In the previous edition of this series, the importance of “keeping” the customer relationship positive and paying was noted as one of THREE Keys to success in auto finance. While this series is designed to address the THIRD Key to success; namely, “Recovery” and recovery strategies, a little more about “keeping” customers is worth noting. Most everyone “claims” to know how to keep a customer, but too few companies have a consistent process for ensuring that important “key” reality. Such an effective policy can only be set at the top executive level. Everyone wants better (and verified) application information but in the competitive frenzy to take the contract from the dealer, too much is ov

RECOVERING "BAD DEBT" ...WHY IS IT CRITICAL TO YOUR SUCCESS? The reason becomes clear when you consider what has been occurring over the past 40 years; the population of America has gone up at a rate notably greater than the rate of increase in light vehicle purchases (new and used). Median Household income has virtually remained constant over that same period while inflation over that period has exceeded 30%. More Americans need or choose to use alternative transportation (i.e. public transportation, Uber) and are choosing to live and work in urban environments that allow walking, biking and ride sharing. Given these realities, to thrive if not merely survive, auto finance companies must