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Do's - 4th Quarter Sales Program
DMS Provider. Use a DMS provider that has the ability to implement Irregular/Seasonal Payments in their system. Current, approved Tax Max DMS providers are iDMS, Auto Master, AutoStar, Deal Pack, Finance Express and Wayne Reaves. Please contact Tax Max for more information on Irregular/Seasonal Payments.
Set the expectation with the customer. Make sure your customers understand that they are required to return with their W2's to fulfill their obligation with you.
Be active with the program. Make sure you and your employees make Tax Max part of your business plan and your dealership will be very successful.
Educate your employees. Employee education is the key to making this program successful. Be sure that each employee (salesman, collections agents, janitors, etc.) is aware of the program and know how it works. We have provided some great training videos that will explain the process from start to finish.
Attend FREE webinar. These webinars are offered beginning Oct. 1 - Jan. 10. You and your employees will learn the most current ways to succeed in using the Tax Max Program. We also have pre-recorded training videos for you to view at your leisure.
Provide an incentive for your customer's to come back with their W2. Something as simple as movie tickets, a gift card or free oil change will provide your customers with something tangible that they have to look forward to when they return. Tax Max dealers have had success with incentives as simple as a flashlight.
Giveaways. Something as easy as the chance to win a TV is a great tool to draw customers to your lot and will provide them an opportunity to not only leave with a car, but a chance to win a FREE TV.
Pre-load your tax deals. Begin entering your client's information in to the 1st Quarter Program and let the customer know that "Today is (enter today’s date) and we have already started your taxes".
Have a competition. Set-up a competition amongst your employees, sister lots, members of your Twenty Group and other industry friends to see who can move more vehicles with the tax program.
Pre-Season Payments. Require the taxpayer to come in every week or two weeks for mandatory payments until the customer comes back with their W2's and you receive their tax refund down payment. Not only does this allow the dealership to maintain regular contact with the taxpayer, it also creates customer equity to reduce dealer risk.
Customer Matched Refund Advance. Several dealers had success with this down payment assistance approach by requiring that the customer match a percentage of the Tax Refund Advance before releasing the vehicle. For example, a customer will have to bring in a percentage of the Tax Refund Advance as a condition of eligibility ($250 down = $750 deferred tax down payment for a total of $1000 down payment). Customer returns later with their W2's to apply their refund to the $750 deferred Tax Refund Advance.
Hold Check. Several dealers will allow a Tax Refund Advance but the taxpayer must write the dealership a hold check for the amount of the Tax Refund Advance. When the customer returns with their W2's and the dealership receives the money to complete the process, the dealership will return the hold check to the taxpayer.
Limit Liability. Several dealerships that use outside financing will limit the amount of the Tax Refund Advance to only $500 - $1000. The dealership is paid in full for the car minus the Tax Refund Advance by third party financing, which means the dealer has been paid their profit minus the small Tax Refund Advance. When the customer returns with their W2's, the dealership receives the remainder of their profits. Using this method guarantees the sale of the car, while receiving payment and only risking a small part of the profits.
Use the Program with Prior Customers. Several dealerships use the 4th Quarter Sales Program EXCLUSIVELY for prior customers that were in good standing. These are GREAT CANDIDATES for this program as they should be low risk since you have already established the relationship.
Use Starter Interrupt Devices. These devices can be used to manage the customer's behavior and help ensure that the customer maintains payments and other agreements. This technology can be used with the 4th Quarter Sales Program as well as with ANY deal where the dealer feels the need for extra protection.
Move Old Inventory. For your customers taking advantage of the 4th quarter program using a deferred down payment, provide them limited choice of vehicles which include your old inventory.
Collections. Call past dues in December & January to use the tax refund to catch up the account, get a 2nd down payment or pay off the vehicle.
Call the Treasury Offset Call Center. Call 1-800-304-3107 to see if there are any liens (back child support, delinquent student loans, state tax liens, or any other federal debt) that can reduce the tax refund.
Use the Drive Now Network. Receive real time tax season leads as early as October. Click here for more details.
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