With Memorial Day Comes Gratitude

By Myril Shaw - Dealer Profit Services

Memorial Day is special.  This year perhaps it is more special than ever.

Of course, it is the unofficial start of summer – meaning boating and RVing are now in full swing.  That makes Memorial Day special for those of us in the industry.

Much more importantly, Memorial Day marks the time for all of us to give thanks to all of those who have given so much.  We are thankful for the sacrifices of so many servicemen and servicewomen.  We are thankful for all of the first responders over all time and especially in these days of COVID 19.

We truly appreciate all of the boaters and RVers who practice social distancing and other safe practices.  It is all of these people who make our industry both safe and successful and who set the example for everyone else by practicing respect for themselves and everyone around them.

Memorial Day is a day – and the beginning of another year – of gratitude for those who willingly and selflessly put others first and make the country and the world a better place by virtue of their giving.

To all of them, we say THANK YOU!

We have an absolute obligation to make boating and RVing as accessible as possible.  These are the best recreational outlets for everyone in these days where travel is hard and unpleasant, where crowds are problematic and where people have a social and moral obligation to practice social distancing.  We have the answer to all of that with pure fun and complete respect.

We can make getting started or upgrading the experience easy, safe, and fun!

We can make shopping easy with creative online showrooms with complete tours and walk-arounds.  When that is coupled with the fantastic "Get Pre-qualified" technology that is out there, we not only make financing more accessible, we help ourselves give these customers the best shopping and buying experience by being able to guide them to the inventory most suited to their situation.

Finance and sales of protective products (so important to ensuring enjoyable lifestyle experiences) can be done 100% no-touch and virtually.  Once again, because this can be fast and easy, we are delivering a shopping a buying experience that will delight the customers.

Document finalization and delivery can be accomplished while ensuring safe social distancing and still making the experience fun and easy for the customer.

Given all the tools, technology, and expertise that are available today, it is likely that the changes we make today will be forever and they will forever change and improve the shopping and buying experience for the customer.

We are here to help!

THANK YOU TO ALL THOSE WHO HAVE GIVEN THEIR LIVES IN THE SERVICE OF OUR COUNTRY AND TO ALL THOSE PUTTING THEMSELVES IN HARM'S WAY TODAY TO KEEP US ALL SAFE AND WELL.

Thank you to all of you who are helping people find peace and enjoyment in an environment where those can be scarce commodities.

THANK YOU ALL!

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.

Financing Recreational Sales In The Days Of COVID 19

By Myril Shaw - Dealer Profit Services

While the times and circumstances require social distancing and limited direct, face-to-face interactions, and while dealers have clearly developed great virtual/no-touch showrooms and selling techniques, one aspect of consummating the sale has not changed for boat or RV dealers.

When a customer wants to finance a boat or RV the compliance requirements (Red Flag and Patriot Act laws) have not been reduced in any way.  Also, while there may be a few exceptions with some local lenders, none of the national or major regional marine lenders will accept e-signatures on loan documents.  This combined reality certainly makes virtual selling a challenge.

There are seven things that dealers offering financing can do to make the process as easy as possible in the COVID 19 world.

1)    Ensure that all the information on the credit application is correct.  Let customers know that some lenders are now doing employment verification calls, and many are requiring proof of income.  If your customers know this in advance and are prepared, it will speed up the process and will be the first step in eliminating any potential fraud.

2)    Do use an e-signature on your online Credit Application.  This will require the customer to self-certify that the information on the Credit Application is accurate and that they are who they say they are.

3)    Make sure that your Credit Bureau pulls have Red Flag and OFAC checks turned on.  All the bureaus have the capability to check if, based on the name, address, and social security number of the customer, that customer is triggering Red Flags or is on any of the US Government restricted lists.  This is also a good time to ask the customer to send you a picture of their Driver's License to facilitate remote deliveries.

4)    Once you have confirmed that the customer wants to proceed with a financed purchase, do your own OFAC check.  This is easy and takes just a matter of seconds.  Go to the government OFAC site at https://sanctionssearch.ofac.treas.gov/ and just enter the name and address of the customer.  Capture a screenshot of the result.

5)    After you have settled on all the terms of the sale with the customer, including the contract rate and term, the total amount to be financed and the protective products included in the sale, provide them with a complete checklist of the items that will need at delivery.  These items will be, at a minimum: the complete down payment (or balance thereof), an insurance binder with lender listed as the Lienholder, their Driver's License (or government-issued ID if they do not have a Driver's License).

6)    At the time of delivery, do the following:

a.     Always remain at a safe social distance;

b.     Ask the customer to place their Driver's License at the place where you will be asking them to sign documents and to then step back;

c.     Ensure that the Contracts and other Closing Documents clearly highlight where signatures and initials are needed;

d.     Take the Driver's License and place the documents in its place;

e.     Examine the Driver's License (if you have not previously received a picture of the Driver's License, take a copy or a picture at this time – all lenders require a copy of the Driver's License) and make sure that it does not appear altered and that the picture looks like the customer (as well as Driver's License photos can);

f.      From a safe distance, help the customer walk through and sign the documents;

g.     Once signed, retrieve the documents and return the Driver's License;

h.     If the lender requires a signed Patriot Act document, you are now able to execute that document because you have seen the customer and the Driver's License at the same time.

7)    Most lenders (but not all) will take faxed documents (some require originals to follow – and some of those that have required the originals to follow are waiving that for now).  Fax the documents to the lenders who take faxes.  Copy the documents.  If required place the documents in an 8 ½" by 12" envelope and then place that in your UPS, USPS, or Fed EX envelope and get them sent to the lender.

The reality is that this is mostly just good finance, contract, and delivery practice.  The lack of e-signature recognition by the lenders is a minor inconvenience.  Delivery of the boat or RV still must occur and using this procedure ensures that compliance occurs while still practicing social distancing.

Good selling!

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.