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If buy-here, pay-here dealers aren’t reporting data to the credit bureaus, they’re missing a great opportunity to build a customer base.
That’s the finding of a study by AutoTrader.com presented at the recent National Alliance of Buy-Here, Pay-Here Dealers conference.
The two top concerns for shoppers remain financing and inventory. But consumers are interested in rebuilding their credit.
That’s especially true after the recent downturn.
Howard Polirer, AutoTrader.com’s director of industry relations, said few dealers promote credit rehabilitiation in their online advertising.
That could be because few actually do it. Only a little more than a third of buy-here, pay-here dealers report payment information to the credit bureaus.
Polirer also said dealers need to make consumers more comfortable about the car-buying process.
He recommends including information about what consumers need to get approved for credit at the dealership.
Polirer said testimonials from existing customers are another way to promote a sense of trust with the dealer.