If your dealership hasn’t discovered the many benefits of a robust F&I software system, it’s time to understand what everyone in the industry is talking about. Learn more about why your dealership needs to incorporate this software into your F&I strategy. A Plan When it comes to the F&I menu and presentation, it’s crucial that […]Read More »
Every dealership wants the car shopping experience to be a positive one for their customers, but they may not know how to go about improving their process. There are many steps to take within the F&I department that will make the F&I manager’s job easier while creating a better experience for the customer. Taking advantage […]Read More »
Buyers younger than 40 are more likely to find a date on the digital hotspot Tinder than a brick-and-mortar nightclub, so you should expect them to want to engage with your F&I processes in a new, modern way also.Read More »
Depending on where you are and what you are doing, 15 minutes can be a long time. Apparently, car buyers think so too. For them, shortening their time in F&I by even 10 to 15 minutes pays dividends. Speedier, yet thorough, F&I processes sell buyers and get them on their way faster (and more happily).Read More »
A study by MaximTrak of more than a million transactions with utilization numbers evenly distributed on retail, lease and cash transactions compared deals that did not have a menu to deals in which the menu was utilized. The results were stark and consistent—the digital F&I menu delivered Profit per Unit (PVR) lifts of 28% on average in the automotive industry and 33% on average for the for the motorcycle industry.Read More »
New fair lending requirements that affect automobile dealerships were issued by the Consumer Financial Protection Bureau (CFPB) last year. While these requirements directly address lenders, the CFPB views automobile dealerships that arrange for and sell credit to vehicle purchasers as indirect lenders.Read More »
Few dealers truly are satisfied with their finance and insurance department’s performance.
Yes, many F&I managers post solid performance numbers. Still, many dealers share a nagging hunch that with a little more oomph, their F&I departments could do better.
Fact is, this hunch is true. Most F&I departments can boost their per-vehicle-retailed and aftermarket-product penetration. It happens every day where F&I staffers train as athletes do for the championship.Read More »
Every one of us wants instantaneous gratification — whether the desire is six-pack abs, weight loss or increased business profits. Yet, as every businessperson knows, good results are the fruit of a committed, well-planned endeavor. No one builds muscle, loses weight or improves F&I performance if they aren’t committed to work a plan that replaces harmful or ineffective habits with practices that will help achieve their goals.Read More »
Panera Bread Co. has a unique menu system. One menu is the normal-type from which guests choose their purchases when visiting the restaurants. The other is a secret menu, available only to those in the know through social media, who then pass a secret code-like whisper to the order-taker at the store.Read More »