Working Internet Leads  (continued)
“The Internet is supposed to bring buyers to our website, and it just isn’t
happening. Maybe, in the future, buyers will come to us on the Internet.”

Well, the future is here.  There are all kinds of Internet leads out there-
New Vehicle leads and Sub-prime leads.  Today, the leads can be
generated for you by the Internet or by various lead providers.
    What makes a great lead?  They are hungry to buy a vehicle right now!
    They are not registering for a raffle drawing or an ipod.  This potential
    customer has the single-minded intention of getting a car or truck-NOW.
Because leads have become plentiful in recent years, the sales staff tends to take the leads too lightly and
does not work them as they should be worked.

For example, a recent survey found that as many as 30 percent of leads do not get followed-up on within the first
24 hours, if at all.  There are many excuses for this such as, “I’m too busy” “the application was not complete” or
the worst, “I pulled the credit and I couldn’t do anything.”  None of these excuses is very good.

Let’s take a look at these excuses:

  • I’m too busy
    The salesman is probably selling a lot of vehicles.  Why not enlist
    other salespeople to call the leads and get them in as well.

  • The application wasn’t complete
    Get on the telephone or internet and GET this customer in.  Use the “incomplete” application as a reason
    for this customer to come in and complete their paperwork!

  • I pulled the credit and I couldn’t do anything.
    The first mistake was to pull the credit without the customer being there or even speaking with the
    customer. Instead, call the customer and give them a “Beacon Education”.
    “Are you familiar with your “beacon” or FICO score?  It’s a universal credit scoring system used by the 3
    credit bureaus…many things affect your score.  I can show you how to correct and raise your score when
    you’re here.  Now, whether you choose to work with me or someone else, you need to stop having inquiries
    done on your credit.  Each inquiry can knock points off your score.  So, to keep as many options open as
    possible, will you stop applying for credit of any type until this loan is secured?”

    Then get the customer IN because you can’t possibly know the whole customer situation by just looking at
    a credit bureau report.  Does he have a co-signer?  Does he have a parent or spouse willing to buy the
    car for him?  Does he have enough cash down that just about any lender would buy him?  You really don’t
    know, until you get that customer in and go over their particulars.

Richard Harris
President / Zahr & Associates
Copyright © 2008 Automotive Dealers Network. All rights reserved.