articles by categories
Dealers are starting to see that the best and most direct training is right under their noses. Senior managers and Directors are often the best teachers.
There is a strategy that more dealers are starting to embrace and it requires viewing the lease deal from a different and more creative perspective.
In light of the latest moves from the FTC regarding F&I products and what is or is not looked at as a ‘beneficial’ product to sell, dealerships may have to polish their sales skills a bit to make sure customers see the value in every ancillary product you offer.
When times are good as they are now in the market, this is the best time for F&I directors to take the pulse of the department
Introducing F&I products through online channels like social media can encourage buyers to make an informed decision faster
The vehicle history report is a great tool to sell VSC because it gives the buyer advanced insights on the real condition of the vehicle
For car buyers that have challenged credit that fall into ‘near prime’ or subprime, rising rates present a bigger problem. For those dealerships trying to help buyers at a different level, it’s important to have a deep variety of lenders who can help.
There are two departments that are equally dependent on each other for their success at dealerships and the argument could be made (as it will here…hint-hint) that the opportunity for cross-training between them is critical now more than ever.
Research into how the largest demographic cohort views car purchasing is revealing some interesting things and uncovering new opportunities for dealerships to pivot and alter their process to keep these buyers coming into their stores rather than lean into buying and financing entirely online.
As more states set mandates of selling only new EV’s within certain timeframes and manufacturers announce their own plans to make most if not all of their lines EV within the next 5-10 years, the effect it will have on the products F&I sales cannot be ignored.
One way to make sure your used car inventory is as appealing as possible is to offer a lifetime powertrain warranty. And if you offer it as a preload, even better. Your Customers Want It…So Why Not?
If your dealership is looking to change F&I providers or see where there are some opportunities for faster growth, we’re ready to tell you 5 things that make truWarranty different from the competition and why they matter.
With low used car inventory comes some opportunities for a more creative approach to help buyers with the overall higher cost of buying F&I products on the back of a higher payment.
As COVID has changed many things about our everyday lives from how we shop to whether or not we work from home or in the office, how an F&I manager goes about their duties has changed, too. Why? Because your buyer has changed.
Two of the larger generations of car buyers are more immersed than ever with online everything. Delivery, shopping, social media, and yes, car buying. Millennials and Gen Z research everything to not only find the best deal but to make sure they know what they are walking into when buying from their local dealer.
When looking at the spirit of the new proposed rules, there are ways F&I in particular can steel themselves against this and be able to stay out of the FTC crosshairs.
Subprime buyers are always a tough sell in F&I. Banks and OE captives usually have a mountain of requirements or stips needed to get approval and even at that, LTV’s are watched carefully so they don’t buy more car than they can afford. While it can mean higher buy rates for F&I (which is nice for reserve), it can be a headache for approvals.
A fixed price for F&I products is a better and more trustworthy approach for all customers yet it has not been widely adopted. Why? What are the benefits to offering set pricing and how can it reduce the friction between F&I and the buyer? Let’s take a look….
While the buyer who comes in with their credit union draft check is the bane of the F&I office, it’s never a lost cause. F&I may not have captive incentives anymore but that doesn’t mean there are no tried and true strategies that can help compete with credit unions.
Given the staffing challenges in the dealership environment, how do you bring more diverse applicants back into the dealership environment, particularly in F&I? And are there better ways to attract more women and minorities to apply? At a time when businesses are focusing more resources and attention on DEI (diversity, equity, and inclusion) for their employees, dealerships should, too. It’s more than just hiring people from diverse backgrounds…at its core it’s about looking at the entire organization and making it a welcoming place where everyone’s potential is encouraged, and everyone’s voice is heard.
F&I is undergoing a bit of a transformation in ‘22. With a challenging selling environment and two years out from the pandemic, the old way of doing a deal has had to shift to something more creative and more reflective of the way buyers want to buy a car. For F&I, that means stepping outside of the decades-long comfort zone of high pressure sales tactics, payment stuffing, and bloated menus.
Headlines are rather bleak these days with most automotive analysts saying that low inventory could linger into next year. So while it may look like there is no way to uncover anything positive about this situation, that may not be the case…especially in F&I.
The last few years have arguably been the most challenging that both dealers and car shoppers have ever faced. Inventory in short or non-existent supply, rising interest rate in response to 40 year-high inflation, and now both new and used car prices seeing unprecedented increases.
Here are some reasons why offering a high mileage VSC could be one of the easiest menu items to present to your customers and why the market has made this shift…