The Auto, Truck and RV sector provides the agent a broad opportunity to build high volume relationships and sales. Auto, Truck and RV opportunities typically fall into two categories – single-location and multi-location.
Single location opportunities represent the vast number of small business owners that blanket the US. Many buy here-pay here locations exist in the auto segment (verify that this market is supported by your processor). Used cars, trucks and RV locations are significant as well.
Multi-location opportunities represent 15 - 20 percent of most markets and are potentially quite lucrative. Dealer networks can span many states, and some of the largest may provide processing revenues in the millions.
The auto, truck and RV market affords the agent an opportunity to provide multiple services in addition to payment processing such as check guarantee, loyalty and gift card, and even recurring billing. By offering such a broad selection of products and services, one might open tremendous sales opportunities.
Becoming the ‘preferred merchant services provider’ for a large dealership network could yield significant residual opportunities, as the significant sales volume may offset the reduced fees necessary to win the deal.
A unique opportunity for you may exist when servicing this market if you become a member of associations that service them. Becoming a member may provide you credibility. Additionally, you may be able to offer specific services ‘endorsed’ by the association. Joining associations that align with your particular business model is often a wise and beneficial practice.
Do not invest significant time or energy on the larger national accounts unless you have a significant advantage that will bring you to the top decision makers. There are literally tens of thousands of opportunities in this vertical market.