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Ben Garside: Use point-of-sale finance to satisfy your customers

Ben Garside: Use point-of-sale finance to satisfy your customers

AS customers, we always want something new and shiny.

We’re like those pesky magpies. It’s that ‘I want it’ part of the brain that we all have. When we’re walking past a shop window and we see those new shoes, or even walking past the bakery in the morning and smelling the freshly-baked bread, the instant thought is ‘they look nice, I want a pair’, or ‘that smells really nice, I want some’.  We all do it, just in our own way.

What a lot of people tend not to realise is that used cars are just the same; they’re no different to other new products. When a consumer claps eyes on a shiny used car, sitting on your forecourt, they still have that ‘I want it’ thought process.

It’s at this stage of the buying process when they then wonder whether they can afford the vehicle; if so, how will they pay for it; or maybe, ‘what will the wife say?’

Maybe we can’t help them with the last point, but the first two… we most definitely can!

Used car finance may not be seen like the fresh bread in the bakery, but when customers know that it is available and how it can help them, they will get really excited by the idea of driving away in that shiny used car that is currently parked on your forecourt.

Used car finance is possibly one of the best tools at your disposal; this is due to all of the added customer benefits. From a customer’s point of view, they see things such as HPI checks and car valuations as added extras and pretty much all finance companies do these as standard nowadays.

Being convenient and timely is also a key feature here, as for most people, buying a car is the second most expensive purchase in their lifetime, so stretching the vehicle price across a number of years is going to help them significantly.

Consumers need the correct products offered to them at the correct times. This is where point-of-sale car finance comes in.

Having products, literature and merchandise readily available when customers have that ‘I want it’ thought, is imperative. It’s at that moment your customers need the knowledge and detail of what is available to them.

One thing to note here is that we MUST NOT pressure, rush or push through a finance agreement.

The customer needs to be given plenty of time to digest the info and products available to them. What we have found is that by letting the customers take their time, they appreciate it and tend not to back out due to buyer’s remorse.

I personally believe this no-pressure tactic has led to our increase in positive reviews and customer recommendations.

So if you want to increase your unit turnover, increase your positive reviews and improve your customers’ satisfaction, it is simple.

Offer point-of-sale car finance in a pressure-free environment, to customers who are thinking, ‘I want that used car.’

  • Ben is marketing manager for First Response Finance. Call him on 07817 518739 or email ben.garside@frfl.co.uk

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