Now that VFC is no more and partnered with TD Financing Services in its place as of Jan. 18, dealers are going to enjoy the best of both retail finance worlds: “We have class-leading services – prime and nonprime. We’ve kept the essential ingredients in what makes us good in both and come together in one brand for a seamless, full-spectrum service to the dealer,” said Andrew Ojamae, TD Financing Service’s national director of sales.
From the dealer’s perspective, they will see one sales force and one contact for both prime and nonprime financing now that VFC has become TD Financing. But Ojamae said business managers would still deal with two separate teams – one prime and one nonprime – when they apply for financing.
“We feel that’s crucial to maintaining the expertise in each product; we don’t want to dilute that expertise at all.”
He said that with 54 area managers in the field and seven regional managers backed by an inside sales force, dealers will have plenty of advice on business strategies that make them more successful and how to make better use of the products at their disposal.
“Our sales team has been given the opportunity to dig in and really help train the dealers.”
He said dealers will have the largest product menu to choose from: prime; nonprime; near prime; fixed and variable rate products.
Business managers will find it easier dealing with TD if their dealer elects to take part in its cascade program, where a rejected prime application automatically makes its way to the nonprime squad.
“It’s an elective program,” he said. Dealers needn’t join up. But he sees no reason why they shouldn’t join up.
“It’s easy and simple, and it doesn’t mean you can’t shop the deal. There’s nothing restrictive about it.”
Will dealers be seeing new programs and incentives?
Certainly, but Ojamae won’t give details just yet.
“We have a mandate to get our brand known. So dealers will be hearing from us and seeing us. We want to energize the dealers and get the message out. We will be active in the field working with our dealers so they understand the value proposition we bring,” Ojamae said.