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The financing process can become monotonous and it’s easy to forget that it includes real people. It’s on the lender to do the right thing by the car buyer, either approving or denying a lease or loan, or deciding on a prime or non-prime rate. It’s all about risk analysis, but that can become lost in the mix, both early on or deep into a career.
Analyst training is meant to be ongoing, not just a one-time event. It involves changing mentalities; morphing the mindset from dealing with real people instead of a number.
For auto lenders who want to do what’s right for the customer and the company, analyst training is imperative. CPI offers comprehensive Lender Workshops for your key personnel, with insights into the retail dealership world.
If high-quality, non-defaulting loans are what are important, lenders must see the transaction from the other side. Role-playing can help analysts discover the other side of the buying process, learning the stresses and worry that a customer feels. It demonstrates the importance of building trusting relationships.
Analysts learn how the dealerships became successful in the past. More importantly, they learn why it can’t be done in the same way anymore. What used to be an industry dominated by uneducated, money-hungry men is shifting quickly to groups and professionals who embrace change and are committed to training.
This changing dealer mindset demonstrates the need to change the finance process.
The lucrative business in the F&I office can earn the finance manager hundreds of thousands of dollars. The pressure to make deals happen can drive nefarious practices that must be kept in check.
Understanding what motivates finance managers will help analysts at auto lenders filter out buying bad deals while ensuring the good deals still go through.