Automotive special finance leads and bankruptcy leads are on the rise for car dealers, as reported by Epiq Systems. Consumer bankruptcy filings totaled 52,421 in January 2017, up from 49,733 (5 percent) from last January.
Over 730,000 non-commercial bankruptcies were filed in 2016.
States having the highest filing rates last month include: Alabama, Tennessee, Georgia, Arkansas, and Illinois. Other states with high bankruptcy filings in January include: California, Florida, Michigan, New York and Texas. [Download Full Report] Dealerships within these states have the best opportunity of soliciting business from people in desperate need of mending their credit.
U.S. filings increased 5 percent year-over-year.
The BHPH report from Subprime Auto Finance News put it this way, “It appears the chances of a potential customer coming to your buy-here, pay-here dealership having recently filed for bankruptcy are on the rise. U.S. filings increased 5 percent year-over-year in January, creating a trend not seen since the New Orleans Saints won the Super Bowl.”
Targeting credit-challenged vehicle shoppers falling within any stage of bankruptcy allows the dealership to build relationships early on to sell cars later on. Remember, these consumers are seeking to rehabilitate their credit. One of the best ways for a them to start repairing their credit is through automotive financing. A marketing program that helps your dealership build a relationship with these customers throughout their journey might just make them loyal customers for life!
Here’s how to win with special finance leads.
Looking for a bankruptcy program for your dealership?
SPDS offers the most customizable, reliable and affordable bankruptcy leads in the industry. [Learn More]
Still unsure of the advantages?
Take a look at how your dealership can benefit from Chapter 7 and Chapter 13 bankruptcies: [Click Here]
Want to learn more about the statistics?
Take a look at the complete BHPH report from Subprime Auto Finance News: [Click Here]