Chris Collins explains why dealerships should offer multiple payment options. Customers across the credit spectrum will buy accessories and services if you give them ways to pay, not just assume low-credit buyers can't afford extras.
So the, the thing that, that I love about your approach and your, and your thinking is a lot of times in, in these different industries, but you know, we're kind of in all of those, those industries is we tend to become kind of tribal and territorial in the sense that something we would, we would both hear quite often is, oh, well, my industry's different or that won't work here. Oh, marine is different than motorcycle. And the thing that I found working in motorcycle dealerships, marine and auto and truck, heavy truck, is they're way more similar than they are different. Like when somebody will say to me like, oh, my market's different, I'm always like, oh, so people don't want to feel liked and get a fair deal and not be inconvenienced. Like what's so different about people in the Midwest versus, you know, Oregon or whatever? It's like we're all human at the end of the day. Right? And so you have the, the, the advantage of seeing what's working in different industries. And I was wondering if maybe, and I know I'm kind of putting you on the spot, but like what sort of mindsets and, and techniques are working in, in different industries that are missing kind of across the board, if that makes sense.
Well, you know, I, obviously when you've got different OEMs, you've got some of the higher OEMs, you've got some of, you know, like Mercedes, BMW, you know, even Toyota. You've got these, these customers who have, who have money, they've got, or they've got really good credit. They come in, they get accessories, you know, all kinds of stuff. You go down to maybe, I mean not, not Kia anymore. I mean this is a pretty, getting to be a pretty upscale brand there with the Kia. But there are some other OEMs that, where customers are a little bit more credit challenged. And so they come in and they're going to need to get, you know, like their, their needed necessary maintenance on these cars because these are their only cars. And when we head over to like RV motorcycle, you've got some customers who, who have really good credit and they're going to, they're going to get qualified for higher loans, you know, higher, higher credit limits. And so they're using these on accessories, they're using these on the fun things. And so we're there for both. We've got, we've got options for the ones who maybe be on the lower side of the credit scale. We've also got options for those who, you know, are going to be able to get that $5,000 credit limit to go you, you know, motorcycle parts, helmets, fix their, you know, RVs and boats. And so I think that, I think that that's like any other industry, right?
Yeah. And I think oftentimes that what we do is we think like that things are, are taken at face value. So it's like, oh, well, in my market it's the credit's a little rougher or people aren't as affluent and instead of looking for options or other ways for them to purchase, we kind of just like, we make that a statement of fact. And that's the rules we live by when there, there are tons of options. And I always go back to the, the analogy with that is my late uncle, he's passed away, but he, he wasn't a very successful guy in any sense of the word. In fact, he was, you know, he was pretty poor.
Didn'T have a lot of money, wasn't really motivated, and, you know, frankly didn't contribute a lot to society. But he had a $7,000 pool queue.
It used to blow me away when he would ask to borrow money or he couldn't pay his $300 rent because he literally lived on somebody's property in like a guest floor cabin. Like it wasn't even like a real, a real house. And he would not sell that, that, you know, pool queue for anything. Right. And I remember I would make fun of him, I'd be like, hey, if you're a really good pool player, it's not just the queue. Like it's an income.
Yeah.
Like you could, you could play, you know, with something for, I don't know, $1,000. I'm imagining you can get a pretty good pool cue. And so I think it's the same when you talk about parts departments or like, you know, a, in a Jeep dealership or in an independent shop where when you look around, most people are adding wheels to their vehicle. Most people are accessorizing. Right. If they've got dirt bikes, then they need the trailer, then they need the helmets, they need all those things.
There's a way to increase your sales by increasing their options of how to buy it. So just them traditionally buying it is not the only way to increase your sales.
Yep.
Thanks so much for watching this clip of Service Driver Revolution. We're uploading new stuff every day, so make sure you subscribe and click the bell icon so you don't miss out. If you have a question you'd like us to answer on the show, call 8333 at Ask SDR and we'll answer your question on the show. That's 8333 Ask SDR. For special deals on our books and training, head over to offers.chris collinsinc.com. that's offers.chris collins inc.com I'm Chris Collins, and I'll see you in the next video.
