Market conditions and affordability
Understanding your consumers and their buying behavior is as important as keeping an eye on your vehicle tires. Tires have an enormous influence on the safety and performance of an automobile. Making sure you don’t drive on a flat tire is key to vehicle performance and so is keeping a close watch on market conditions to assure your continued sales success. Therefore, creating affordability for car buyers and planning for changing conditions is a sales professional best practice.
Affordability is an issue looming over the automotive industry. It is not new that inflation is on the rise and the inflation rate is the highest in 40 years. Moreover, consumers have started to consider need versus want and feel the pain of high prices at gas pumps and dealerships. Therefore, in today’s state of the economy, customers need solutions to be able to buy the desired vehicle.
Why affordability matters to your customers
To understand affordability and why it matters to your buyers, look at the following findings:
95% of consumers get paid bi-weekly or twice a month.
80% of people live paycheck to paycheck.
Besides the tight economy, the affordability issues also originate with the way the workforce in the US gets paid. 95% of Americans get paid biweekly or twice per month. Additionally, 80% of the American people live paycheck to paycheck. This means, they have significantly less or no spare money to spend freely.
How can dealerships help their customers purchase the desired vehicle and ensure that your business meets the financial goals?
The dealerships can help in creating affordability for buyers in multiple ways. Furthermore, Smart Payment Plan is one of the most effective means of helping your customers afford a vehicle.
Offering lower payments that match your customers’ paydays to increase gross considerably and, in addition, sell more F&I products.
What does it mean for your customer?
- Smaller paychecks that match their paydays
- Convenience of automated payments
- Paying off debt faster (up to 8 months faster)
What does creating affordability for car buyers mean for you?
- Improved cash flow
- Easy to enroll customers
- Most importantly, create affordable options for your customers so that they can buy from your store.
How can you get this tool implemented in your dealership to create affordability for car buyers?
PRO Team can help you easily set this up in your stores. Our smart payment associates have been helping customers with payment plans since 2003 and are compliant in all 50 states and creating affordability for buyers. Over 4000 dealerships nationwide have been serving over 70,000 customers buy a vehicle and pay conveniently. Call us today to ask how this plan will grow your profitability and why you should get it today.