inventory management process to make your dealership successful. Kimberly compares different management techniques ranging from inventory management tools to use of technology to help your dealership maximize it's ROI.

Tags: accountability, BDC, business tools, dealer management system, Inventory Management, Online, special finance, technology, used car profitability, Used Car Rule, vAuto, Vehicle Appraisal

October 2012, Auto Dealer Today - WebXclusive

Structuring the Win-Win-Win Deal

By Greg Goebel

Special finance expert Greg Goebel details how to structure a deal that maximizes the dealership's profit opportunity while still making winners of the customer and the finance company.

Tags: BDC, Deal Structuring, Dealer Software, desking, Finance, Inventory Management, ProMax Online, Qualifying Buyers, software, special finance, special finance win win, technology

September 2012, Auto Dealer Today - WebXclusive

Same is Lame

By Courtney Cole

How can you give customers a reason to choose your dealership over the other dealerships in the surrounding area? Courtney Cole, co-owner of Hare Chevrolet, looks at three areas where dealers can differentiate themselves from the competition.

Tags: advertsing campaign, BDC, branding, Credit Scores, Customer Experience, dealership marketing, marketing, possitive attitude, professional presentation, sales training, special finance

September 2012, Auto Dealer Today - WebXclusive

Since When is Selling a Bad Thing?

By Don Reed

Service expert Don Reed has observed that dealers are reluctant to push for greater sales in fixed ops. Here he looks at the cost of that reluctance.

Tags: BDC, HPRO, increasing sales, Operational Efficiencies, Sales Tactics, sales training, selling service, special finance, vehicle service products

August 2006, Auto Dealer Today - WebXclusive

Recontracting After A Spot Delivery Transaction: What Are The Rules?

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - The customer has signed on the dotted line, but now you can’t find a company willing to buy the retail installment sales agreement ... What rules apply?

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

New "Best Offer" Feature On eBay Motors

By Rob Chesney

Rob Chesney - Through Best Offer, vehicles sell more rapidly, as this option eliminates the need to wait days for an auction to end...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Protect Your Dealership From Electronic Intruders

By Jeff Smelley

Jeff Smelley - Viruses, “Trojan horses,” worms and spyware cause immeasurable harm and most often without your knowledge until it’s too late.

Tags: special finance, technology

August 2006, Auto Dealer Today - WebXclusive

Have A Game Plan - Stick With It

By Harlene Doane

Harlene Doane - Most processes fail when those involved aren’t committed to seeing it done correctly...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Car Dealers And Terrorism - What Are The Rules?

By Thomas B. Hudson, Esq.

Elena Lovoy - The USA PATRIOT Act contained several requirements that affected dealers. Some provisions are in force now – others have ...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Sucker Pricing

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - With the exception of limits on the rate of finance charge in financing transactions imposed by most states ...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Only Working Leads From Your OEM? You're Missing Half Your Customers

By Dean Evans

Dean Evans - Many online car buyers simply feel more comfortable submitting leads at third party sites...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

The Right Internet Lead Mix: OEM.com, DealersOwn.com, and Third Party Providers

By Dean Evans

Dean Evans - "Local dealers succeed to the degree that they have top-of-mind awareness in their respective communities..."

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Arbitration Patrol

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - From where we sit, dealers win a lot more of these challenges than they lose, and when they lose, it’s usually because they deserve to lose...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Salesman's Experience Motivates Jury

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - ... a salesman’s experience should have alerted him to the fact that the car had suffered extensive previous damage?

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Dealer's Mail Campaign Results In $250,000 Settlement

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - It seems the mail campaign targeted consumers who had filed for bankruptcy without first getting the consumers’ permission...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Federal Court Decision Muddles "Prescreening" Requirements

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - Creditors cannot ask credit reporting agencies to review their files and identify likely customers for them – or to “prescreen”...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

You Have Wheelchair Access To Your Showroom: Must Your Web site Accomodate Blind Person?

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - If you aren’t employing such software on your Web site, are you violating the Americans with Disabilities Act?

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Dealer Sued Out-Of-State Based On Internet Transaction

By Thomas B. Hudson, Esq.

Thomas B. Hudson, Esq. - In some states, only specific actions will subject someone from out-of-state to suit, while in others, very minimal contacts...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Workplace Violence

By Ron Smith

Ron Smith - Regardless of the worth of the employee involved, if a situation of this sort exists, take immediate and decisive action...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Retaliation Claims Can Get You Even If An Employee Has No Underlying Discrimination Claim

By Ron Smith

Ron Smith - An employee can complain of discrimination or harassment without any support for the allegations, yet be protected under the retaliation laws...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

Spirtuality Training?

By Ron Smith

Ron Smith - You should note any New Age Training program does not become legally troubling until it is objected to by an employee...

Tags: special finance

August 2006, Auto Dealer Today - WebXclusive

An Employer's Duty To Accommodate Religious Practices And Beliefs Of Employees

By Ron Smith

Ron Smith - This could include allowing the employee to have flexible arrival and departure times, ... or permitting the employee to make up time lost...

Tags: special finance

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