“Banks are awash in cash that they need to get rid of and they’re being a lot more flexible than during the economic meltdown,” says Brian Benstock, generalmanager and vice president of the Paragon Auto Group in New York City, but his organization still does 90% of its new and used vehicle financing through Honda Financial Services and Acura Financial Services.
From F&I and Showroom Magazine
By: Stephanie Forshee
Back in 2009, Brian Benstock’s wife called to notify him that his credit card was declined when she attempted to make a purchase. Believing it was a mistake, he called the bank. Its response was an even bigger shock: “Mr. Benstock, we stopped your card for fraud alert. You have $60,000 worth of charges in the past two weeks — from Facebook.”
Benstock, vice president and general manager of Paragon Honda and Paragon Acura in New York, says that was the day he learned firsthand the true power behind the social media network. He had taken out paid advertising with Facebook just two weeks prior after deciding that his dealer group was ready to pay per click (PPC) on Facebook for his “dollar per day” campaign, which asked customers if they would buy a new vehicle if they only had to pay $6 or $7 a day.