Subprime financing and football are two very different fields. At first glance, they might not look like they have a lot in common, however it’s hard to miss the similarities if you compare what they both need to succeed. Regardless if you’re a fan of football or not, don’t miss these do’s and don’ts of subprime financing:
DO Trust Your Game Plan
Football teams practice and study hours of film to prepare for each game. How does your preparation stack up? Are you routinely adding or staying on top of lenders and industry trends? Are you setting goals and targets that your team is excited about? Are you confident that you’ve put your team in the best position possible to have success? Commit to a process and see it through to the end of the month, quarter, etc.
DON’T Quit at Halftime
One or two bad weeks will not ruin your month, but letting a bad stretch carry over and affect you going forward will most certainly ruin your month. A strong subprime department is like a strong football team in that they will not fold at the first sign of adversity.
Just because your opponent scores first doesn’t mean the game is over. Know and expect things will not always break in your favour, trust your skills and work through it!
DO Trust Your Players
Trust your players; trust that you’ve given them the necessary skills to produce the best results without having to interfere or micro-manage.
If the leadership of a department has done its job, the sales team will feel empowered to make and own their decisions without fear of micromanagement and second guessing.
Like football, preparation, sound judgement and the ability to adapt in the most chaotic moments will add to a strong subprime structure. Having the right system in place that’s built on trust and a strong team – from educating customers on industry knowledge to setting subprime lending procedures and policies in place – will increase the odds of making a successful sale to a subprime customer.
DON’T Doubt Your Quarterback When It Matters Most
Every team has them; the go-to players who want the ball when the game is on the line. The skill-set of a quarterback plays a crucial role in the overall success of a football team. However, it’s not just about the talent they possess. It’s also about how committed the rest of the team is to the best players. Your subprime department is no different. Deal slipping away? Give it to your best player. Identifying your team’s strengths and utilizing them when they matter most will help your subprime department thrive.
DO “Just win, baby”
The car industry and football share a near-fanatical devotion to statistics and analysis.
People can get bogged down in numbers and lose track of the bigger picture. Closing percentages, contact rates, and every other stat in between can draw attention away from the big question: did you win the month? Did you set a simply, clearly-defined goal? In football, success is determined by outscoring your opponents. The final score is there for all to see.
Simplicity is key. DID YOU WIN YOUR MONTH? Chances are, if you keep making those goals, your subprime department is going to be in championship shape.
Building your subprime dealership team is a collective effort that takes 100 per cent sweat (and sometimes tears). A half-baked subprime department that cuts corners and avoids the reality of the subprime business is destined for failure. If you want to learn more about the subprime financing industry, and how you can jump start your subprime department, contact Canada Drives today!