GMF engages GM dealers as business grows captive capabilities
Published July 2014
Every quarter, GM Financial invites some of the top dealer principals in the country to meet with our executives and senior leadership to report on what the business is doing for GM dealers and how we can improve our goal of helping GM sell more vehicles. When the group met this spring, the conversation focused on GM Financial's growing captive capabilities with the launch of our prime program, now available nationwide.
"It's vital to keep our dealer council up-to-date on our preparations and show them how we're improving our capabilities in order to provide the products that they need so they have confidence in the captive finance company GM Financial is becoming," said Jonas Hollandsworth, Executive Vice President Dealer Services.
The dealers received an update on the tiered subvention program we launched in March. This program provides deeper penetration in GM dealerships as it gives applicants access to lower rates if they score high on GM Financial's custom score cards, but have lower traditional FICO scores.
Also on the agenda was a much-anticipated update on the prime retail pilot tested with floorplan dealers in Georgia and Illinois. About 50 dealers participated in the pilot program and dealers were pleased to hear that results were in line with expectations set by the business.
Bill Holt of Bill Holt Chevrolet in Canton, Georgia, and a member of the advisory board, had a first-hand look at the program as his dealership participated in the pilot test. "We appreciate that GM Financial invited our dealership to take part in this pilot. Knowing that there is a huge need for prime financing, we wanted to be sure that the program would work not just for our dealership, but for all GM dealers nationwide," Holt stated.
"All in all, the program performed up to expectations. Sure, there were some hiccups, but that is expected when rolling out a new program such as this one. We sold 103 new Chevrolets in June and much of the success is directly related to the team at GM Financial. The entire team worked with ours for a great month." Holt concluded, "Now that prime is here, we are looking forward to continued success as we partner with GM Financial and the company grows to serve all GM dealers."
The Remarketing Solutions team, along with representatives from GMF vendor DataScan Field Services, gave an end-of-lease grounding demonstration to the group. "We wanted them to know we are focused on providing a best-in-class lease experience for our dealers and customers, and that we are listening to their feedback," noted Brad Bollman, Vice President Remarketing Solutions. "The demonstration provided the opportunity to highlight the inspection procedures and end-of-lease enhancements."