If you own or operate a used car dealership, chances are that you attract a large crowd. For car dealerships located in a town with a large college student population, there is the untapped potential to be a good car dealership for students who are moving out of their hometown and need a vehicle. Here are some ways to set up your dealership to make it easier for students and parents to purchase a car. Here are some methods for marketing to your students and parents effectively.
Market in college packets
Some parents may be interested in purchasing a car for their student who is moving out of their hometown. In order to let them know about your car dealerships and your easy money terms, ask colleges if you can market inside of packets that colleges send students when they are preparing to come to school. Inserting marketing brochures inside of these packets for new and prospective students will encourage students and parents to settle into their dorm, then come down to your dealership to look for cars at their leisure.
Connect with financing companies with cheap payments
If you are selling cars to college students, most students will want something inexpensive and reliable. Some students will be able to purchase a cheap car outright, while others will be interested in finding a car with inexpensive payments. Making connections with auto lenders who will be able to accept small payments over the course of a few years with students will make vehicles more tempting for families and students in a variety of financial positions. Connecting with lenders who create low loan amounts and accept payments will make you the college car dealership in town.
Allow cosigners and easy re-financing
Most students who are just entering college will not have any credit. In order to meet lending standards, many will have to have a cosigner. Be sure to market easy refinancing for when students to develop more credit and are able to remove their parents for their own loan. By letting students and parents know that you can help them start out their credit, your business will climb.
Offer payoff options
Many students will receive student refunds during each semester for the overage of their loans and scholarships. In order to encourage students to come in and pay off the balance of their loan, offer freebies, such as a percentage off of the total cost of their car or offer them a free car upgrade, such as new tires or free installation for a stereo that they purchase. Offering an incentive to pay or to offer a down payment during the time of student refunds will help your dealership bridge the gap of being any other used dealership to a college friendly place to purchase a car.
Offering simple financing and credit reports for auto dealers would be helpful for encouraging new patrons to come in and see your vehicles for sale.Share