How can dealers help guarantee the survival of finance sources?
According to a top-level executive with a large national auto dealer group, the three-word answer is simple: “Relationship, Relationship, Relationship! We know our subprime lenders are going back to the basics by buying fresh BKs or higher credit score deals with solid down payments,” he explained. “So that is what we are sending them.” Reid Anderson, special finance director of a Dodge Chrysler Jeep dealership, agreed. “My partner-style bank relationships are critical to our success. By working with our customers one-on-one, I get their entire story and can relay those findings on to the lender … We have found this helps our individual lender portfolios perform better.” Ron Odom, general manager of a high-volume Chrysler GMC franchise, takes this approach. “We try to maintain relationships with the underwriters. We do not want to waste their time and money by shot-gunning or sending applications that clearly do not meet their underwriting guidelines,” he said. “I believe ‘approval-to-
