Most people, fortunately, believe that it’s wrong to lie. Let me ask: Do you trust people who lie to you or who you know lie to others? Probably not.Read More »
We often hear someone say about a standard procedure, “You know the drill.” Unfortunately, in the finance office, knowing the drill often means perpetuating the bad practices that turn off customers and cost untold thousands in lost product sales and repeat business.Read More »
Some everyday interactions can wreck customer satisfaction. I identify these unfortunate interactions by the acronym R.I.D.I.L., which shouldn’t be a mystery at all once understood. This month we’ll talk about the first misstep that hurts customer satisfaction: Rudeness.Read More »
“Psychology for the Fighting Man” was a basic leadership book issued in 1943. The leadership challenges illuminated for soldiers then is relevant today for F&I leaders: Aligning the individual’s “motives, emotions, aptitudes, attitudes, wisdom, and habits so this mental matériel gets to the right place at the right time”.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 »