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Car Dealership Guy Podcast
#119 Secrets of automotive's most controversial business, Tackling 90% in-house financing, Economics of buy here pay here dealerships | Jeff Watson, Owner of IV Seasons Auto
Sep 17, 2024
In this discussion, Jeff Watson, owner of IV Seasons Auto, sheds light on the controversial world of automotive financing. He dives into the intricacies of buy here pay here dealerships and how they tackle in-house financing for those often overlooked by banks. Jeff shares his innovative strategies for supporting 'unbankable' customers, the evolving challenges of rising interest rates, and the importance of maintaining strong customer relationships. His insights reveal the dynamic landscape of the automotive industry and the path to success within it.
48:19
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Quick takeaways
- Jeff Watson's dealership, IV Seasons Auto, prioritizes accessible in-house financing for subprime buyers often marginalized by traditional lenders.
- By integrating retail sales with financing, Watson's Buy Here Pay Here model emphasizes customer relationships and long-term satisfaction over quick sales.
Deep dives
Challenges in Subprime Financing
Subprime car buyers often face significant hurdles in securing financing from traditional banks and dealerships, which can lead to feelings of exclusion and frustration. Many individuals in this demographic find themselves turned away even when they have the capacity to repay a loan. Jeff Watson's dealership, Four Seasons Auto, aims to address this gap by providing accessible financing options for customers deemed 'unbankable.' This approach values the dignity of these individuals and acknowledges their need for support in rebuilding their financial stability.
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