Cultivate Customer Loyalty in Your Leasing Program
Eyo Toe | December 22, 2020
As 2020 comes to an end, many people are beginning to look back and reflect on this past year. If this year has taught us anything, it is the value of relationships and ability to be resilient. Customer retention is one of the many benefits of having a Lease-Here, Pay-Here program as it gives dealers a number of opportunities to build relationships with customers through their lease contract and even when that contract comes to an end. During the lease, the customer will bring in the vehicle for maintenance and will communicate during transactions and collections.
Post lease, many dealers will provide trade up incentives even before the lease contract expires. With BHPH’s retail installment contract, a customer can go to any dealership and trade their car in. But, with LHPH, the customer is required to bring back the vehicle giving the dealership an opportunity to lease them a new car or sell the customer the car for its remaining residual value. These are some of the ways dealers can develop customer loyalty with an LHPH program.