SEAT MD: Finance key
March 23rd, 2009 by Richard Aucock
SALES can be won by car dealers using retailer finance schemes to adapt to individual customers.
SEAT MD Peter Wyhinny told Car Dealer Magazine that the strong liquidity of car maker finance divisions means big gains are there to be had.
‘We can be completely adaptable to a customers’ individual needs, in a way that banks are nowadays unable to be – and that’s if banks agree to a loan in the first place.
‘Credit is there with car makers. The trick is adapting it to the individual customers’ needs.
’Nowadays, it’s far more about what we can do to help them.’
Wyhinny said SEAT was enjoying a strong response to its finance offer of small upfront and monthly payments.
‘Strong RVs on the new Ibiza mean we can offer it for £179 down, and £179 a month. Customers are responding very strongly to this.
‘But, with this offer, it’s vital that there are no catches, that it’s not a trick. Customers want the deal that’s in the adverts. We can’t afford to trick them.’
Encouraging the conversations with dealers in the showroom in the first place is the key, says Wyhinny.
‘Once you get customers into a dealership, it’s easy to be accommodating, and this usually gets a positive response.
‘Our trick is coming up with the deals to draw them there in the first place…’
Dealers do, however, need to be sensitive. Some customers won’t go to a car dealer because their bank won’t even consider offering them a loan – and they fear a car dealer would be the same.
Car dealers should be conscious of the awkwardness some may feel when discussing their finances, says Wyhinny.
‘Don’t forget, though, it’s still a product-led business. Car dealers shouldn’t focus solely on numbers – remember that people need emotion, too.
‘A dealers’ trick is to provide the added rational reason to turn that dream into a reality.’