April,07 2013
Go Pro Powersports Services reports 500% increase in fundings March 2013
Go Pro Powersports Services announced today that they have seen a 500% increase in Fundings versus March 2012.
" I am very excited about this news",said Jim Anderson (founder of GPPS)! It is never easy to learn something new-especially in the heat of the battle. With our programs, from Super Prime to Deep Sub Prime, No Credit Check,Revolving or Installment there is a learning process.After all,if we did what the few captive Powersports lenders normally do,we'd get the same results-that's not why I started this business.These most recent numbers show that Dealers are taking advantage of the Dealer training for each new GPPS referred Lender they choose, and have a better understanding of the many different programs we enroll them with and when and how to use them,profitably."
Many Dealers contact me and the first thing they ask is,"How much is this going to cost me?" "Before we get into that,I offer,let's talk about what it is costing you to not have the options we offer.What is your current Approval ratio?".
You know what?
Most do not know. They track 'lost sales' on spark plugs,helmets,tires and such-but not on Declines submitted to their Lenders. How many are talked OUT of submitting a credit application to begin with? Are those actions tracked? Guesses on Approval/Decline ratios vary, from one Dealer in Tennessee (21 years in business) saying he has an 85+% Decline ratio to an Independent Dealer in Texas that told me she has a 100% approval ratio.
Few know. Few are motivated to change-to learn.
Why?
As a Dealer Principal I would have to know....I would insist. With knowledge comes the power to analyze,resource solutions,educate and train for better results.That's me though. Many Dealer Principals ,with little or no regard to the potential benefits of providing more options to the buyer,will allow untrained personell, to process the Credit Application through their main OEM captive Lender and if declined nothing more is done.This happens everyday. Many are on cruise control because they're doing well enough they can afford to let bona fide Buyers,that took the time to come into their Store,fall even deeper in love with the thought of buying from You and going riding,walk out empty handed.
Go ahead.Sit there confident in your knowledge that they'll never get bought anywhere else....
Guess what?
They don't stop shopping.They just stop shopping there.They will keep shopping until they find someone hungry-not complacent.One who offers possible solutions-not an apology and a handshake.Don't make Credit decisions for your prospects.They want a chance-not a lecture.They want to ride today.Buyer's can't wait to show off their new Ride to their loved one's and friends,co-workers and acquaintenances.If on the way, they can improve their Credit and put You,Mr Dealer that got it done,on a pedestal,EVEN BETTER .
This is an emotional purchase.Driven by pleasure and rarely considered a rational purchase. They gotta' have it! So let them. Sure, they may or may not get that brand new 17k 'Busa',but they can get that pre-owned GSXR 1000 (with all of the modifications already done),at a lesser price and lesser payment. It takes more effort too from the Dealer and staff.Stipulations are presented to the dealer upon approval.Sure they will need a down payment and references (just like when they bought their Auto), and they will pay higher interest rates too. Surprise! They already know this! Don't be scared to inform them of the possible programs that may appove them and what those terms may look like (Before submitting to the Lender(s)).
I guarantee you will be surprised at what percentage of buyers just want to cut to the chase: "What's my payment going to be?"
There is no magic wand. 100% will not be Approved. Our most successful Dealers recognize that we offer more ways to say "Congratulations! We got You Approved-let's wrap up the paperwork!",more often.Free helmets,Parts,Service or Back end products or discounting the unit means nothing until the buyer is approved.Period.So don't do it.
Since 1987 as a salesperson at a Yamaha shop till now,one thing has never changed:
'Say "Yes" more often and they will too.'
We are very proud to be the source for powersports dealers that insist on offering more options than their competitors.At a 500% increase in fundings, we know we are making a difference.As we continue to introduce new programs from lenders outside of our Industry,our Dealers sales rise too and one at a time ,another enthusiast is introduced to 'Our' world.That's what it's about!
Everybody wins.
Have a great Spring Season,
Jim Anderson
www.cyclelend.com
888-239-8029
