Ted Lam: It's Non-Prime Time!
Ted Lam is the Founder and CEO of AITHR Automotive Intelligence. Ted has a wealth of experience in the industry, including a background in the non-prime market and a fascinating story about why he decided to build a software for dealers.
Ted's journey in the industry began as a car salesperson, but he quickly moved up the ranks to become a subprime finance manager and finance manager. However, it was the non-prime position that he loved the most. He explains, "It's one of the first positions where you genuinely, genuinely work with the customer from very beginning all the way to the end."
Another key strategy is to train your sales team on how to be listeners. In the subprime market, the role of a salesperson is often like that of a professional boyfriend, in that they need to be able to empathize with their customers and truly understand their needs. This requires not just knowledge of the product, but also the ability to actively listen and understand the customer's situation.
One way to create a prime experience for subprime customers is to start the process early. Just as it's possible to get preapproval for a mortgage, it should also be possible for customers to get preapproval for a car loan. This allows them to shop within their budget and avoid the disappointment of being denied financing later on.
It's important to remember that the culture of your dealership is key. If the sales team feels pressured to sell cars at any cost, they are less likely to provide a positive experience for subprime customers. Empowering your team and creating a culture of transparency and honesty is essential for success in this market.
So if you're looking to improve your dealership's performance in the subprime market, consider investing in some sales training or using A I T H R, a software that uses automotive intelligence and years of non-prime experience to help your sales team succeed.
He also touches on the current market conditions in Canada and the impact of government stimulus and inflation on the auto industry. He shares his outlook on the decline in wholesale values and used car vehicle values, and how it pertains to the industry.
Listen to the full episode for insights and context from Ted Lam!
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