UNDERSTANDING
TODAY'S USED
SHOPPER
Part of being ready to take advantage of the opportunities in
pre-owned auto sales means understanding what has happened
to your customers.
Within just a few months in the spring of 2020, unemployment went
from the lowest it had been in 50 years to the highest rate recorded
since the end of World War II.
Nearly half of American households suffered some form of income
loss and reported using credit cards, loans or personal borrowing
to meet household spending needs. The U.S. Federal Reserve is
warning that U.S. households will likely face "persistent fragilities"
in finances for some time, and consumers are demonstrating that
concern with new frugality in car shopping.
Dealerships must be ready to help customers through this time,
designing financing options or helping first-time used car shoppers
navigate the process.
Is Your
F&I
Ready?
Lenders are dealing
with unprecedented
short-term shocks to
consumer finances.
Make sure your
F&I team is on
top of the newest
programs, terms,
guidance and other
options developed
in response to the
COVID-19 pandemic –
especially for captive
CPO financing.
