BDC Training Material

How does Financing with the dealership Works?

Most dealers finance through a third party. Whether it is a bank or a Credit Union, they will get
the documents and run the application through their system to work on the numbers. That’s also
called a Soft Pull as it takes a few points from their credit score.

A few dealerships have in-house financing, which means they will finance the customer
themselves without using any other company. They all have different terms and conditions.
Please make sure to ask your manager to provide more information on how your dealership
operates.

Requisites

- Employed
- Driver’s License
- Last 2 pay stubs or Letter of employment if paid with cash
- Proof of Address
- Down payment
- Self employed
- 3 months of Bank statements
- Copy of their Tax returns.

*Unless people have a If a cosigner is applying too, they will need to provide the same
information.

Financing with your Own Bank or CU

Customers who are financing on their own will require a Bill of Sale or a Buyer’s Order. People
use their own banks because they can grant them a better rate and the process is also
smoother.

Credit Lead Sources

Sometimes we get customers from Credit lead Sources. These people usually do not have the
best of credits so they want to get financing secured first and then they’ll buy whatever they can
get approved for. They need to visit the store to start the process.
Trade-ins

Usually, people bring their own cars over to the store to use them to pay for their new vehicle. It
works as a down payment as well. We usually ask for a few things to send the information to
sales but eventually they’ll have to see it at the store.

- Vin number.
- Mileage
- If it is paid in full or they still owe something.
- A few pictures

“CASH” DEALS

- We are not allowed to negotiate prices over the phone so try to invite locals to the store
and let them know “Their presence is the best leverage”. Plus, managers are always
willing to negotiate a better price when customers visit our store.
- Do not entertain lowball offers.
- If the customers are out of town, please ask the sales team to contact them.
 Setting Appointments

Check all the information available.

● Name
● Phone #
● Location
● Vehicle of Interest
● Avalability
*And ask for more if you have to!

Location
Knowing where they are coming from allows you to determine whether to invite them for a test
drive or take the convo to another level.

Locals (1 hour or less away from the store)

- Check the vehicle availability.

- Invite them to test drive it.
- Answer any questions they may have.
- Confirm appointment.
- Inform the sales team.
- Send the address and the name of the contact person at the store.

Out of town Customers (1+hrs away or people not willing to visit at first)

- Check the vehicle availability.

- Answer any questions they may have (About the car, financing, or anything).
- Ask them if they’d be interested in financing with us if everything checks out.
- Gather all the information you can and forward their request to the sales team.

Financing

With OUR Banks or Credit Unions.

- Ask them to complete the Online Credit Application.

- Ask if they have a trade in and how much they’d like to put for their down
payment.
 With THEIR OWN Bank or Credit Union.

- Ask the sales team to provide a Buyer’s Order or a Bill of Sale.

Cash/Wire transfers/Other options

These customers need to be contacted by the sales team. Gather all the information and
forward them to work on a deal ASAP. Have them visit us if they are local, remember, their
presence is the best leverage.

Forwarding Appointments
- Name
- Phone number/Email address
- Vehicle(s) of interest
- Lead Source (For credit leads)
- Location
- Payment Method
- Any other details that might be useful.
- Day and Time.

*Please use Bold letters for important information

Forwarding customers who need extra help

- People requesting specific photos or details about the cars.
- People already in contact with a sales rep asking for any update.
- Out of state customers who want to move forward.

The Sales People on our communication channels

- We usually use Slack, Whatsapp and the CRM we work with to communicate with the
sales team and key stakeholders.
- When reaching out to them please be polite and friendly as you are dealing with different
personalities and moods.
- Do not take anything personal and always be respectful.
 Following Up!

Why is it so important to follow up with leads?

Following up will give us more opportunities to contact a lead to try to set an appointment.

2 minutes after their original inquiry and then later that day and every day afterwards if they
haven’t replied to us yet.

We build rapport with our prospects and it shows we care. People will likely buy from you if they
feel you care.

Follow up to get an appointment

When people reply to us, they don’t always agree to an appointment. They may have concerns
we need to address. Even though we aim to get an appointment for the same day or next at
best, some people need more time. That’s why we need to follow up. Pay attention to what they
say and follow up accordingly. That will build trust and will increase your chances of getting the
appointment.

Follow up to confirm appointments

Awesome! We set the appointment, now what?

We need to confirm the appointment and send reminders the day before or as needed
depending on the date of the appointment. A confirmation text the day of the appointment or a
few minutes before the time set is a good idea as well.

Follow up after the appointment

Ask politely how things went when they visited the store. Some people may say they couldn’t
make it so we have a chance to reschedule their appointments.

We may have an opportunity to help them even further as well. If they need to provide
something extra we can follow up on that to assist them on their purchase.

If things went great, we can get a 5-star review for us!

 Most Common Objections

Time

People will usually tell you they have a lot of things going on and they can’t make it on a certain
day. We need to ask nicely if they are available the same day or next and give them a good
reason to come in.

A lot of people have shown interest in this particular model… My team is ready to help you with
financing… Etc.

Distance
Depending on the distance between the customer and our store, most people will agree on a
date to visit us. The closer they are to the store, the better our chances are.

This has to do a lot with the Time itself so we have to keep these things in mind.

Price

Most people will try to get the best price on the phone. However, the best price we can offer
most of the time is the online price.

We try to set an appointment because their presence is the best leverage. Most managers are
willing to negotiate the price of the vehicle only at the store. If you get an out of town customer,
they may be able to contact them directly to work on a deal.

Credit

There are cases where people with bad credit start asking about a vehicle that is way out of
their budget and they try to push for us to commit to some unrealistic conditions. No down
payment, low monthly payments, and things they will never get approved for.

However, it’s not all lost. Most dealerships will be happy to help them if they have more realistic
expectations about their new vehicle. We can meet halfway to get a deal.

Vehicle details

Sometimes people will request things we can’t provide just because we are working remotely, in
those cases, we need assistance from the team at the sales floor to help us get what they want,
photos, videos, specific information about the vehicles.
 Vehicle Availability

Dealerships display their vehicles on their websites and different lead sources as well
(CarGurus, Cars.com, Autotrader, etc.). People will usually go online and request more
information on any of them. We’ll receive their requests and contact them to try to set an
appointment or to gather information and send it to Sales if they can’t visit.

Sometimes the inventory is not updated instantly so vehicle availability is not always 100%
accurate. In some cases, a few vehicles stay for days after they are sold just to get the attention
of customers and offer something else.

Every dealership works differently from one another. So make sure you contact your CSM to get
the most accurate information on that.

Available Vehicles

It’s easier to work with customers who inquire about vehicles currently in stock. The status can
change really quickly so try to book the appointment for the same day or next available.
If they can’t visit soon. It’s a good idea to gather as much information as you can and send it to
sales so they can start the process ASAP.

Sold vehicles still on the Website

Check with your Manager how the dealership wants to proceed in these cases. Most of the time
they’d try to offer a similar vehicle and still go for the appointment and sometimes a few of them
will not disclose the availability until they get to the store where they’ll try to offer another car.

Vehicles Not Available

The nicest and most popular vehicles sell really fast (Low mileage, White or Black color,
premium packages) but they have more and they will also restock soon.

Try offering more options but if they are set on a specific model you don’t have, follow up with
them in a few days to see if your dealership gets more.
Offer 2 more options

Ideally, both options are the same model and price but we can also offer the best next thing.
Same type of vehicle and pricewise, one below and one a little bit over their initial inquiry.