Not every customer has perfect credit. That’s something anyone involved in lending can tell you. Instead of shying away from these prospects, savvy dealers capitalize on the market opportunity they present.
Thanks to special finance and lending programs, dealerships can offer credit to individuals who may not qualify under normal circumstances. While most dealerships offer this service, not all think to advertise it.
As we enter the colder, slower months of the year, consider this an opportunity to reach out to customers who could benefit from credit assistance.
Facebook has an ultra-refined set of targeting tools. Some of these include interest and life event targeting. This can be useful if you have identified an interest that many of your subprime customers have in common.
Another tactic suitable for subprime advertising is Facebook’s retargeting feature. If someone visits the trade value page on your website or views vehicles under a certain price point, you can retarget these customers with custom-made subprime ads.
Once you attain a certain number of users who fall into the subprime category, you can use Facebook’s look-alike audiences to further target similar individuals.
Note that in advertising to low-credit customers on Facebook, you must exercise caution so as not to be flagged for discriminatory targeting. Our team carefully crafts wording and parameters to ensure client ads follow all guidelines.
Paid search is another tactic that works well when targeting subprime customers. These ads can be set to target customers within a specific income bracket, making them more likely to be seen by the desired audience. These bid adjustments mean that your ads will show higher in the results for people in the income bracket you’re targeting.
Once a paid search ad’s audience is set, you can link the ad to your website’s financing application. Another option is to build a special landing page that funnels shoppers through the credit approval process.
As with other search ads, you can measure the success of a specific campaign. This means that dealers can easily see how many leads a subprime credit ad has generated and adjust strategy accordingly.
Social media and paid search advertising are among the lowest-cost, highest-return advertising methods that exist.
Consider adding subprime credit targeting to your strategy in 2019, and ask how Strong can help.
John Paul Strong: As owner and CEO of Strong Automotive Merchandising, John Paul Strong brings more than two decades of advertising experience to the table. He is the author of Next Day Traffic and leader of 100+ employees servicing more than 230 clients across the country. In 2018, John Paul was listed in the Birmingham Business Journal's Top CEO Awards and 2013's Top 40 Under 40.