Video 4 - Submitting Deals For Approval

Summary

This video outlines the essential steps to submit a deal for approval at an RV dealership. It covers gathering customer documents such as ID, proof of income, and credit applications. After the customer selects a unit, the sales team processes the deal, ensuring the necessary paperwork, including customer confirmation texts, is collected. The sales manager runs a credit check, and the deal is verified by a team before reaching the general manager for final approval. The video also hints at the next steps for approved, conditioned, or denied deals, providing a clear roadmap of the sales process.

Takeaways

• 😀 Ensure the customer has called in, and their budget has been tracked using a War Track system to convert into a star cost.
• 😀 Once the budget is turned into a star cost, shop for available units from inventory and send the customer two to three unit options.
• 😀 After the customer selects a unit, write up the deal and prepare to submit it to the sales manager.
• 😀 Ensure the customer provides a government-issued ID (driver's license, state ID, military ID, or passport).
• 😀 Collect proof of income, which can be two months of bank statements, last two pay stubs, or a W2/1099, with self-employed individuals providing their business bank statement.
• 😀 Use the online link to get approved, or have the customer sign the finance sheet directly if they're present.
• 😀 Once the credit application is completed, the information should appear in the CRM for review.
• 😀 Ask the sales manager to print the completed credit application and provide three essential deal sheets: finance sheet, customer application sheet, and score sheet.
• 😀 Send a text message to the customer confirming that three months of prepaid insurance is required and all deposits are non-refundable. The customer must respond 'Yes' to the message before proceeding.
• 😀 Once all documents are gathered and confirmed, hand them to the sales manager for credit processing, scoring, and risk assessment by the team of verifiers.
• 😀 After verification, the deal is forwarded to the general manager or owner for approval, conditioning, or denial. The sales manager will then inform you of the status to initiate the next steps.

Q & A

What is the first step in submitting a deal for approval?

The first step is for the customer to call in. You will then track their budget using the War Track tool, which helps convert their budget into a star cost.

How do you shop for a unit after determining the customer's budget?

After converting the budget into a star cost, you will shop the customer from the inventory sheet and send them 2-3 unit options to choose from.

What documents are required for submitting a deal for approval?

You will need a government-issued ID (like a driver’s license, state ID, military ID, or passport), proof of income (either two months of bank statements, two recent pay stubs, or for self-employed people, business bank statements), and the customer's credit application.

How do you collect the customer's credit application?

You send the customer a link through the RV DEA website, which allows them to either get pre-approved or apply directly. You need to send them the 'Get Approved' link.

What is the role of the sales manager after the credit application is filled out?

The sales manager will print out the necessary deal sheets, including the finance sheet, customer application sheet, and score sheet. They are also responsible for running the customer's credit and scoring the deal.

What is the text message confirmation for, and what must the customer do?

The text message confirmation informs the customer that 3 months of prepaid insurance is required, and all deposits are non-refundable. The customer must reply 'yes' to confirm this before the deal can be submitted.

What does the Snap process involve?

The Snap process is where the sales manager assesses the deal's risk by scoring it. The deal is then passed to a team of verifiers who will further review and assess the customer's information and the deal.

What happens after the verifiers assess the deal?

After the verifiers complete their assessment, the deal is sent to the general manager or owner for final approval. The deal will be categorized as approved, conditioned, or denied.

What happens if a deal is approved?

If a deal is approved, the process continues, and the necessary steps to finalize the deal are taken, which will be covered in the next video.

What should you do if the deal is conditioned or denied?

If the deal is conditioned or denied, the next steps will be discussed in the following video, where the process for each outcome is detailed.