It’s common to find consumers who don’t understand the finance process, so Freedom Powersports has stepped up efforts to educate consumers on how down payments affect loan affordability.
“Getting back to the basics is really what we are focusing on,” Regional Operator Chase Vance told Powersports Finance. “A lot of banks are placing 5% down, 10% down, and [we are] educating customers on what money down really looks like and what that truly does, [especially] with the rates rising. The more money you put down, the payments are going to be a lot more affordable.”
Consumers aren’t the only oned getting educated at Freedom Powersports stores. The dealership is creating training videos for its F&I staff.
“We have an initiative now to film our steps in the sales process so we can go back and watch and see if we can build a training module for new associates,” Vance said. “They can physically watch it and how it’s going to be done. I come to a store, I role-play, and we film it. So, when we hire someone new, we can sit them down and say, ‘Look, here you go. This is how we want this done. Do you have any questions?’ It’s better than just reading off a pamphlet, and you can actually see how it’s done.”