Mastering the Special Finance BDC
Here is whats possible in a BDC using Internet leads as the example.
" 91 of those get set as a solid appointment.
" 85 of shows close and hopefully fund.
If you talk to Joe McCloskey, owner of McCloskey Motors Inc., a group of new and used car stores and a NAPA Service Center in Colorado Springs, Colo., who uses the Mastery Council BDC system exclusively, hell show you closing numbers closer to 40 percent of appointments that show.
Dont think its possible? I have several stores closing between 18-30 percent of their special-fi leads, and Im sure theyd love to hear from you! So with that said here goes the rant&
When it comes to the BDC/CDC most anyone that knows anything is smart enough to know that anyone who claims theres a turnkey, 12-step program to BDC excellence is just trying to get your wallet. Most of the BDC processes of today are a colossal disaster at best. A collective infection of Debbie The Time Life Operator
Syndrome TM meets the car biz.
Performance expectations are weak at best. Current industry benchmarks are setting the bar not just low, but flat-out under water. Pay plans, tracking systems, recruiting techniques, scripts, commonly heard objections, rebuttals, CRM philosophies, training programs, room design, employee work hours and all the way down to the telephones being used, are in more dire need of a make-over than my first house.
There are no short cuts to this business and especially the BDC. You dont Luck Up on a good relationship just like you dont Luck Up on a winning BDC. The BDCs of today simply dont pencil, and for the ones that do, theyre bleeding millions in lost revenue. Here are some critical things to consider regarding your BDC.
" The room controls your checkbook TM. Any reception point of a dealers inflow dictates traffic, and as a result, deal count.
The players on the phone have to be good enough to get someone to send them money via Western Union for no reason. They cannot be just good enough to set an appointment.
" If what your saying sounds like the guy across town then its time for an overhaul of the scripts.
Have your BDRs sign non-disclosure agreements, in case you stumble onto something great. We require all of our stores to do this as it helps us document the intent to protect copyrights. It works.
" Know your indicators. Whats low-contact, low-show or too-high of show rate mean? These are trend indicators and point to training and performance needs. Know what they are, and what they mean instinctively.
Remember, that its not that things work or dont work, its we work or dont work. It all comes down to people. BDCs are expensive, which potentially makes them a feast or famine venture so be sure to pick a rope and climb it, but make sure to pick the right rope first. Now have a great month!
Eddie Coleman is the CEO of Hyperdrive Technologies Inc. in Portland, Ore. and the author of the automotive industries two best-selling, full-length books, Mastering The Art Of Selling Cars Online and 101 Internet Sales Objection. Eddie can be reached at eddie@hyperdrivetech.com or www.HyperdriveTech.com
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