According to a recent article by Forbes, this year’s tax season has proven to be one of the worst starts in almost a decade, leaving many retailers across the board feeling the implications. And some analysts are predicting that many Americans may look to use their tax refunds on paying down debt or savings for the future. This may not seem like a great outlook for this year, but consumers with more savings and less debt will provide for money spent down the road.
However, even with the unusual tax season climate, the National Retail Federation still has some strong predictions on American spending with 8.7% of Americans expected to spend their tax refund on major purchases, such as a car. That’s still a sizable number which means things may start to pick up for your dealership.
We’ve been discussing tax season preparation here and here. But what happens once you’ve made a sell or two or ten? Your tax season push isn’t over until the last customer comes in with the last tax return and then once you’ve made those sells, you still need to collect payments. Your bottom line doesn’t see any success until payments are collected and accounted for.
As you go out to capture as much business as possible, protect your vehicles with adequate coverage before they leave your lot. GoldStar will help you drive those final tax-season sales while also reducing your risks and freeing you to finance more vehicles.
With GoldStar in place, you’ll have the confidence to offer your tax-season customers more competitive rates and terms on their financing — bringing in yet more sales. You’ll also be able to say “yes” to more customers with credit challenges who walk through your doors, knowing that your vehicle assets are protected.
Once the sale is done, GoldStar continues to drive your financial performance by reducing delinquencies, defaults, and costs associated with repossession and skip-tracing. GoldStar comes with automated payment reminders that help your customers stay on track with their payments, which protects your bottom line while also helping your customers build their credit. Plus, many insurance companies offer discounts for vehicles with GPS tracking systems installed in them — customers will appreciate this.
So, before you close the books on this year’s tax season, make sure you’re closing more sales with the right vehicle tracking system in place. And did you know that GoldStar can help you well beyond the tax season rush? Once you’ve crushed your tax season goals, you’ll be able to utilize GoldStar to quickly restock your vehicle inventory so you’re ready and equipped for all of your other soon to be happy customers.