High Performance F&I Results Are Not Just Natural – They Are Trained

 

By Myril Shaw, Chief Operating Officer, Dealer Profit Services

F&I Profit does not come naturally.

The natural F&I Profit is mediocre at best.  It is influenced by the sales team.  It is influenced by average performance by the F&I/Business Manager.  It is influenced by mediocre expectations.

If you are not looking for 5%+ F&I Profit per unit sales you are missing the mark.  If you are not looking for 7.5% F&I Profit per amount financed, you are missing the mark.  If you are not doing 100% Turnover on all deals in your store, you are missing the mark.

Your team can be trained, and we can do it.

What does training mean?

It means teaching your sales team what to say, and more importantly what not to say.  It means teaching your F&I team how to maximize F&I Profit.

There are two key/core principles in F&I.

1)      The Hypocratic Oath of F&I

First do no harm.  No matter what, the unit goes out the door.  F&I will never stop a sale and will never prevent a unit from leaving the store.  No reserve, no protective product profit, no problem.  The unit sale is top of the list.

2)      Aggressive and Graceful in Retreat

You never get more than what you ask for in the first place.  The first conversation with the customer has to include the maximum reserve and the best/maximum package of protective products.  When the customer objects, there has to be graceful way to back down, without making the customer feel like they have been “played” in the first place.  It can and should be done.

These do not come naturally.  They come from training.

If your store is not meeting the metrics mentioned above then you are not meeting /following the principles mentioned above.

It is time for training.  That is one of the great things that we do.

Contact us today at info@dealerprofit.com.  We will help!

 

About Dealer Profit Services

As a premier F&I Services Provider, Trainer, Consultant, and Comprehensive Compliance Program supplier, Dealer Profit Services, a member of the Brunswick family, is about improving a dealer’s F&I profit and then providing the tools to ensure that profit is protected.  As a Service Provider, Dealer Profit Services provides complete F&I services and delivers industry-leading F&I Profit Results.  As Trainers and Consultants, we help dealers improve their in-house F&I departments.  Through the Comprehensive Compliance Program, Dealer Profit Services provides an online, on-demand, Compliance Program with documents, training, and tools to make F&I Compliance a process that helps protect the dealer against potential risks from compliance issues.  Get your Comprehensive Compliance Program here - just click. Learn more by visiting dealerprofit.com, email info@dealerprofit.com, or call (470) 326-0966.  Dealer Profit Services is proud to be a member of the Brunswick family.