5 Steps to a Profitable Tax Season:
- You need to be able to say yes to subprime and deep subprime buyers. With technology like GPS vehicle tracking protecting your assets, the inherent risk of serving this type of buyer is drastically reduced. Without it, you lose a large pool of tax season buyers.
- Have a plan in place to secure every deal. Competition is on the rise and every customer who walks onto your lot is a golden opportunity. If your sales process is long and cumbersome, they’ll walk off the lot and you’ll be out of the sale. To make your sales process run smoothly, have GPS preinstalled on all of your vehicles to eliminate wait time for your customers.
- Don’t let things slip just because sales are on a roll. While a buyer may have money for the down, it’s important that they can also afford the payments. You want airtight underwriting guidelines from your applications to your follow-through on STIPs verifications. GoldStar’s Reference Genie can save you time by verifying work and home addresses without the time spent on the phone.
- Remember that the sale is only the beginning and that profits are only profits after they’ve been collected. Have policies in place regarding partial payments, at what point recovery becomes an option and if a GPS vehicle tracking solution should be used to support your collection efforts.
- Think outside the box. If you hadn’t heard, the PATH Act is now a federal law. That means tax refunds won’t be sent out prior to February 15th. Instead of letting the new rules delay your tax season surge, start now. Yes, now! You can get way ahead of the rule and your competition by partnering with a tax and technology professional who can estimate refunds for your buyers. Once you’ve determined the refund schedule, you can set up irregular or later payments based on when the refund will come in. Layer that with an industry trusted GPS solution provider, and you’ll have peace of mind when it comes to your bottom line.