Mastering The Special Finance Bdc

Here is what's 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, he'll show you closing numbers closer to 40 percent of appointments that show.

Don't think it's possible? I have several stores closing between 18-30 percent of their special-fi leads, and I'm sure they'd 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 there's 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 telephone's 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 don't Luck Up on a good relationship just like you don't Luck Up on a winning BDC. The BDC's of today simply don't pencil, and for the ones that do, they're 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 dealer's 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 it's time for an overhaul of the scripts.

Have your BDR's 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. What's 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 it's not that things work or don't work, it's we work or don't work. It all comes down to people. BDC's 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!