A lot of sales people are curious about what makes a subprime lead better or worse than any other lead. First, let’s delve into what a subprime lead is. For interested car buyers with less-than-perfect credit, subprime leads are meant to help customers who have a difficult time getting a conventional loan from a bank or financial institution.
This is where our company comes in. Canada Drives has been helping dealerships connect with subprime leads across Canada since 2010. We find Canadians who are in the market to purchase a vehicle but have a difficult time acquiring a loan due to credit challenges. After they’re pre-approved with us, we match them with one of our partner dealers who is located close to them and best suited to help. The selected dealership takes over the transaction and guides the customer through the steps of obtaining a vehicle, as well as the financing options available.
The following factors will determine whether a paid subprime auto lead is good or bad:
1. The Website
The better the website, the better the applicant. A professional lead generating website will attract those customers who normally wouldn’t apply online but feel comfortable and secure with applying. Not only does this increase the likelihood that the person will be a better-qualified applicant, but you’ll also be building a reputation that is well trusted within your community. If the website is promising things that your dealership has no interest in, the website might not be the most professional. Does the website have a number on display? Does someone pick up the phone? A lot of customers who apply online will have questions that they want to be answered quickly. Without a customer support team member readily available, it could setback the overall process at the dealership.
2. The Advertising
Before you buy subprime leads from a company, it’s crucial that you consider where they advertise and the strategy behind it. If you haven't seen one of their advertisements before, where do the customers see them? Where should you see advertisements? Canadians are searching on platforms like Google, Kijiji, Facebook, Auto123, UsedEverywhere, AutoCatch, etc. If the company can’t show you where they are advertising, it may be worth considering a different auto finance lead provider.
We generate leads from a variety of sources including newspapers, TV, call centres, affiliates, radio, online, mailouts, billboards, mobile, and a ton more. Due to our large volume of advertising space nationally, we can generate customers for less than doing it yourself.
3. The Information
What information is the lead provider collecting to ensure that you’re getting the highest quality customers? Personal information like name, e-mail, phone number and date of birth are important components of the application process, but residential and employment information is just as important. Things like the customer’s postal code, work title, name of employer, and their exact income are all crucial questions that should be asked and confirmed before the transaction is passed off to a dealership. This ensures that both parties save time and money in during the car buying process.