Just about every dealer website today provides consumers with the ability to search inventory and apply for credit. These are important functions for sure. Many also have the cute young woman pop up in a chat window in the bottom right corner ready to engage any passers-by via text. Consumers typically can also make a service appointment, leave a review of the site, and so on.
What they can't find however is any information on these dealer websites about their VSC or their road hazard coverage, or any other F&I product for that matter.
With F&I being the most lucrative profit center in a dealership, it makes one consider: Why do we keep F&I products a secret?
Click here to read the full UDS aticle as featured in the September issue of F&I and Showroom Magazine.
Your first reflex is to tell yourself it isn't your fault; it’s the sales department’s fault. And by the way, management doesn't know what they’re doing, there isn’t enough business, we’re getting way too many cash deals, and the weather has been bad for the last three months!
These rationalizations for burnout and 'greener grass' disease are usually followed by the notion that all would be well and perfect if you could just change your geography. You are certain that working at the dealership down the street would solve all these issues.
If you are trending down, you may want to examine the cause of your burnout and look for ways to lessen your state of chronic stress before you change dealerships.
So how do you treat F&I burnout?
UDS' Director of Training, John Tabar has some suggestions. Click here to read his June 2019 F&I and Showroom article.
John will also be giving a presentation on this topic at Industry Summit in New Orleans this November. Are You Attending? Click the logo below for full details >>>
Product Payment Plans Open the Profit Doors
Product payment plans come in various forms, but all can serve equally as spring boards for your performance and income. The most common opportunity to utilize a payment plan comes with a Line 5 call when contracting a deal. It's an easy way to provide the customer with all of the product benefits without having to factor in any applicable lender restrictions. Naturally, basic affordability has to be determined by the customer (and you, the finance professional). Beyond the Line 5 call, what about cash deals, or outside liens? How about service customers? (You are working the service drive and waiting area, right?)
In an economy where most everything is going to payment-based purchasing (subscription), doesn’t it make sense to present protection options that way? Heck, we're all most comfortable presenting an affordable payment for valuable protection rather than a lump sum anyway. Let’s look at some of today’s most common subscriptions:
Cell phone + insurance
Insert “Vehicle Protection” Here!
Some of the most popular programs available offer 0% interest product financing for up to a certain term, usually depending on the amount financed or the term of the products being financed. There are also programs that charge an interest rate but have guaranteed approval, little to no money down and financing terms to 84 months. Regardless of which program(s) appeal to you and apply to your market, the important thing is to have them available, stay up-to-date with them and USE THEM.
A little extra work and creativity can only do one thing – Sell More Products and Make You More Money.
Tuesday, October 8th - 12:15pm - 12:45pm (EST)
or Wednesday, October 9th - 12:15pm - 12:45pm (EST)
A DIY process to increase your product penetration and products per deal through an effective Service Drive Program. You will learn why most service Drive programs don't work, and what you can do to ensure your program is a success.
We will share a proven, easy and non-time invasive approach that guarantees results.
Mark your calendars! Our next award-winning F&I Certification program will be held at UDS' Training Center the week of: December 9-13, 2019
This program is designed to create the next generation of qualified F&I professionals. Perhaps you have a current manager that has never been through a formal F&I School, or you are in need of a qualified backup – this is the course for them!
For over 37 years, UDS has been a proven leader in F&I Training, having been voted top F&I Training Provider in the nation for the past 15 years.