Sometimes when I look around, it seems as though all I see are the charred remains of terrible choices—and that’s before I’ve even left my kitchen.
In business, it’s now been 30 years, yet Coca-Cola will NEVER live down their decision to launch New Coke. (Just Google “Worst Business Decisions Ever Made” if you don’t believe me.) We don’t even need to leave the soft drink industry to come up with a top 10 list of bad decisions. (Crystal Pepsi, anyone? How about this actual advertisement for 7-Up, which is literally the poster child of bad decisions?)
Within the ultra-competitive automotive finance industry, lenders don’t have the benefit of being able to survive small-scale bad decisions, let alone titanic blunders like the ones I listed above. Even a series of “good-but-not-great” decisions is enough to put you out of business, simply due to the volume of rival financers who can steal your customers with more profitable terms.
Thus, the only way to differentiate yourself from the competition is to ensure that every decision you make is optimized to the fullest, in terms of risk management, profitability and customer relations.
Fortunately, FICO has the solutions and industry expertise to help you do just that. Take a peak at this short introductory video that shares our approach to decision optimization, and then be on the lookout for more in our video series on automotive financing.
Also, please take a look at our auto lending industry page for more information on how we can help your business not only avoid the “New Coke” decisions, but make the most out of every strategy you take.