Living just outside of Indianapolis, I can tell you that the month of May is all about “The Greatest Spectacle in Racing“, the Indy 500. The four horsemen of the apocalypse could be in town, but if those horses are not sponsored by Andretti Racing or Pennzoil – forget about it.
So looking back, there are some great lessons from racing that I want to share with auto lenders:
1. You have to come out strong and with a well-oiled machine. You cannot do that without a great car and team. So ask yourself – are you handling your auto lending with the solution that has the ability to lead the market or are you having to go to the pits often, just to keep pace?
2. You need to stay ahead of the pack until the end. If your lending strategy hasn’t changed “since the first lap”, you could have a problem getting across the finish line. Take time to make sure your automated scoring approach is valid, question your existing processes, and consider getting an outside look from leaders in the industry to make sure you are still firing on all cylinders.
3. Time kills. If your solution is not providing your customers with the fastest and best credit offers, how many deals are you losing? What exclusive club of top auto lenders are you being denied access to?
Second place is no fun. In today’s market, there is more need than ever to be the Winner’s Circle. Take a pit stop and check out your lending process and see how you’re performing against your competitors and in the spirit of the race – “Ladies and gentlemen, start your engines!”