PassTime Partner, AFS Dealers, outlined in a free webinar the steps that BHPH / LHPH (buy here pay here / lease here pay here) Dealers can take among this rapidly changing environment regarding their operations in the subprime auto finance market.
Some key points from the webinar include:
Dealers who are open should look at "virtual contact" and bolster their online presence. Evaluate and update:
- Vehicle Images - makes sure you have plenty and high quality
- Good vehicle descriptions
- Implement online/phone applications and verification processes
- If still able to offer test drives, make sure to thoroughly disinfect the vehicle prior to test drive by wiping down all surfaces while the customer is there, able to watch.
- Implement test drives "By Appointment Only"
- With the millions of job losses nationwide, consumers may have a difficult time with payments. Make contact and communication a priority!
- Gather information from your customers to see if they are still employed, or need to work out a new payment program that works for them.
- Make payments easy! - for those who are able to continue working and making payments, include phone and online payment options.
For a "contact-less" test drive option, check out Encore, the self-powered GPS device with no installation required.
The full presentation from AFS Dealers can be found at BHPH Buzz, a free online forum.