Where are you from, originally?
SR - I grew up in Choctaw, Oklahoma.
RB - I'm from Moore, Oklahoma.
RB - I'm from Moore, Oklahoma.
What was the very first job you had?
SR - Brick laborer
RB - I swept and picked up trash at a local public auto auction, that's where Shawn and I met actually.
RB - I swept and picked up trash at a local public auto auction, that's where Shawn and I met actually.
When was ECA founded and why? (Could be part of the above question, but I think it’s pertinent to note why ECA, specifically, was founded.)
SR - I had an opportunity to take over ECA from the original owner that was going out of business. I had another car lot in a bad part of town and this presented itself as an opportunity to get into a better location. We didn’t have a lot of money back then. So, I bought the Express Credit Auto name and signage, because it was cheaper than replacing it.
How has the car business changed since you first started ECA?
SR - The most powerful change in the car business has been the internet. The internet has completely changed the car business. Everything is done online. From buying inventory, business software, advertising, customer buying research and more.
RB - It has changed dramatically. It’s much more sophisticated now with the use of the internet on all levels. Supply, retail, customer interaction with social media… The list goes on. When we first got in the business, you hung your sign, advertised in the penny pincher or bargain post and that was it. Today you have to work harder to stay ahead of the competition on all fronts. I’d say dealers in general, not just ECA, are much better now than they were 15 years ago. More scrupulous, more customer service oriented. They have to be, the customer demands it and the competition dictates it.
RB - It has changed dramatically. It’s much more sophisticated now with the use of the internet on all levels. Supply, retail, customer interaction with social media… The list goes on. When we first got in the business, you hung your sign, advertised in the penny pincher or bargain post and that was it. Today you have to work harder to stay ahead of the competition on all fronts. I’d say dealers in general, not just ECA, are much better now than they were 15 years ago. More scrupulous, more customer service oriented. They have to be, the customer demands it and the competition dictates it.
What can a customer expect when doing business with Express Credit Auto?
RB - We talk about this a lot and here is our position. The customer can expect and more importantly deserves this from ECA. Professionalism in our attitude, aptitude, facility and appearance. They can expect to have their questions answered honestly and transparently. This seems simple, but in the used car business it’s the exception, not the rule. And they can expect a great value. Meaning they aren’t just -- or don’t always just purchase a car with the cheapest price tag. They will get personalized service and the loan, payments and down payment will be what we believe will be successful for them personally. Just because their credit score or income or job time doesn’t fit in a pre-determined box doesn’t mean we can’t make it work. Flexible financing for everyone is what we offer. Remember, we are financing most of these transactions and have done a lot of research to find out what it takes to make customers with sub-par credit scores successful in rebuilding their credit, self esteem and get out of the credit crunch they have gotten themselves into. If they let us assist them in following the plan and the program we believe they will succeed.
How is ECA different from other “buy here, pay here” dealerships?
SR - We focus on the customer’s needs and put the customer’s interest above our own.
What do you envision for the car business in 5-10 years?
SR - Continued vehicle quality from the manufacturers, more customer internet purchases and social media being a driving force to communicate to our customers.
RB - Great question. I think it will be advancing at a very rapid pace. Inventory is a concern for pre-owned dealers. For new car dealerships it’s better to have less supply from the manufacturer because that produces greater demand for what’s out there and allows them to operate leaner. I hope the credit markets open up a little on the top end and incentives and design of new cars push the manufacturer to make more cars so there will be more used cars hitting the wholesale market in years to come.
RB - Great question. I think it will be advancing at a very rapid pace. Inventory is a concern for pre-owned dealers. For new car dealerships it’s better to have less supply from the manufacturer because that produces greater demand for what’s out there and allows them to operate leaner. I hope the credit markets open up a little on the top end and incentives and design of new cars push the manufacturer to make more cars so there will be more used cars hitting the wholesale market in years to come.
Do you have a favorite moment from ECA? An event or special customer?
SR - Opening up the I-240 and Santa Fe location. I-240 was our first successful launch of an additional location. Provided a lot of convenience for our customers from our small original location. Also provided a lot of growth and opportunity for ECA.
RB - Yes. About 8 years ago we approved a young, single mom that had never financed a car before when nobody else would. She came back 18 months later and bought another one from us as well. She was always happy and thankful for the opportunity… really appreciative and did her part. Paid payments on time, communicated with us if there was ever an issue, etc. One day she came to my office and said “Rich, I just wanted you to know I really appreciate all your help over the last few years. I wanted to let you know I traded in my car at the Chevrolet dealer and bought a new Equinox . My fiancee and I also just put up earnest money for a house. I’m so excited and I wanted you to know that ECA, by reporting my payments to the credit bureaus, has been a big part of this for me. My credit score now is 760.” Her name was Jennifer. I love that we can help folks in that way.
RB - Yes. About 8 years ago we approved a young, single mom that had never financed a car before when nobody else would. She came back 18 months later and bought another one from us as well. She was always happy and thankful for the opportunity… really appreciative and did her part. Paid payments on time, communicated with us if there was ever an issue, etc. One day she came to my office and said “Rich, I just wanted you to know I really appreciate all your help over the last few years. I wanted to let you know I traded in my car at the Chevrolet dealer and bought a new Equinox . My fiancee and I also just put up earnest money for a house. I’m so excited and I wanted you to know that ECA, by reporting my payments to the credit bureaus, has been a big part of this for me. My credit score now is 760.” Her name was Jennifer. I love that we can help folks in that way.
What do you think are the most important qualities a car dealership should have?
SR - Quality vehicles that are competitively priced, honesty and integrity.
RB - Good moral values, great people and a good presence in their community. They should also be fair and honest with their employees and customers.
What advice do you have (if any) for anyone who has bad credit but needs to buy a car?
SR - To do business with a dealer that has been in business for at least 5 years or more. Never buy a used vehicle without a warranty. Usually major mechanical repairs is a reason a lot of people have repossessions.
RB - Realize that there are dealers and finance companies that can help. Be willing to change or improve on the issues that caused the previous “bad credit” situation and focus on the future. Buying a car and rebuilding your credit are 2 very important things. In this way the lender and customer are in a partnership. Listen, communicate, have a plan and do the right thing. The sky is the limit!
RB - Good moral values, great people and a good presence in their community. They should also be fair and honest with their employees and customers.
What advice do you have (if any) for anyone who has bad credit but needs to buy a car?
SR - To do business with a dealer that has been in business for at least 5 years or more. Never buy a used vehicle without a warranty. Usually major mechanical repairs is a reason a lot of people have repossessions.
RB - Realize that there are dealers and finance companies that can help. Be willing to change or improve on the issues that caused the previous “bad credit” situation and focus on the future. Buying a car and rebuilding your credit are 2 very important things. In this way the lender and customer are in a partnership. Listen, communicate, have a plan and do the right thing. The sky is the limit!
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