7:40 am, October 7, 2023
Terms like openness, honesty, customer focus, teamwork and a winning attitude aren’t just buzzwords for us at First Response Finance.
They’re the values upon which our company is built, and they guide us when selecting our staff, serving our customers and collaborating with our dealer partners.
During a recent phone conversation with one of our long-standing dealer partners, they gave me some valuable feedback on an application they had recently submitted to us.
Even though we had approved the customer for the finance, they contacted our office shortly after to express an interest in exploring vehicles at a different dealership.
I am sure many in the motor trade know how it feels to lose a sale, and I empathised with him about how frustrating it must be after investing considerable time and effort in attracting the customer.
The dealer confirmed that we had made him aware that the customer had asked us about shopping around, and I also reassured him that we are not the only finance company in the country that gets asked this question by customers!
I believe what sets First Response Finance apart from our competitors in this situation is our commitment to openness and honesty with our dealer partners.
We tell our dealer partners when a customer asks, so they have time to get back in touch with the customer to see if there is anything else that they can do to save the sale.
If dealers notice that their customers (not just those seeking finance) are making inquiries about a vehicle and then vanishing, it’s likely they’re just shopping around.
However, there are steps that dealers can take to foster stronger customer loyalty and improve retention.
Having good conversations with customers is vital, and by listening to customers and understanding what they want to buy and why, dealers can offer a more personalised service to each one.
Dealers should also ask them why they are considering shopping around, as their feedback can highlight areas for improvement to reduce lost sales.
When customers seek financing for their purchases, transparency is vital now the Consumer Duty has come into effect.
Advising customers of the finance company’s process and keeping them updated on their application’s progress means you not only earn their gratitude and trust but you also reduce the chances of them seeking alternative options.
We want dealers in the motor trade to sell as many vehicles as possible, and in a world where trust can be hard to come by, you can count on First Response Finance to always prioritise openness and honesty.
We will always go above and beyond to help our dealer partners get a deal done. It’s not just our promise; it’s who we are.
The column appears in the current edition of Car Dealer – issue 187 – along with news, reviews, features and much more. Read and download it for FREE here!
