Consumers just receiving bankruptcy (BK) dismissal are on the rebound to begin building their credit again. Frequently included in the rebuild process is the opportunity to buy another automobile. A few lenders, like the Credit Acceptance Corporation (CAC), want to work with these consumers to help them re-establish their financial foundation. A top selling dealership out of Alabama stated, “Coupling trigger, subprime and Bk leads with CAC is a huge success and is the leading driver of our monthly sales volume.”
Last year Epiq Systems confirmed just over 1 million bankruptcy filings. Annualized, the bankruptcy filing rate stands at 3.54 filings per 1,000 individuals. The numbers indicate that there are bankruptcy leads available. Why not take advantage of these leads and invite them to buy from your dealership?
Several automotive dealerships utilize leads through a BK lead provider, like Caliber BK – leading provider of the freshest BK leads on the market. These leads are generated from the bankruptcy courts which are compiled into recently discharged bankruptcy lists that truly are a reliable source to precise and up-to-date current listings. These lists are used across the board. Lenders use this information to send credit card offers and promotions. Even department stores use lists to gain new customers.
To fully take advantage of bankruptcy leads, it is important for dealers to understand the consumer experience. Many consumers might be reluctant to build their credit again due to past experiences in dealing with collection agencies, paying higher fees and taking on large sums of debt. On the opposite end of the spectrum, other consumers jump at the opportunity to start fresh and open new lines of credit. No matter the situation, give them a solution that is practical and affordable. Consider offering these consumers discounts and savings for their down payment – a win-win for both the consumer and the automotive seller. These types of offers are very appealing for customers who are hesitant in owning a new or used vehicle after bankruptcy.
There you have it, proof that automobile dealerships and lenders utilize bankruptcy leads as another revenue stream. The return on investment has always been and continues to be worthwhile, in regards to both lead generation and increased sales. To learn more about the advantages of bankruptcy leads, read our latest article from long-time special finance expert, Wes Crumby showcasing how Dealerships Benefit from Bankruptcy Leads. To purchase bankruptcy leads for your dealership, visit Caliber BK.