If you’ve had to turn customers away because of their credit……You’re ready for Ren’T'Own®!

Posted on April 18, 2012 by admin

I enjoy the humor of Jeff Foxworthy.  I love his “…you might be a Redneck” jokes.  He came through town a while back and during his show, he twisted the act around a bit to personalize it for Minnesota.  “If you have worn shorts and a parka at the same time, you might be from Minnesota”.  It’s hard to get offended by the jokes because when you sit back and think about it, he speaks the truth.  The descriptions either apply to yourself or someone you know.  For example, as I write this today I’m sitting at my desk wearing a coat and flip flops! Yes, I’m from Minnesota!

Don't turn any more customers away because of their credit!

Here’s another truth to think about seriously.  If you’ve had to turn customers away because of their credit…you’re ready for Ren’T’Own®!   Every minute spent with a customer is costing you money.  It’s crazy to let that investment walk out the door just because of their credit!

With Ren’T’Own® and Lease’T’Own®, approval isn’t determined by your customer’s credit history.  In fact, their credit isn’t even checked!  Approval is based primarily on their ability to pay and YOU are the decision maker!

This concept may be way out of your comfort zone from how you’re used to doing business, but for over 21 years, Dealers across the United States have been successfully operating profitable Ren’T’Own® and Lease’T’Own® dealerships.  Here’s why it works:

YOU remain titled owner of the car.

You are in a very positive position by being the titled owner of the car.  Being titled owner can protect you from customer bankruptcies, costly repossessions, and delinquent payers.  If a customer stops paying, recover YOUR property!

You are protected as owner of the car by utilizing a GPS device for tracking, a warranty to cover costly potential repairs to the engine and transmission, and with Contingency Liability Insurance to defend against the actions of the lessee.

Step out of your comfort zone and try Ren’T’Own®.  With our 21 years of experience, we can confidently show you that it works for dealers like yourself!  Click here to view testimonials from other dealers.

YOU’RE READY FOR REN’T’OWN® – NOW! 

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There’s a New Wine in Town!

Posted on April 12, 2012 by admin

My incorrect pre-judgement of Orange Wine reminds me of those dealers who incorrectly pre-judge Ren'T'Own before they know the facts.

I always thought wine came in three types – white, red, and rose – until recently I heard someone mention Orange wine.  Orange wine?  Gross!  It didn’t interest me in the least.  In fact, the thought of an orange flavored wine made my stomach churn!  In the past couple weeks, I’ve seen several internet articles on this “new” wine – it really seems to be the buzz lately!  Last weekend I was out with some friends and one of the women ordered a glass of this Orange wine.  I finally had to see what all this fuss over Orange wine was about.  I ordered a glass as well.  Imagine my surprise to find out it’s not an orange flavored wine at all and it’s not new! Orange refers to the color of the wine, not the taste and orange wines have been produced for centuries!  Want to know the biggest surprise of all?  I loved it!  I’m so thankful that I finally tried it.

My incorrect pre-judgment of Orange wine reminds me of those dealers who incorrectly pre-judge Ren’T’Own® before they know all the facts.  Here are a few common pre-judgments we’ve heard.  Continue reading →

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Lesson to be Learned

Posted on April 2, 2012 by admin

Set the expectations up front with the customer at the time of leasing. Let them know what to do if they get in an accident.

Whenever a real life scenario comes past my desk that I think other dealers could learn from, I like to pass it along.  Here’s the newest one that brings along a good lesson and an easy to implement solution.

A Ren’T'Own® car was vandalized and spray painted.  The customer turned the claim into her insurance company.  Her insurance company had her obtain a few quotes for repair and awarded her a payment of $3,000 made out to the Body Shop and the repairs were made.

Sounds OK so far, right?  WRONG!!   Continue reading →

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Do you like being Shark Bait?

Posted on March 30, 2012 by admin

When you operate your Used Car Leasing program without the proper insurance coverage, you are in grave danger of being attacked by a lawsuit happy consumer and hungry lawyers. You are Shark Bait!

Think about the definition of the slang phrase “Shark Bait”.

“One who swims where there is danger of a shark attack”

When you operate a Used Car Leasing program without the proper insurance coverage, you are in grave danger of being attacked by a lawsuit hungry consumer and hungry lawyers.  You are Shark Bait!

If you’re like most businesses in the United States today, you’re looking for ways to cut back on expenses.  Adjusting your business hours, reduction in staff, re-strategizing inventory levels, turning lights off in unused rooms, and no more donuts on Friday all make sense when your end goal is reducing expenses.  Eliminating or cutting back on your insurance coverage DOES NOT!

When you operate a Used Car Leasing program, you are allowing a customer to pay for the periodic use of your vehicle.  They don’t own it – they’re just using it for a period of time.  The car actually remains titled to the dealership.  YOU are the legal owner of the car.  Sure, you require your customer to carry insurance on the car but do you really think that’s enough coverage to protect you?  Keep in mind, your customer’s insurance is intended to provide physical damage coverage for the vehicle and liability protection for the driver.  It DOES NOT cover a legal award for damages brought against you as owner of the vehicle.

Let’s consider this example: Continue reading →

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The Threads

Posted on March 13, 2012 by admin

Looking out my office window on this frosty morning, I spotted one of God’s wonderful designs – a spider web.  The web had collected crystals of ice yet was hanging strong and reflecting the sun beautifully against the dull bark of the tree.  As I looked at the intricate design, I thought about the similarity between the web and a business.  The web is made up of many strands, all joining in the center and radiating outward.

Your dealership is much like the web.  The center of your business, your core mission, is gaining and keeping customers while making a profit.  There’s not any one thread that accomplishes this.  A solid business plan, catchy advertising, persuasive sales staff, a robust data management system, a clean showroom, a talented mechanic, good inventory selection, – you get the idea.  Every aspect of your dealership is important to achieving the mission.

Although there are hundreds of threads that are essential to operating a successful dealership, let me mention just a few that are really strengthened with the use of Ren’T’Own®: Continue reading →

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CAN CUSTOMERS GET TO YOUR FRONT DOOR?

Posted on February 14, 2012 by admin

Imagine the most inviting entryway into your dealership.  Is it all glass, mirrors, and chrome?  Maybe it’s decorated with deep, rich mahogany wood and a crackling fireplace.  The different ideas of what is considered “inviting” are limitless!

Take a look at your sidewalk – can all customers make it to your front door? Let Ren’T’Own® and Lease’T’Own® fill the sidewalk sections taking care of your sub-prime and below sub-prime customers.

Now imagine that there’s a sidewalk leading up to your front door.  Each concrete section of this sidewalk is labeled – Prime, Near Prime, Sub Prime, and Below Sub Prime representing the various categories of credit your customers fall into.  If even one of these sections are missing, there’s a segment of customers that can’t reach your front door.  In today’s economy, it’s not unusual for a customer to step backwards on the sidewalk as their situations and credit health changes.  If even one of the concrete sections on your sidewalk is missing, you could lose a long term customer.

Let’s be honest, most dealerships have no problem servicing the Prime and Near Prime customers.  When it comes to servicing Sub Prime and Below Sub Prime customers, however, many dealerships don’t have the financing programs in place and end up losing these customers.  There is an estimated 17 million more subprime buyers in the market since 2006, with 15 million of those being previously prime or near prime buyers. That’s a lot of customers to lose so you need to make sure your sidewalk can service every credit segment and lead them to your front door. Continue reading →

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True Story

Posted on January 23, 2012 by admin

Damaged Rent to Own Car - Hood out of alignment and debris embedded into the paint from a bad paint job.

Check out this Rent to own car that was brought in to the dealership for a scheduled oil change.  Notice anything?  Thankfully the dealer did too!  The car looked like it had been involved in an accident and then underwent a substandard repair and paint job.  The hood is out of alignment and debris can easily be seen embedded in the paint on both the hood and the side of the car.  The dealer had not been informed of any accident prior to seeing the car at the time of the oil change.

In talking with the customer, the dealer found out that she had hit a deer.  She filed an insurance claim and had been paid $2,471 by the insurance company.  She brought the car to a local body shop and paid $500 for the repairs.  The repairs were satisfactory to her.

There are several things wrong with this scenario: Continue reading →

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YOU have Big Pants to Fill!

Posted on January 16, 2012 by admin
http://www.dailymail.co.uk/news/article-2056429/Queen-Victorias-knickers-sold-9-375-auction.html

Photo Source: http://www.dailymail.co.uk.com

Have you ever heard the saying “You have Big Pants to Fill”?  I don’t think it was literally referring to “big pants” like Queen Elizabeth’s Bloomers pictured here but I couldn’t resist!  In its simplest form, the saying means that you have a lot to live up to or to accomplish.

Don Fincher, President of the NIADA recently wrote in an article that in order “for our economy to survive, people have to get to work, regardless of their credit background.”    Think about that for a minute.  It’s so true!  In order to buy things, people need money.  To get money, people need a job.  To get to a job, people need transportation.  Transportation is really the linchpin of the economy.  When you look at it this way, Car Dealers have big pants to fill!  We are counting on car dealers to help put each and every American, regardless of their credit background, into a car so they can get to work and enable the commerce cycle!

Are you doing your part?  Continue reading →

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Happiness IS Contagious!

Posted on January 12, 2012 by admin

A study conducted by Harvard Medical School and UC San Diego found that positive emotions are actually contagious.  Researchers followed 5,000 individuals over 20 years and learned that one person’s joy spread to not only those in his or her immediate circle (friends, spouses, next-door neighbors) but also extended three degrees – to friends of friends and their friends too.  They discovered that happiness creates a domino effect through social networks, and the good feelings that are passed along can last for up to a year.

This domino effect reaffirms what we’ve been saying about Ren’T’Own® and Lease’T’Own® dealers becoming the Hero’s in the community!

Think about the happiness you bring to those sub-prime customers when you tell them they are approved for a car.  They need a car, they can’t get financing, they’ve been turned down at other dealerships and now….finally…. someone is willing to give them a chance!  You know what I’m talking about – You’ve seen the look of pure appreciation and happiness in their eyes.  Do you really think they leave your dealership and not pass on that happiness to someone else?  ABSOLUTELY NOT!!  They are bursting at the seams to tell others what just happened and how you helped them!   Word of mouth advertising is VERY powerful and with the popularity of social networking, you’re reputation is sure to spread throughout the community.

In addition to the profit potential, the beauty of Northland’s rent to own car program is the ability to approve virtually everyone.  No more turning away buyers due to lack of financing options.  You can get these customers back on the road.  You can change the lives of people in a positive way every day and reap the benefits of their happiness.  The positive repercussions are limitless!

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“Used Car Leases Lucrative for Dealers…”

Posted on January 4, 2012 by admin

Last week, a dealer called up and ask what I thought of the recent Los Angeles Times article about used car leasing.

My response….?

I’d like to thank the author of the article for the great free advertising of our program!! 

Although I suspect the intent of the article was to shed an unfavorable shadow on used car leasing, I think for most car dealers it highlighted what a great opportunity used car leasing is. Continue reading →

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