Tucker explained the benefits of having a lot of lenders on tap recently to Automotive News Special Correspondent Jim Henry.
Dealers say lenders are beating down their doors now after years of ignoring their calls. Is that your experience?
I've been in this market for 20 years. The lenders in a nutshell: 2008-2009 was the worst time I've seen. If you go back to 2005, 2006, 2007, anybody who walked in could get a loan.
Some dealers have told me they've got so many lenders calling it's getting to be a nuisance.
I've got lenders calling me I never heard of. It's great for the dealer. I wouldn't call it a nuisance.
How many lenders do you use?
Actively, I'd say I have over 50 lenders.
Do you really use them all?
Each month, I'd say I use 25 to 30 lenders. I like it like that because of all the niches I have.
By niches, do you mean different credit scores, different levels of subprime?
I mean lenders go on hot streaks, but they change their scorecards so often. The same deal a lender bought last month won't be bought this month because that scoring model changed. We're not like that. I like to have a diversity of lenders.
The big public dealership groups tell me all the time they're trying to stick to three or four lenders. Are they getting a better deal in return for more volume?
Well, yeah. They can afford to do that because they're so big.