I thought it fitting for our first published blog to explain Black Lion’s Mission Statement to help our audience understand what we are, why we do what we do, and what we hope to accomplish? Black Lion is a Christian-based automotive dealership focused on providing vehicles and automotive financial knowledge to the underserved. Our mission is to provide better rates, lower prices, and lower fees to our marketplace, while offering better customer service. Our motto is, “Financial voice of the underserved”. 

If you review Black Lion’s public incorporation records, we are categorized as a car dealership. Yes, that is true, along with much more. We do sell cars and trucks and offer related financial services, but if you stay tuned, you’ll see we do a lot more. Black Lion is also committed to providing financial literacy free of charge to anyone who desires the information. 

Statistically speaking, people of color have been charged higher rates and fees for a number of things, including auto loans and financial services. There are a lot of reasons for this, including institutional racism, corporate greed, and lack of financial literacy. When attempting to negotiate a car deal and loan package with a dealer, it’s very much like David vs Goliath. But in that reality prism, Goliath wins almost all the time. 

There is a colossal amount of built in advantages to the person with the knowledge. In this old model, the dealer holds almost all the cards. They have the detailed pricing information and more. They withhold things like manufacturer’s holdback, an undisclosed amount the manufacturers provide to auto dealers for each vehicle that is sold. On many loans, there are wholesale rates given to the dealership that they mark up one or two percentage points before presenting to you. In my experience the customer almost never is aware of this, which could easily be $1000, $2000 dollars or more, depending on the loan amount and dealer mark up. 

This is just the tip of the iceberg. In short, it’s like taking a water pistol to a live ammunition gun fight. The odds are stacked against you. For those that follow us, we’ll arm you with enough information to see true savings. After all, the less you spend on excessive prices, rates and fees, the more you have left for yourself. Let’s not forget the elephant in the room, credit. Over the coming weeks we will address this early and often because this has much more of an effect on our finances than meets the eye. For example, based on a $25,000 loan, the difference between a good rate and a bad rate can be over $11,000 during the full course of the loan. The unpleasant truth is that this process can be like watching sausages getting made: we need to eat but don’t want to know the details. Well, that’s going to change. 

James Holmes
President, Black Lion Inc.