Big money will be driving off lots around the country this tax season with just a fraction of the purchase price collected as down payment. So, while tax season means higher sales volume, it also means increased risk and a greater potential for loss.
Today, with the increased competition for subprime and deep subprime buyers, there’s also added vulnerability for dealers to combat to remain competitive and grow profits during tax season.
What does this mean for you? Mitigating risk is crucial and to mitigate risk, it’s imperative to avoid pitfalls. Here’s what you should be looking out for:
- Don’t wait! Now is the time to be planning and preparing your dealership.
- Don’t advertise and start rolling out the red carpets until you’ve ensured your dealership can handle the increased customer traffic. An unhappy customer who must wait only to realize you don’t have the inventory you promised is sure to be a lost customer.
- Don’t ignore the sales process efficiencies and the importance of properly servicing your customers.
Want to know the other five pitfalls to avoid? Download the white paper, A Dealer’s Guide to Tax Season. You’ll gain insights into pitfalls to avoid as well as learn how to make the most of tax season. Plus, you’ll receive a bonus checklist with tips on how to reduce risk and collect more on-time payments.