So you want more leads in your funnel and you want to close those CAC (Credit Acceptance Corp.), subprime auto loans and get your checks. Who doesn't?
But what do quality CAC/subprime auto loan leads look like for the car industry? For Rocket, we set our eyes on what matters most to dealership owners and salesmen in the industry... and that was the credit application process.
If you sell cars then you probably know about these stats about Q2 in 2016 from Edmunds
- Average Used Prices Reach a High:
The average retail used vehicle sold for $19,367 in Q2 2016 - the highest for any quarter in history. Higher prices are influenced by newer used models (three-year-old and younger vehicles comprised 58% of franchise used sales) and a heavier light truck mix. SUVs and pickup trucks are contributing to a larger percentage of used sales, thus driving the average used vehicle price up.
- Credit Counteracts Higher Prices:
Maintaining affordability with ever increasing vehicle prices has consumers electing for lengthier loan terms - 67 months on average. Consumers are helped by low interest rates which have fallen from last year.
For those of you looking to close your CAC subprime auto loans and hit the residual, dividend paying holy grail of "closed pools," listen up. This is for you, we can, and have closed those pools, and so can you.
After a whole bunch of testing and re-testing... some targeting and optimization... changing around the form-fills and automated email journeys... we've got a set up that works and is proven. And for one of our clients, Sunshine Auto and RVs in Great Falls, Montana--they are closing those loans and faster approaching their CAC goals.
What follows is not just a theory, it's an actionable plan that pays, and pays well. With this setup, we were able to increase credit applications for subprime auto loans by 300%.
Follow Rocket's formula and close your pools cleaner, and quicker, than you ever thought possible.