If you're looking to increase sales or your income, this is going to be a discussion on the biggest differences between Buy Here, Pay Here and Retail purchase process. We will also discuss the “old school” way of doing it and the better way that'll get you proven results. First of all, let's just look at business development process. BDCs have been around since the 1990’s although technically we've always had them because business development or prospecting was done verbally in person. It wasn't really given that name or acronym BDC (business development center) until about the early nineties. I know I went through a professional phone training probably for the first time in 1988. A lot of those techniques that were trained back then, unfortunately, hasn't changed even though the customers have changed. Your team needs to be trained with better techniques whether or not you have a BDC room or just have your Finance / Product Specialists (Salesperson) handling the Business Development process.
What you need is just utilize the technology that we have available in order to communicate more effectively with customers, whether it's prospecting or follow up, it's building your business within a business. Let's just take a look at some biggest differences between buy here, pay here and Retail dealership processes and why the training you need has to be different.Yes, you still need to do, prospecting, letting people know who you are, what you do and where you work, but it's different. You're not prospecting for customers looking to buy a car. You're prospecting for customers who need a car and who basically need an affordable transportation solution that can't get approved at traditional retail stores. If you're fishing for anything else, you're just going to just create bad customer lead pollution for yourself and waste your time.
Once you have the right customers, the BDC team has to handle them properly. If you don't handle them properly, you're not going to get a customer to show up that will actually buy your car. Just tell them the truth about your program upfront. Give the potential customer all the information about your program upfront except for price. And we'll talk about that in future training, but you want to make sure that you filter the customer. They know who you are and it's for a BHPH vehicle financing program. Tell your customers that If you have great credit, we recommend people go to CarMax, Texas direct, Carvana, or your local dealership. The goal is we're rehabilitation center. We're not 24 hour fitness. Customers get confused and that's why it's important to make sure when you do your merchandising and your signs out front, make sure people know like, current dealership I'm working with. They just have a sign. It just has a basic name like auto sales or motor company, nothing in there says easy credit, or buy here pay here. The dealership I am at now had to get banners and flags that say, BHPH, Bad credit, Easy credit, etc. This let the retail customers with an 800 credit score that our program wasn’t for them, which we're not bringing them in our program, they know upfront who we are and who we're not. And then going back to once you handle the customers properly, that means handling them on the phone, Email leads, texts, leads, posting responses, make sure that you use the right messages on your texting, on your emails, using video. That's why I only use CRM that is made for BHPH with texting and video all inside the call. You should be on this CRM to follow-up in new cars. You're pretty much, you know, the old adage is follow-up until they buy or die. Well, the difference with a BHPH customer, if we say no, like there's no way we're approving this customer, don't follow up. Those notes need to be in the CRM, until it is delivered. That means if you've followed up a sold or delivered customer, only talk about the referral program. If you have a “Not Approved” customer, don't try to bring them back in to buy a car. The notes need to say that if it's not approved that make $900 bucks a month, good person, but can't afford our, $550 a month program. Don't follow them up to keep coming back in, only follow up the customers that we approve. But for whatever reason that customer hasn't said yes to us, maybe they're still thinking about the price or the interest rate or the type of car that they qualify for or their down payment or that the payment's higher than they want because it's three years instead of eight years, whatever, the reason the key is communicate effectively, BDC needs to make sure that you have your training book, just like our TDT 82 page workbook on how to actually handle any scenario you'll ever need. The biggest thing is to know the difference between BHPH and Retail and know the difference between old school techniques that work some of the time versus the TDT techniques that work all the time. We'll see on the next video.
