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Assessing Subprime Lead Generation for Better Subprime Sales

Posted on: September 17th, 2012 by credit

According to the latest report released by Experian Automotive, loans to borrowers with damaged credit in the second quarter this year increased by 14 percent compared to the same quarter last year. Perhaps, this shows that more lenders or dealers have realized that subprime lending is very lucrative; plus, there is a considerable size of market.

Currently, the demand for sub prime auto leads generated by online lead generation companies like Approved Auto Leads have increased as more car shoppers with bad credit continue to inquire about the amount they can borrow. Sub prime auto leads are obtained when a car shopper starts researching online about how much he can borrow for a car purchase and, in request for that information, provides his contact details and other information which allows dealers to contact and follow up on them.

With this in mind, are you sure you are pulling off your subprime lead generation system? Are you still keeping up with the competition? Take a good look at some of the lead gen aspects discussed below:

Landing Page

The landing page is important for turning your consumers into sub prime auto leads; or, in other words, it plays a major role of converting a visitor into an interested and potential customer. A very important element of a landing page is a call-to-action. The call-to-action is a phrase or statement that expresses action for your visitors to do. It must be clear, telling prospects to do only one thing. It also has to be prominent in your page. Calls to action must be compelling, conveying some sort of sense of urgency.

Lead Generation Company

Many dealers today are turning to lead generation companies like Approved Auto Leads that employ online lead generation techniques to acquire more leads. If you are working with one right now, make sure you are working with the best partner. See if you are getting real and quality leads. If you are just planning to work with one, make sure that the company is legitimately operating and has considerable experience in generating subprime leads. Working with the right lead provider makes your lead generation system more effective.

Response Time

Regardless of where the leads are coming from, responding to their queries quickly is crucial. You are in a fast-paced competition and it is getting more and more aggressive. Your competitors will get to your leads first if you are too slow. Make sure you have an effective system of responding to and following up on your leads. Don’t let them get snatched away by your competitors who are more aggressive than you. You wouldn’t see significant improve in your sales if you don’t keep pace with the competition.

Keeping Up When Special Finance is on the Rise

Posted on: September 14th, 2012 by credit

The most recent report from Experian Automotive showed that more than 25 percent of the loans given out to consumers in the first two quarters of the year went to borrowers with less-than-prime credit. This is a 14 percent increase compared with the analysis on the same quarter last year. This means one thing: that subprime lending is on the rise.

Moreover, Experian Automotive also reported that the average credit scores for new and old vehicles both dropped by nine points to 762 and 671, respectively. Meanwhile, the average amounts financed for new and used vehicles increased.

With more lenders accommodating borrowers with less-than-stellar credit and as banks and other loan institutions loosening their credit standards, what should dealers do now? What should you do knowing that there are a lot of special finance leads out there?

With this trend in the ever-competitive automotive industry, you should start forming a special finance department in your dealership or, if you have one already, perk it up.

Why would you need to form a separate department for your special finance leads? That is because their situation is different from borrowers with good credit. You can start forming your special finance department with just one special finance guy. Hire someone who has experience in dealing with credit-challenged borrowers or who has a heart toward them or understands their needs and situation.

But before anything else, take some time to study. Study your market, the current trends, and the demands of special finance borrowers. A good way to start is subscribing to market analyses like that of Experian Automotive and other similar research bodies. Make sure that you know who you are dealing with and how to capture them. Aside from understanding the behavior of your target market, know also the state laws for subprime lending and make sure to do things legally.

After you have done your research, you can start signing up at least five lenders and make sure you work closely with them. Of course, you would want to build a good relationship with them as you want to get your leads into financing.

Lastly, if the buyer cannot get financed with the car that he wants to buy, do not give up all hope. Try offering the buyer another car with which you know financing can be fixed. Likewise, when a lender rejects the loan application of a buyer, do not easily give up. Try with other lenders. Remember that the auto lending market is different now and lenders are more willing to finance car buyers. Always be confident that you can fix financing for your credit-challenged customers.

Landing Page for Dealers: How to Make It Work

Posted on: September 13th, 2012 by credit

Landing pages are essential in lead conversion process. If you are having problems converting your car sale leads into sales, then you might want to check up on your landing pages to see if they are really working. Here are some tips provided by experts on how to make your landing pages work:

Clear calls to action. A call to action is a must in a landing page. It tells the prospect what he or she should do. Calls to action must be clear and simple. Avoid crowding your page with calls to action because in this way, you will confuse your prospect. Tell them to do only one thing and make them focus on that. Be creative and wise in making your calls to action attractive and compelling. They must be located above the fold of the page.

Consistency in promises. It is a poor marketing practice to be inconsistent with what you say. Make sure that the promise you gave on the first page is also the same promise that will appear on the landing page.

Gather data. Depending on the type of product or service you are promoting, the form may not always be necessary in a landing page. However, for dealerships, it is important that you are able to collect information from visitors who wind up in your landing page. From here, you can work on these car sale leads and convert them into sales since you already have their contact details.

Do not be annoying and stay simple. Simplicity is a great principle in creating landing pages. Your landing page does not have to be grand in order to capture more car sale leads. Most of the time, too much content in a landing page shoos prospects away. If your landing page goes with a background music, make sure that it is not going to be disturbing. For example, if a car shopper is in his or her office and he or she landed on your page which automatically plays a loud music, he or she will be forced to shut the window down. Do not also overdo images. Images and videos do make a page more creative and visually appealing. However, be careful not to make your page overly ornate with large or irrelevant images. Lastly, never ever make your landing pages as popups. Popups totally turn prospects off.

Show your brand. Do not forget to put your brand in your landing page. Make sure it has your dealership’s logo. You can also make the color scheme of your landing page conform to that of your logo or the car makes you are selling. However, you cannot do any more branding than this. The landing page is just a place where your prospects drop-by and not a website where you have to make your prospects stay longer. Spare the marketing and sales speech for the more appropriate opportunities.

Social NOT-working: “Why Does Social Media Seem Not to Work for Me?”

Posted on: September 12th, 2012 by credit

Have you ever asked yourself this question or did one of your marketing staffs pop it in a meeting? Almost all dealerships have gone social but not all are experiencing success with it. Why? One reason for failure is committing lots of mistakes. Social media marketing is not that easy and learning how to use its power effectively requires ample time. Learn from the following social media mistakes.

No one knows you have gone social.

This is sad. You went social because you want to keep pace with the competition—dealerships and car shoppers have gone social—but you are not getting any attention because practically, no one knows you have gone social. If you have decided to take a new marketing endeavor for your dealership, let the people where you are or where you can be found. By adding social media buttons to your blog posts and dealership website, or telling people through your TV or radio commercials to visit your social media pages, you are already announcing your existence in social networking sites. Unfortunately, many dealers forget to do this.

You have a wrong purpose for a good content.

It’s true that it is important to produce good content in social media marketing. Good content is to inform, help and attract prospects and to generate dealership leads. But it should never be the main purpose of content to sell. The goal really is to collect information from prospects and then work on

turning them into sales. Take note that conversion takes place outside the social media work. How then will you be able to make your content generate dealership leads for you? Be an expert in using calls to action. These are devices that tell your prospects what to do next. Strong calls to action exhibit urgency, clarity, and precision.

You have abandoned traditional marketing.

If you are serious about getting more dealership leads, do not abandon your traditional lead generation strategies. Know that not all potential car buyers and your customers are on social networking sites. Therefore, you still need to work your traditional lead generation system in order to acquire more leads. Otherwise, you are missing out on a lot of opportunities.

SEO is uninvited.

In case you haven’t realized it yet, social media marketing and search engine optimization (SEO) complement each other. Your social media marketing efforts would not be totally successful without employing some SEO techniques with it. SEO is the most encompassing Internet marketing strategy. Thus, your social media content still has to be keyword-based so you will drive more traffic. Without SEO, it will be almost impossible, especially for small dealerships, to gain popularity in the social media sphere.

The Leads War: Buying Them vs. Generating Your Own

Posted on: September 11th, 2012 by credit

Selling cars is tough because these things are very expensive. In order to meet their sales quotas, they should not only rely on people visiting the dealerships because this does not guarantee it will translate into a successful sale. That is why it is important for car dealers to use auto leads because these contain information about the people who are interested in buying cars. With auto leads, sales and marketing associates working for auto dealers will know more about their target market. Car dealerships have two options when it comes to auto leads: buying them from a company that sells them, or they can generate their own leads. Here is a look between these two choices.

Purchasing Leads

A lot of auto dealerships choose to buy leads to generate more income. One of the biggest advantages of buying these leads is the convenience it affords. Car dealers get to save time, money, and effort because they can simply hire a lead generator company to do the dirty work for them. As there are plenty of lead generator companies on the Internet today, finding one is very easy. Also, the time required to come up with your own leads can be spent on more important things, such as closing the sale on a car instead of looking for more potential buyers. Reputable lead generator companies also do a screening process to ensure the authenticity of the leads they sell.

Generating Your Own Leads

On the other hand, some car dealerships think that generating their own leads is more lucrative than purchasing them from a lead generator company. By generating their own leads, companies are in control of every aspect of lead generation. They can simply rely on their website and no longer have to depend on others to come up with leads for them. This also translates to more savings for the company. They have the freedom to produce their own leads when they need to. They can also customize their own leads to tailor-fit their needs without compromising quality.

The Bottomline

So whether you decide to buy leads or generate your own leads for your car dealership business, the key is to know which one will benefit you the most. You do not have to limit yourself by choosing one over the other because you also have the option of using both methods to generate more income. You just have to maximize your resources wisely so the effort and money you invested are not wasted.

 
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