One of the biggest concerns with any dealership is remaining competitive in a flourishing marketplace. When it comes right down to it, the numbers have to work. If the numbers do not work, the customer is moving to a local competitor. This is why dealerships have to constantly work fast and diligently to improve the potential financial terms they can offer. As some say, a dealer is only as good as its financial backing.
Third party bank lenders want encouraging terms, and that may hurt a dealership that is restricted. Consumer Portfolio Services helps buffer the loans by actively financing, helping create logical systems of financing, and improving sales numbers to further assist lenders. How do they do all this?
First, the system is 100& automated. All the data is already sent through the system for a quick reply. There is a way to contact a representative for more individualized details, but all loan offers are decided through an automated system. There is no waiting period. This allows for fast engagement and instant responses.
Another feature that helps speed up offers is the post-loan verification. The basic idea is that the consumer system does not demand any verified data, such as job history. These things can slow down a deal if, for example, the lender requests more data for processing. Numbers stay up because customers are getting quick offers they can roll with promptly.
Requesting more information for verification will slow down the process to a halt, forcing the deal to go another day or even a week. If it goes that long, it is almost certainly lost- as any good sales agent knows. This pre-verification screening is a massive hampering to prosperous sales. Agents will likely need a system to confirm the job times and income by using check statements.
Consumer reports use the data to allow dealerships to make better deals. The customer will sign on the dotted line with more frequency if what the dealership can offer is better than the competitor. Consumer report systems are a tool to get numbers up and improve financial terms.