In the auto sales industry, recurring cash flow is absolutely vital. Dealers understand just how important it is to make sure that deals are approved, signed, and funded as efficiently as possible in order to ensure a steady flow of revenue. By developing a streamlined, formal procedure for handling standard funding deals, you will free up the time and energy you need to tackle more complex assignments. These three strategies are easy to learn and are guaranteed to deliver outstanding results.
Embrace the One-Touch Process
When you are ready to finalize a deal with a client, it can be tempting to navigate through paperwork quickly and discuss various elements of the transaction. Instead of flipping back and forth between pages, use the one-touch process with all of your finance paperwork.
Simply put, this means that you will handle each page of the funding deal only once during the funding deal. For each page of the deal, plan on collecting all of the signatures and other required information before moving on to the next. This will also help ensure that you don’t miss any important information that could slow down the deal when it gets to funding.
Create a Checklist
You may have closed deals many times, but this doesn’t mean that you should approach the next one on autopilot. Take the time to create a funding checklist which includes all of the important steps you need to complete and the information you need to collect for each type of deal. This may seem tedious, but it is guaranteed to help you make sure that your automotive loans are approved every time.
Your checklist may vary in size significantly depending on the type of deal you are currently working on. When it comes to more complex deals (like sub-prime ones that included extended stipulations), these funding checklists can significantly reduce the headache of managing paperwork and multitasking. It’s almost guaranteed that your work will be more accurate and error-free when you take the time to create a checklist before you get started with a customer.
Keep Daily Communication
Don’t let a single deal close without creating a short review summary that can be shared with all relevant management personnel. This can be an excellent opportunity to distribute information about remaining “to-do’s” for a deal, or to keep your team up-to-date on daily activity. Communication is absolutely vital when it comes to getting your deals funded quickly over the short and long term.
If you’re managing a larger team, you should consider implementing a new policy for drafting “briefs” during after a funding deal. This brief review of the process, the customer involved and any other important information can transform an otherwise routine procedure into a powerful archival tool and, at times, a teaching moment for other team members. Keeping communication a priority will soon become second-nature and help ramp up the efficiency of your in-house team.
MOTiiV specializes in improving the internal teams at car dealerships and in automotive sales, and we’d love to do that for your team. We’re always posting new tips & trends to promote growth at organizations that are just getting on their feet, or ones that could use a fresh set of expert eyes. Connect with our HQ and training facility at 972-725-7860 and see how we can help!