CPO: Greater flexibility for financing?
For the “Best CPO Dealers in the United States” edition of Auto Remarketing this winter, we asked top-selling Mercedes-Benz certified pre-owned dealers how the quality of CPO allows for flexibility of expanding financing terms to help buyers stay within their budget parameters.
Here’s what they had to say.
“Simply put, CPO vehicles command greater value than their non-certified counterparts, and they hold their value for a longer period of time. Knowing that the vehicle has passed the manufacturer’s rigorous inspection process and with the assurance of an extended factory warranty, a CPO vehicle brings a high level of trust to our buyers and confidence to our lenders,” said Randy Powell, the general manager and partner, Mercedes-Benz of Birmingham, which sold 572 certified vehicles last year.
“At our Mercedes-Benz store, this allows Mercedes-Benz Financial Services to leverage the value of certification by offering special programs along with excellent rates and longer terms. Together, this makes for an unbeatable package of product and financing options,” Powell said.
Over at Mercedes-Benz of Rockville Centre — which sold 499 CPO vehicles in 2015 — pre-owned sales manager Cary Weinstein said: “Lending on a vehicle that went through a manufacturer’s strict CPO inspection process allows banks to offer longer terms, lower rates and more advance, allowing the buyer increased flexibility when fitting a vehicle purchase into a budget.
“Continued improvements in reliability and durability coupled with a manufacturers-CPO warranty and prepaid maintenance plans not only increases customer brand loyalty, but also increases competition among lenders looking to finance higher quality automobiles.”
The full list of Mercedes-Benz's top dealers for CPO sales in 2015 is below:
1. Fletcher Jones Motorcars | Newport Beach, Calif. 1,885
2. Park Place Dallas | Dallas 1,307
3. Keyes European, LLC | Van Nuys Calif. 1,210
4. Mercedes-Benz of Tampa | Tampa, Fla. 1,038
5. Autobahn Motors | Belmont, Calif. 914
6. Mercedes-Benz of Westminster | Westminster, Colo. 848
7. RBM of Atlanta | Atlanta 764
8. Mercedes-Benz of West Chester | West Chester, Pa. 674
9. Mercedes-Benz of North Olmsted | North Olmsted, Ohio 646
10. Mercedes-Benz of Birmingham | Hoover, Ala. 572
11. Mercedes-Benz of Rockville Centre | Rockville Centre, N.Y. 499
Staff Writer Nick Zulovich contributed to this report.