TECHNOLOGY with Process plus People Drives Unequaled F&I Success

By Myril Shaw - Dealer Profit Services

Let's begin by defining F&I success.  F&I success has three key metrics:

1.     F&I success means that you are driving 3.25% or more F&I profit on your unit sales (which is in turn dependent being successful in achieving 100% Turnover to F&I and in doing 8% or better F&I profit on Financed deals);

2.     F&I success means that you are NEVER losing a deal through your F&I process;

3.     F&I success means being fully legally compliant with 100% of your customers.

Clearly, having the right people handling all aspects of the F&I process is critical.  F&I personnel must by hypersensitive to the handling of personal data, to the identification of the customers and to protection against money-laundering and identity theft.  At the same time, they must be great with people, have a complete understanding of both the units that are being sold and the protective products available.  Finally, they must have keen attention to detail.

All of this while being driven to maximize profit without violating policies or laws.

Even with people who have all the skills, competencies and attitudes which meet the required standards, failure to have well-defined processes will handicap them to the point where maximizing F&I success and thus profit is impossible.  The processes beginning with the customer visiting your website continuing through in-store greeting, confirming the 100% turnover from sales to finance and concluding with a menu presentation of protective products capped with "sign to decline" must be well defined and followed with every customer every time – and with no exceptions  Great people and poor process will end with mediocre results – at best.

So, what about TECHNOLOGY?  TECHNOLOGY is the great differentiator.  TECHNOLOGY facilitates and expedites processes.  TECHNOLOGY enables great people to execute awesome processes with exciting speed in a way that is 100% consistent, 100% repeatable and 100% excellent.

So, what is the magic TECHNOLOGY?  It begins with CRM (Customer Relationship Management) backbone that tracks customer information while including workflow (process) rules that guide the customer interactions every step of the way.  It includes an automated mechanism for determining customer qualification (credit bureau pulls and analysis), uses AI (artificial intelligence) tools to guide and direct the human interactions with the customer regarding contract terms and protective product sales and concludes with the automation supported production of closing documents.  TECHNOLOGY makes the process and the people look great!

If you are missing the TECHNOLOGY, you are missing the secret sauce of F&I excellence.

People equipped with TECHNOLOGY enabled process to deliver customer delighting results.

Service ( TECHNOLOGY enabled people) plus speed (TECHNOLOGY enabled process) plus profit (TECHNOLOGY enabled and optimized contract structures) deliver F&I success.

F&I Success – how does that sound to you?

Dealer Profit Services

Dealer Profit Services, LLC can help you achieve F&I excellence - no matter where you are in the development and/or maturity of your store or stores F&I success model.  As the industry's only Finance Solutions Provider, Dealer Profit Services can and will equip you with what you need to take that next step in your F&I success - regardless of what that next step might be.  Whether you want someone to help you take over take over your F&I and with our experienced personnel just help you drive profit to your store, provide help to you some of the time, need some quick advice or just provide F&I Training/Consulting, we are here to help you.  If you are not fully equipped with all of your Compliance Manuals and Training, Dealer Profit Services can do that too.  Contact us anytime at info@dealerprofit.com or give us a call at (470) 326-0966.