The F&I managers do a great job of selecting the best lenders to submit a deal. They instantly have a good idea of what each lender looks for and what they will accept. Choosing lenders for the deal and getting callbacks is easy and fast for most F&I managers. The time-consuming part is breaking down … Read more
If you are an F&I manager and looking to increase your paycheck, experts and trainers recommend doing additional work to increase your income. Let’s think about that for a second before we jump into the recommendations. You are likely already very busy, and adding additional work and processes to your schedule seems a little unrealistic. … Read more
Customer downtime is a big issue when customers want the buying experience to be fast. I have heard F&I experts talk about keeping customers busy by printing out the declination or accept/decline documents for the loan term the customer accepted and an extended loan term while the F&I manager is getting the product menu ready. … Read more
When you are running a dealership, you review data frequently. Number of online leads Number of ups Inventory Floorplan and age Marketing ROI to drive leads and sales Number of leads that turn into sales Cost structures and accounting data You use software to manage the data and to help you find opportunities to increase … Read more
Process change is often a scary idea in the automotive F&I industry. When dealers make the vast majority of their front-end revenue in the F&I department, changing any part of the F&I process is often interpreted as risky. Potentially disrupting current revenue and profit margins with a process change causes many managers to have instant … Read more
Have you ever asked yourself, “Is this the highest lender profit for this deal?” Do you have an easy way to analyze 3-7 or more lender decisions for a deal and know which one maximizes profitability for the dealership? ProfitIQ allows you to compare decisions in real-time to make sure you are selecting the lender … Read more
Are you on the CDK DMS platform? We all know how important it is to keep our data clean. Your CDK DMS needs to be the #1 source of clean data. When looking at digital retailing platforms as a CDK dealer, it’s vital to make sure any vendor has full writeback and extract capabilities. What … Read more
First, let’s break down E-contracting into the core elements. Bank docs Proof of identity Income proof Credit history Proof of residence Ancillary product docs Rebate qualification docs DMV docs New vehicle information Trade-in information Proof of insurance Tax docs Down payment Sales tax (state, city, county by street address) All these docs have to be … Read more
Technology and internet access has turned consumers into multi-faceted employees. We are all professional researchers. We are all product analysts and reviewers. We are all bankers. (online) We are all travel agents, scheduling our travel and vacations. We are even waiters and waitresses at this point due to Covid-19 rules for self-ordering on your smartphone. … Read more
When we order from Amazon or other online retailers, we don’t even consider where it is being shipped from. We have confidence that once we approve the sale, it will show up at our door. Automotive retailing is undoubtedly different than getting the latest kitchen gadget delivered, but the consumer emotions are the same. Most … Read more