Sub Prime Module
Sub Prime finance, once a staple of certain dealerships serving a specific consumer demographic has risen into the mainstream and even luxury dealerships due to the increase in lending institution flexibility and a slowing economy. No longer is sub-prime synonymous with low income households and seven year old vehicles. Because of this increase, dealerships are facing several critical problems. How will a dealership handle sub-prime credit customers without making them feel inferior? How will a dealership decrease the credit approval and deal structuring time without adding personnel just to push paper? How will a dealership decrease the funding time and manage transient contracts? How will a dealership structure every deal to the betterment of customer service and at the same time maximize profits and move aging inventory? The list of concerns goes on and on.
The Sub Prime Module enables a dealership to provide a wider range of vehicle selection to consumers while still controlling the profit margin. This basic ability has resulted in greater closing percentages and higher profit margins and a shorter sales process. The typical dealership proactively servicing sub-prime credit consumers handles about 70 applications every month but only has time to delivery 25 units and averages $1,400 per unit. The Sub Prime Module and it’s supporting Unified Data Model, increases the number of deliveries at least 35% and the profit margin a minimum of 50%. Most of all, the Sub Prime Module enables the dealership to treat every customer equally throughout the sales and delivery process, regardless of their credit or budget situation.
The Sub Prime Module automates the credit approval, deal selection and deal structuring process by combining customer, lender and inventory information and provides the dealer with every deal possibility which fit the consumer’s budget and the lender’s guidelines. The Sub Prime Module has no limit on lending programs and is the perfect training tool for inexperienced dealership personnel.
Once the deal is selected, the entire structure is transferred to the finance worksheet for back-end packaging and delivery. The dealer’s sold pack is printed with one click including valuable forms like a funding checklist to manage stipulations and accurate ‘book out’ and ‘deal recap’ sheets, which are currently calculated by hand. The Unified Data Model platform enables a dealership to control the entire sub prime deal process from one screen with the confidence of remaining within lender guidelines on all maximums.
The Sub Prime Module was developed from the dealer’s view and is the perfect compliment to even the most experienced finance manager. By automating the deal calculations and simplifying the delivery process, dealers have more time to present more deals to more consumers. By maximizing the profit on every deal and considering every lending program, the Sub Prime Module provides the dealer with accurate information to challenge the lending institution for credit overrides for a more attractive deal structure.
Through the integration of the Unified Data Model, the Sub Prime Module also enables a dealership to provide consumer pre-qualification on their web site. The Internet Module allows sub-prime consumers the ability to pre-qualify themselves and view and print a list of vehicles they can purchase. With the additional confidence the consumer has in the dealership’s ability to service their needs, the completed credit application is automatically available to the finance department for deal completion. The consumer can do a lot of the upfront deal selection work which even further expedites the process and increases sales and the dealership has complete filtering control to further maximize inventory turns and profits. This is a major enhancement dealerships can add to their basic credit application. More information is available on the Internet Module.
Other vendors providing sub prime programs are limited by their inability to integrate the customer, lender and inventory information to the extent of Saturn V’s Unified Data Model. The advantage Saturn V enjoys is the ability to manage the entire deal from credit input to delivery and funding. This not only increases the consumer’s confidence and satisfaction, it maximizes the dealership’s revenue and streamlines operations. If a dealership is only interest in purchasing an expensive calculator, the competition is the place to go. However, if a dealership is truly interested in offering an integrated solution which increases customer satisfaction and dealer profits, the Master Mind Unified Data Model is the only product available. And we guarantee it!
You may request more information about the Sub Prime Module or contact us directly for personalized attention.