According to , the average Canadian household spends an average of $11,000 annually on private transportation. Vehicles are typically the second most expensive asset owned, after a home, and buying a vehicle is a significant event in a person’s life.
Through the car-buying process, Canadians want trust, reliability and an agreement that they’re comfortable with.
When a consumer walks into a dealership, the first person they talk to about their financial situation is a member of the dealership team.
But if the customer falls under subprime and staff aren’t trained to help someone with less-than-perfect credit, it could be a lost lead. reports more Canadians are interested in buying used cars as opposed to new cars.
For dealerships in Canada, this stat is important when mapping out how a dealership business should operate.
Subprime consumers are starting to take up a large percentage of the automotive market, and auto loan lenders can help consumers with less-than-perfect credit apply for financing within a subprime budget.
Credit-challenged customers in Canada impact car dealership buying trends, so it’s best to be ready for these leads when they walk through a dealership’s doors.
It’s important for car dealerships across the country to ensure that Canadians facing all types of credit situations have access to a fair auto finance market – one that helps both subprime and prime customers.
Building a subprime infrastructure, developing strong relations with subprime lenders and training a dealership sales team for subprime customers will open doors to a massive market.
Sonny Dhanoya is an account manager at Canada Drives.