Success Spotlight: One Dealership's Record-Breaking Journey To Growth
Rifco National Auto Finance Corporation
Deliver innovative, seamless, and rewarding auto financing services to dealers and their customers
In the competitive market of pre-owned vehicle sales, you have to show up to the game differently.? Players need to be armed with the right mindset, and a team equipped with a game plan to the goal line.
One Canadian automotive dealership, Roadway Auto and Sport , did just that. After shifting their approach in 2021, they reached record growth in sales in Q3 2023.?
The dealership doubled applications and saw YOY sales growth over 3 consecutive years.
But it didn’t happen overnight.?
“It was the perfect storm that came together for Roadway to reach record-breaking sales in a short period of time,” says Rob Huckle, Dealer Partner Development for Rifco National Auto Finance.
So what was Roadway’s secret to success?
The Genesis of A Fruitful Collaboration
With 2 locations in Regina and Saskatoon, Roadway Auto and Sport has been a key player in pre-owned auto sales for over a decade.?Since opening their doors in December 2010, they’ve elevated their business and brand as one of the most successful locally owned and operated dealerships in Saskatchewan.
“We had been chatting with Roadway Auto for years, keeping in touch and checking in, but it wasn’t until they signed on with Rifco in 2021 that the rubber hit the road” Huckle continued.?
Roadway Auto and Sport officially brought Rifco on as a Finance Partner in 2021 and was ready for them to deliver on the promise of profit by selling “The Rifco Way”.?
Shifting Gears: The Impact of a Sales Manager's Mindset
In January 2023, Kelly Whelan stepped into the position of Sales Manager for Roadway in Regina. She not only brought years of experience in automotive sales but also a history of successful collaborations with Rifco National Auto Finance. ?
When Kelly joined Roadway she had seen the success of selling with Rifco firsthand. She understood the value the financer provided the dealership as a whole by partnering with them.
Then in June 2023, Lucas Murphy joined the Regina team as Finance Manager, another champion of Rifco from past experience. Coupling the efforts alongside Kelly, they both stood behind The Rifco Way to sell.?
A few short months later, the sales numbers would tell the story.
In JULY 2023 they had REACHED RECORD GROWTH SALES, doubling applications and the ratio of closed deals more than ever before.*
The Dealer Conference Was a Catalyst to Growth
When Kelly joined the team her sights were set on earning her seat at the Rifco’s President's Club table. The acclaimed reward for dealers that surpass a Million+ dollars in sales with Rifco is their ticket to the annual Rifco Dealer Conference in sunny Mexico.
She saw dealers and her peers in the industry attending and visualized herself there in 2024.?
“No one else in the non-prime space has a dealer conference like Rifco. It's one example of how we stand apart from other lenders.” Rob Huckle added.
A testament to the power of a sales manager with the right mindset. She ended up earning her spot only months after joining Roadway.
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The Secret Sauce to Success
Anyone in business knows, that building strategic partnerships doesn’t happen overnight. It requires consistency, a deep product understanding and trust in the brand you’re partnering with, and a willingness to rethink your customers.
In the case of Roadway Auto and Sport, their success was attributed to 3 primary shifts in their approach:?
The Rise of The Non-Prime Segment
A significant factor that contributed to Roadway Auto and Sport's success was their perspective on customer segments, which included a more inclusive approach to emerging Non-Prime buyers.
The reality is that the non-prime segment is not going away, it’s growing with the current market and economic picture. Inflation and the cost of living have changed the landscape for many Canadians, and buyers are seeking options.
“You’re going to see a shift of more people moving from Prime to Non-Prime in the coming months and years.” Says Roger Saran, President and COO at Rifco.?
“With more people renewing mortgages, and the cost of borrowing increasing, we are all mindful of how we can support dealers and their customers.”
The Story Behind the Numbers?
Beyond the numbers, the real success story is the relationship between the dealers and lenders like Rifco.?
Roadway’s sales results were the fruition of a relationship built on trust, transparency and good old-fashioned communication.?
At Rifco, it’s not about what we buy, it’s how we buy. Dealers are advised to send every application through to Rifco, and not assume the other guys give the best approval.?
The Rifco Way is focused on a proven method that leads dealers through the process from application all the way through to closing the sale.?When you approve more, you close more, and it’s a win/win.
Rifco’s Dealer Partner Development reps serve as industry consultants, helping dealers anticipate market shifts, analyzing trends, and providing guidance on rates. Dealers can turn to their finance partners like us for valuable insights into the Non-Prime space.
Takeaways from Roadway’s Success Story
At the end of the day, Roadway Auto and Sport’s success is a testament to the power of strategic partnerships, a shift in mindset, and a commitment to rethinking customer segments.?
Roadway's journey to record-breaking sales wasn't just about the numbers; it was about the collaboration and dedication of everyone involved.
As the non-prime segment continues to evolve, Roadway's story offers valuable insight: build strong partnerships with your finance provider, foster a mindset with sales teams, and adapt your strategy to customer segments.?
We extend our appreciation to Kelly Whelan and Lucas Murphy for their unwavering support and to all who played a role in this remarkable journey. We can’t wait to celebrate your achievements at the 2024 Dealer Conference!