Many car enthusiasts and entrepreneurs are attracted to opening their own dealerships as their choice of business. Doing so gives them the freedom to be their own boss and do what they are passionate about without sacrificing their ability to earn, which is very important in today’s time.
Unlike the traditional dealerships, Buy Here, Pay Here (BHPH) dealerships offer in-house financing to customers instead of having them approach a traditional financial institution. Usually, BHPH dealerships are home to used vehicles that still have many fights in them before heading to the junkyard.
A BHPH dealership is not the most profitable business, but it’s a saving grace for aspiring car owners with poor or bad credit and those who aren’t eligible to apply for auto loans. This means that even if it’s not the best business to be in, many people still depend on you for their vehicular needs.
So, while there’s still a demand for it in the market, you have to do your best to provide the best service you can give. Fortunately, you have modern technology at your side. Here are three ways tech innovations can help you improve your service and bottom line:
GPS Tracking Solution
In this line of work, having a reliable GPS tracking solution is necessary because you never know how many sly minds are watching your every move. There are so many car thieves just waiting for the right moment to steal a car or two from under your nose, and you won’t be able to do anything about it.
That is, if the vehicles on your lot didn’t have GPS. Having a reliable tracking system like PassTime GPS can help you locate your vehicles 24/7 so that no cars will be lost on your watch. With this tracking solution, you can easily detect if any cars are missing from your lot or deter thieves from even attempting to steal them.
Additionally, if the thieves are ever successful with their mission, you can still recover the stolen vehicles by using the live locations from the GPS solution. That means you can increase the security of your entire lot and ensure potential buyers that they can put their trust in your business.
But the GPS tracking solution is not only useful for added protection but also to make your day-to-day processes more efficient. For instance, you previously spend a lot of time locating a specific vehicle that a customer wants to test-drive. However, with the solution, you will no longer have to waste time.
Real-time Communication
Customers will always prefer working with businesses that put their needs first. They want to feel prioritized and valued because otherwise, they’ll go searching for another business that can. This is all part of providing great customer service and relationship marketing.
But just because you’re managing a BHPH dealership doesn’t mean you can’t go one step further for your clients. Even in this part of the industry, you must keep your customers engaged through constant interactions because it will help your business in the long run.
This can be done by sending texts, email alerts, and payment reminders to customers falling behind on their dues. You can be a proactive salesperson who constantly communicates with their clients so that you can work on your customer service and improve your bottom line at the same time.
Automated Management System
The practice of using automation has basically seeped into everything that exists in the digital age. It’s being used in medical fields, finance, manufacturing, and of course, in the automotive industry. At this point, it would be foolish to discount all the benefits that automation can bring to your business.
That’s why you should consider using an automated management system for your BHPH dealership. It can help you with asset monitoring and inventory, which can make it easier for you to keep track of the vehicles currently under your care. Plus, it’s a much better approach than doing manual inventory.
Aside from that, a comprehensive management system will allow you to streamline the processes that are originally time-consuming. And with all your data in one accessible place, you won’t have to worry about missing the important details that need to go into your monthly business reports.
All businesses come with risks, but how you take those risks and use them to your advantage is what will make you a great entrepreneur. So, don’t be afraid to keep up with the tech trends and see where they take you. Who knows? They might be the key drivers for your business’ success.