How Ford is Adapting a New Buying Method During the Coronavirus Pandemic
The coronavirus pandemic has caused companies to be more innovative. Individuals have also sought alternative ways to make life better. Ford has a peculiar scheme dubbed "Built to Lend a Hand," which aims to respond to the pandemic's challenges.
The auto market is competitive, and every one of them struggles to remain relevant in this period. Ford has an all-encompassing package that covers dealers, current and prospective customers.
They are taking advantage of the pandemic by selling to new customers while helping them. They offer discounts and deferred payments. In this period of salary cut and job loss, who wouldn't love a rebate?
In this article, we'll look at the new methods Ford employed in this pandemic to help dealers and customers deal with the effects of the lockdown. Here they are:
1. Ford New Vehicle Incentives
In the past few months, car sales in the US dropped drastically. Ford consulted with the market to look for ways to improve the situation. Dealers told the company that consumers want to make purchases but are limited by funds.
Since their finances were unstable, they would welcome any form of palliative. This revelation prompted the auto giant to launch the "Build to Lend a Hand" program that lifts the burden of the payment away from the customer's shoulders.
The program states the company would pay the equivalent of the first three months for a car purchase, after which customers can defer the rest of the payment three months later.
This means customers can own a car but begin payment six months later if they want. This offer is available to new buyers of the 2019 and 2020 models, excluding the 2020 F-Series Super Duty. The vehicles are financed through Ford credit.
In addition to this tempting offer, they are also offering a special lease and purchase offers across 2020 models. In many parts of the US, a 2020 Ford Explorer SUV is leased for $269 months, and for 36 months, it goes for $4,389.
Under these packages, you also get up to 5.9% APR financing for up to 84 months. These figures vary from different regions, so you may want to check out what is applicable in your location.
- Ford Dealership Changes
Retailers have also been affected, but the shutdown of the global economy. Business styles have changed, and Ford dealers have also evolved. Sales have not halted entirely, but it is nothing compared with life before the pandemic.
Sales within this period occurred online because customers were locked down. The internet played a huge role more than ever before. The company told the press that three-quarters of their dealers would work remotely, focusing on sales and service.
The FordPass application is used to schedule car servicing, and any assistance a customer needs for their new car.
The company also disinfects new and old cars brought in for servicing. They do this in collaboration with the Center for Disease Control. That way, technicians and all those directly in charge of car servicing are not exposed to the virus.
After repairs, the interior and exterior surfaces are disinfected before it is returned.
3. Ford Customer Relief and Support
Millions of workers globally have been laid off, and the lucky ones get their salaries slashed. Ford understands the terrain has changed and have reconsidered payment plans for those who took a car on credit.
They are offering customers who bought a car before the pandemic, a delayed payment plan. If you cannot meet up with your monthly obligation, you can negotiate the terms.
The automaker encourages financially challenged customers who have purchased or leased a vehicle to contact Ford Credit to discuss possible delays. Depending on how dire the circumstance is, the payment date can be changed or delayed until everything returns to normal.
There is a dedicated phone number for this purpose, and this shows sincerity on their side. Customers can also contact the account manager via accountmanager.ford.com. The online app is also available for 24 hours
If you are affected by the pandemic and took a vehicle loan, contact the company and see how they can help.
4. Ford Community Support
Organizations during this period have made donations to the less privileged, and Ford is not left out. The poor are worst hit by the effects of the virus, and it's only right that bigger organizations show solidarity with them.
Ford Motor Company developed a donation program that supports communities and non-profit organizations in more than 20 countries. The fund aims at addressing mobility needs, medical supplies, shelter, hunger, and education. The fund amounts to $500,000 and includes contributions from Bill Ford and Ford fund, founders of the Ford Volunteer Corps.
The corps has thousands of Ford employees working under the organization. The volunteers work at food banks, schools, and orphanages. Since its launch in 2005, it has contributed more than 1.7 hours of community service in 50 countries. This pandemic is another opportunity to reach out to communities worst hit by the virus.
They also launched a "read and record" program, a volunteering project that invites Ford employees globally to record videos of children reading books in their native language. The project aims at appreciating other languages outside English. This virtual library would be cataloged in various languages and shared with non-governmental organizations that work for children.
The Ford Fund website contains information on volunteer opportunities and general activities to keep people busy while staying home.
Ford is one of the most aggressive global automakers. The coronavirus crisis has not stopped them from responding to customers' economic and financial needs. The incentives target a larger spectrum of people, including those who cannot afford their products.
No one foresaw the coronavirus, and it is unknown how long it would be with us. In the meantime, investing in the future is key to remaining relevant.