Capital One Launches Diamond Dealer 3.0
PLANO — Capital One Auto Finance announced the launch of Diamond Dealer 3.0, an upgraded version of its preferred dealer program that promises full-spectrum lending and improved services to dealers.
Kevin Borgmann, the business unit’s top executive, described Diamond Dealer 3.0 as taking the program “to the next level,” and added that the enhancements will allow the company to add more Diamond Dealers but remain focused on service, flexibility and partnership for a select group.
“We want to build relationships,” Borgmann said in an exclusive interview with F&I and Showroom magazine. “We want to be our dealers’ top noncaptive lender. … We will increasingly reward dealers who give us a greater share of their business.”
Borgmann said that dealers who join the program will enjoy benefits such as speedy callbacks and funding, as well as direct contact with dedicated buyers who have the authority to make exceptions when appropriate, including on weekends.
Greg Brown, owner of Southern California’s Buena Park Nissan and Puente Hills Nissan, became a Diamond Dealer earlier this year. He said the program’s flexibility already has paid dividends for his operation. “It’s a simpler process for turned-down deals,” Brown said. “When the computer says a customer isn’t creditworthy, human interaction can help to clear that up.”
Brown said that he now finances at least 40 deals per month with Capital One across the credit spectrum, and he expects that volume to increase. Borgmann believes that those who join the program in the months ahead will follow a similar path. He said that, faced with increasing competition for originations, the Capital One team elected to continue to focus on building relationships.
“Rather than focusing on market share for its own sake, we want to build great relationships and really serve dealers’ needs,” he said. “When we do that well, we see profitable and sustainable growth. That’s great for dealers and for us.”
Borgmann also stressed the inclusion of Capital One’s prime lending campaign, which now has a nationwide footprint, as key to the program’s success.
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