SNAAC - Achieving Growth the 'Smart' Way
The game plan at Security National Automotive Acceptance Company (SNAAC) is to exact a smart growth strategy in an irrational market. In the industry, there are other players who have sacrificed risk for volume, and the consequences have not been favorable. SNAAC balances underwriting and pricing to achieve acceptable returns. With this strategy, combined with 30 years of experience in the industry, SNAAC continues to grow.
Thus far in 2016, SNAAC has strategically increased its active dealer base. This has been accomplished through the execution of two different strategies – penetrating new markets and expanding customer segments.
SNAAC has focused their geographic growth in the Charlotte, NC; Las Vegas, NV; Lexington, KY; Jackson, MS; and Cincinnati, OH areas. The expansion in these markets was tied into SNAAC’s second avenue for growth – a non-military (civilian) financing program.
SNAAC launched its civilian financing program in February with a state-by-state rollout. The program is now active in all 30 states where SNAAC operates and is highly successful. To date, SNAAC’s civilian financing program continues to increase as a percentage of the company’s total originations.
“Seventy percent of our civilian contracts are coming from dealers who also utilize SNAAC’s military financing program,” Rich Oakes, Vice President of Sales and Marketing, said. “These dealers know SNAAC and we know them. We are showing them that financing both military and non-military contracts with SNAAC is a win-win for the dealer and SNAAC.”
SNAAC has executed a controlled growth strategy that is allowing the company to increase originations as well as increase returns as the year progresses, according to Oakes.
“By planning and executing a smart strategy, SNAAC is positioned for more increases in market share, profitability, its active dealer base, and originations in civilian financing,” Oakes said.