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Discover the significance of the walkaround process in achieving higher F&I PVR (Per Vehicle Retail) figures. Learn how an effective walkaround strategy can optimize your dealership's finance and insurance performance.
Before the pandemic, not many F&I managers ever thought much about having a video call with a customer to discuss financing options. Now we don’t think twice about it. For F&I staff in particular, being able to have a video call with a prospective customer can make or break a deal.
No F&I manager likes a cash deal. Most see them as a ‘dead’ deal where there is little or no chance to sell any F&I products.But it’s really not a lost cause at all. Sure it’s a little more challenging but in this current market, there is still a way to make these deals a positive one for F&I.
If most of your inventory is coming in at a lower price point, a simple preload for one protection that everyone would agree is a must for any new and used car. Windshield protection. Simple, low cost, and easy installation.
Economic uncertainty is not the time to stick your head in the sand…it’s a time to be prepared to do things better so that you can stave off any potential crises if they do pop up.
Work from home is a thing now. For the last few years since the start of the pandemic, companies have been more open to the idea of working from home as a way to reduce turnover while maintaining productivity. For dealerships, there has been an interesting and unexpected benefit from the work-from-home that many have not seen coming. Car buyers who are no longer commuting to an office seem to be spending more both on the price of a vehicle and willing to spend more on F&I products to protect them.
As we are in the ‘end times’ for COVID (quick…knock on wood), it’s important for F&I departments to take a look at strategies and mindsets that can help with sustained growth over the next 5-10 years.
Making your new or used car customer happy ‘for life’ starts with a preloaded and strong Lifetime Powertrain Warranty. Bet you can’t think of one customer that would have said ‘No’ to having that powertrain protection already in place?
The average car deal goes through several hands before it gets completed and the customer drives off the lot. Sales, desk managers, F&I, back office…everyone handles their own portion of the paperwork and is responsible for making sure everything is completed properly and within compliance standards.
Dealers who want to increase their penetration on this product are usually fighting an uphill battle when trying to convince buyers how valuable etch can be. After all, some insurance companies have started to offer a nominal discount if the car has it applied and as vehicle thefts have risen over the last few years in some markets, etch can help in recovery efforts.
Whether you’re a franchise dealer or an independent lot, how you choose an F&I provider is just as important as who provides your floor plan financing or what auction you go to when sourcing inventory.
F&I managers have one of the hardest, if not THE hardest, job in today’s dealership. Ask anyone who has ever been in ‘the box’ what the one word is that can describe their job and they will likely say ‘pressure.
Your buyer's identity can be stolen from mishandling of documents during the course of a deal. Dealerships can also fall victim to one of the most common forms of fraud, fake identification scams.
Simply put, consultative selling allows your F&I staff to focus on building a relationship with the buyer and identifying solutions to their unique challenges through a series of open-ended questions and active listening.
The order of presentation for the product menu is the tricky thing. After settling in on rate, the high margin products are usually the first to be presented. Going for the highest margins products first is usually strategy with the thought being that the smaller products don’t matter as much.
One change that has been moving through the industry is consolidating all F&I products under one provider. For decades, dealers have had many providers to choose from, each with their own speciality. And where one may have been lacking in specific products, another was there to fill that space.
With interest rates staying higher than they have been in decades and the price of new and used cars reaching record highs, it doesn’t mean there are not opportunities to offer preloaded products that can help keep money in your customers’ pocket instead of at the service bay.
F&I meetings are the perfect chance to refocus the team, fix things that are broken, and give staff a voice in things that matter to them
2023 has been forecasted to be a difficult year for car buying and it isn’t just one thing that’s driving that pessimism…
Credit unions are the financial institutions to have tighten credit the most, which presents a new opportunity for F&I departments
Online reviews are critical to the success of just about any business and yes, that includes car dealerships.
Over just the last three years alone, the automotive aftermarket has also been shaken up by several major acquisitions of F&I administrators backed by private equity firms.
At a time when used car dealers of all sizes are still recovering from record high wholesale prices and sparse inventory, being able to offer your customer a truly comprehensive total protection & service plan is a win for your F&I profits and for your customer.