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.

The Virtue of Virtual F&I – Maximizing Touch-Free F&I Profits

By Myril Shaw - Dealer Profit Services

COVID 19 may have forever changed the way F&I is done – perhaps that is for the best!

Just as everyone is now learning how to set up virtual showrooms and touch-free sales, as well as safe social distance deliveries, it is time to learn about the best way to maximize F&I effectiveness and profit in the days of social distancing and virtual sales.

Carvana established the first automotive model for touch-free F&I in the automotive space by doing EVERYTHING online with no human intervention.  While it worked – it did not drive F&I profit to the level that it could be.  That said, with no human involvement, the F&I Cost associated was so low, that Net Profit was probably okay.

What happens when you add human involvement into a remote F&I process?

F&I is an area where "good enough" just is not good enough.  Settling for mediocre results can cost a dealer tens to hundreds of thousands of dollars of profit per year.

Let's begin with establishing the baseline targets and then outline the steps for exceeding those targets in a virtual F&I world.

What should you be expecting from F&I performance (whether in a physical or virtual environment)?

1.     Minimum F&I Gross Profit on Amount Financed – 7.5%

Across all your financed deals, the minimum Gross Profit should be at least 7.5%.  For example, if your average deal financed has an amount financed of $50,000, you should expect to see an average F&I Gross Profit of $3,750.  On deals above $100,000 this percentage will begin to be reduced.

2.     Minimum percentage of all deals financed – 40%

Your F&I department needs to see 100% of all sales – even when the customer says that they are paying cash.  There is absolutely no excuse for anything less than 100% TO.  Given 100% TO, 40% or more of all deals should be financed.  If 40% of deals are financed and the average Gross F&I Profit on the amount financed is 7.5%, the average F&I Gross Profit on Unit Sales will be at least 3%.

3.     Minimum penetration rate of Protective Product sales on all deals – 60%

One or more Protective Products (engine warranties, accessory warranties, GAP, interior/exterior protection, tire and road hazard, etc.) should be sold on at least 60% of all deals – cash and finance.

4.     Maximum F&I Cost (excluding protective product dealer cost) as a % of F&I Gross Profit – 25%

There is NEVER a reason to be spending more than 25% of F&I Gross to pay for your F&I results.  Said differently, your F&I Net Profit per Unit Sales should be AT LEAST 2.25% of AT LEAST 5.625% of Amount Financed.

How do these results translate into real-world profits?

If you are selling 125 units per year (cash and finance) at an average amount financed of $40,000 (which means that the average selling price is $44,000 or more), you should expect nothing less than F&I Net Profit of $112,500.  That is cash that goes directly to your bottom line.  Perhaps you have a bigger store and are selling 250 units per year at around $50,000 per unit. That should be translating to $281,250 of your store's overall Net Profit.

F&I Targets And Results
F&I Target Summary - Minimum	F&I Result Summary - Minimum
Min. F&I GP on Amt. Financed 7.5% Min. % Deals Financed 40% Min. Prot. Prod. Penetration 60% Max. F&I Cost as % of F&I GP 25%	Ann. Unit Sales F&I Gross Profit F&I Net Profit $2M $60,000 $45,000 $5M $150,000 $112,500 $10M $300,000 $225,000 $15M $450,000 $337,500

Whatever the environment, physical or virtual – if your store is not seeing these results, there is room for improvement and perhaps it is time for a change.

Are these results achievable?  Absolutely!  There are dealers seeing these results or better on a regular basis!  Some of these dealers are already seeing those delivered in a virtual environment.

So, now that F&I must be performed in a virtual world, what needs to be done to achieve these results.  Here are the 7 key steps:

1)    It all begins with setting the proper expectations among your people.  Let them know what the minimum targets are and then provide monetary rewards for exceeding them.

2)    Ensure that proper systems and tools are in place to facilitate F&I sales over the phone.  These include:

·      Quick and easy tools for credit application analysis and submission to lenders

·      Clear and automated guidelines for which lenders to submit credit applications to (lenders are watching look-to-loan ratios more closely than ever)

·      Tools to allow pre-packaging of combinations of protective products so that "menus" can be presented orally rather than visually

·      Ensuring that all personnel handling/printing personally identifiable information have cross-cut shredders and the other tools needed to protect against identity theft and/or sales to people on government watch lists (compliance laws have not been relaxed)

·      The tools needed to track customer progression through the sales cycle from the application submitted to contracts submitted to lender and funding received – with automated reminders

·      Processes allowing the salespeople and other management to track the customer stage in the process without interfering with the F&I manager activities

3)    Service level commitments must be in place ensuring that the F&I Manager can be in touch with the customer within 15 minutes of an application being submitted and that follow-up conversations happen at least twice per day until the transaction is concluded in some way

4)    Scripts, processes, and requirements for maximizing reserve and presenting protective products and tools to enable quick and easy analysis of reserve rates versus protective product sales

5)    Easy lender and protective product contract generation from home offices

6)    Well defined finance contract presentation and review rules, including identity verification with a picture of the customer's Driver's License, while practicing safe social distancing – it is likely that this step will occur during delivery, so training must be completed to ensure that those doing the delivery are fully compliant

7)    An efficient process for delivering the executed contracts to the lender

Once these seven steps are in place and the process is efficient, you will see the results.

Maximizing F&I profit in the virtual world may not be easy, but once achieved, you will never want to go back!

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.

Everything Is Different – Everything Is The Same

By Myril Shaw - Dealer Profit Services

COVID-19 is no joke and it is absolutely not something to capitalize on.

Our world has shifted.

Keep social distances.  Work from home. Wash your hands.  Clean surfaces.  Rinse and repeat!

How different does the world feel today than it did just a week or a month ago?  You are meeting your friends and colleagues on Zoom or Team or Skype.  Having a shared cup of coffee virtually just does not feel the same.  You are creating virtual sales environments and learning how to sell without the same "up close and personal" experiences.

State and federal guidelines are affecting the way you do business.  They are affecting the way you meet and interact with your customers.  They are affecting the way your customers can use the recreational vehicles they are purchasing.

The economy under the new reality is very different than it was a year ago.  This new economy changes who can buy and who cannot buy.  It changes how much they can buy.  The national and major regional lenders are not changing their terms at all.  A few are offering no payments for a period of time – but this does not help with overall payment terms – sadly, it is "just marketing".

"The sky is falling", said Chicken Little.

There is no question that these are different, hard and for many sad times.  The impact of what is going on right now is real and not to be underestimated. 

All of that said, we have been here before.  We have adjusted, adapted, lived through it and become better equipped for the next time.  We are resilient, we are responsive, we are resourceful, we are survivors and we are rebounders – that is who we are.

Everything is still the same – yes, there are new rules, new guidelines and new ways of doing things.

People still love boats and boating.  People still love RVs, traveling and camping.  People still love motorcycles.

Of course, right now, the economics may be different.

Of course, the way customers acquire these products may be different.

Of course, it is scary and of course, we in the recreational vehicle industry have an obligation, not to tell people why they should not become part of the community but rather how they should love it AND participate responsibly.

Not one thing has changed about our products nor the enjoyment they provide.  Not one thing has changed about our ability to responsibly deliver these delight delivering products to our customers – except in the actual delivery mechanism.

We, in the Recreational Vehicle industry, have an absolute obligation to deliver hope and delight today!

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.

Make Fun Happen – Make It Safe – Make It Now – Make It Tomorrow

By Myril Shaw - Dealer Profit Services

Boats, RVs, Motorcycles, Off-Roads – recreational vehicles are all ways to offer fun and freedom in the time of social distancing.  As an industry, we have an obligation to deliver great, moral boosting lifestyle experiences in a way that is responsible, socially and legally, easy and fun.

The great news is that this is entirely possible without disenfranchising anyone.

It is entirely possible, and not even that hard, to create both a virtual showroom and safe personal experience for those more technology challenged customers.

F&I sales and profit can continue unabated.

Delivery and service can remain largely unimpacted with the exception of some simple process changes – which will actually enhance the customer experience.

Does this sound like a fantasy?

Well, it is not.

One automotive company led the way on experiences like this – others have followed and now franchise dealers are beginning to offer this experience.  There is no longer a reason for the recreational vehicle industry to lag years behind the automotive industry.

Carvana is hardly a poster child in many automotive business model related ways – but it is the clear leader in the new world experience.  With Carvana, you go online and look at cars you like in the price range (or payment range) you are looking for.  Pick the car – describe your trade and receive a value.  Arrange to finance online.  The car is delivered to you.  Your trade is picked up.  Carvana offers a seven-day return policy – so when they deliver the car, you do the paperwork and then do the test drive – you can't steal a car you already own.

There are some missing pieces – but this is almost a 100% COVID 19 and post COVID 19 experience – and there is no reason that this cannot be your experience tomorrow.

The following are the key steps to setting up your customer selling, delivering and servicing environment tomorrow – and keep it going to deliver a convenient and delightful sales and service environment that will create raving fans and loyal customers for years to come.

1)     Create an online/virtual showroom that is better and easier than your in-person environment.  This virtual showroom will be available 24/7.  Have zoom outs that show multiple units and zoom in detail for every unit.  If you can do it (and you can) use 360-degree photography for every unit.  Every unit means every unit – same model different color deserves equal treatment – what would the customer see if they were there in person?  Oh, include pictures of Warranty Brochures, fake spilled coffee and everything/anything else in the showroom that plants the seed for protective product sales.  Make this video and picture sequence easy to navigate and fun to look through.  This is not a substitute for your individual inventory pictures and listings (although you make those accessible directly through your website virtual showroom link) – it is the new showroom experience.

2)    Let everyone know about your virtual showroom.  Describe it and have the link to it in all your social media advertising, your print advertising, your TV advertising, your radio advertising AND let people know that physical showroom experiences are available by appointment – and those appointments need to schedulable by phone and online.  These in-store appointments address both the technically challenged and technically skeptical.  You should also have visible physical signs everywhere that in-store showings are by appointment only.

3)    Train your sales team on phone sales!

4)    For the in-store experience, make a determination about how many can be done at one time.  Set up appropriately spaced desks/tables to have initial conversations, provide appropriate sanitizers, meet the customer and walk on.

5)    Every potential customer with any interest, in-store or on-line, should provide a name, address, phone, and email so that a soft credit pull can be done – this is the first step in avoiding identity theft and will provide critical data about customer quality.

6)    "Get -Prequalified", or Soft-Pull must be everywhere – on your website, on each piece of inventory, and links have to be in all your other advertising.  This is powerfully attractive in the new environment and it will attract potential customers.

7)    F&I should be natural.  There is nothing about F&I that requires a face to face experience – although Menu-Selling is powerful.  Menu-selling can be done remotely, as long as the customer is technically equipped.  It is pretty straightforward to achieve outstanding F&I results remotely.

8)    Here is the biggest change of all – test drives.  The best policy is to offer a "no questions asked" return policy.  Perhaps that policy is only for 12 hours – and you will simply hold completed paperwork until a test drive is completed – complete the paperwork first – then let the customer do the test drive.  There may be more flexible ways to address this – the key is to maintain social distancing before and during the test drive – and to ensure that you have a customer who is committed.

9)    About the paperwork – some things are required and in some cases, physical signatures are required.  Here is where Compliance becomes an issue.  The USA Patriot requires that you see both the customer and their Driver's License and verify that you are, in fact, dealing with the person that they say they are.  Some lenders require the dealer's signature on a Patriot Act Form.  The law is in effect for both cash and finance customers – and it has not been, and likely will not be, relaxed.  What can you do?  First, where e-signatures are accepted you should use them – for the people who can do them.  Everywhere else, you can either use your in-store appointment experience – prepare the signing documents, have the customer sign and leave them – they can they be handled with gloves, sanitized and sent on, or you can overnight documents to your customer with return instructions – test drives and delivery won't happen until the documents are in.  Verifying identity (remember the USA Patriot Act) can be a challenge – there are several things that can be done: always do a soft credit pull, it will highlight for potential issue; at the very least, get a high-quality picture of the driver's license front and back and look for anything suspicious (there will be a point in time when you or someone from your store gets a look at the buyer – make sure they match the picture; examine the high-quality photo to ensure that the lamination does not appear to be damaged in any way; get at least one other form of identification – Social Security Card, Passport, other state or federal ID.  The bottom line is that Virtual, COVID 19, nor anything else is an excuse for Compliance avoidance – and there is no need to avoid Compliance while delivering a safe and delightful experience.

10) Once you have the paperwork complete, Delivery is easy.  Drop the unit – or have the customer pick up the unit – all while maintaining a socially safe distance.

11) Service is pretty easy as well – offer pick-up and delivery with paperwork done at a safe distance.  Clean/sanitize the unit on drop-off/pick-up and again on delivery. Take online payments where you can.

Now – we are in a new world.  Today, it is a sad world because people are dying and people are losing their jobs.  We certainly wish that was not happening and we will rejoice in the day that is not true!

Today's environment does not mean that you can't sell and the lessons you learn today will be with you forever.  Welcome to the new, better, more delightful sales and service environment of the future.

Stay safe, stay healthy, help your customers stay safe and healthy – live long and prosper!

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.

Horseshoes, Hand Grenades and COMPLIANCE??? Good Faith Matters In Meeting Compliance Requirements

By Myril Shaw - Dealer Profit Services

Compliance.  No one wants to talk about it.  It is that boring topic – just a bunch of useless rules, regulations, and paperwork – until you get on the wrong side of the law.

How does that happen?  You inadvertently allow someone to become a victim of identity theft – or you sell to an identity thief.  You don't check closely enough and suddenly you have sold a boat to someone on the government's drug or terror watch list.  Maybe you get caught up in a money-laundering scheme.

Do these things happen often?  Absolutely not.  They only need to happen to you once.

Selling to someone on the watch list could cost you up to $1,000,000.00 and up to 20 years in prison – and cash transactions count just like finance transactions do.  Failure to properly dispose of Consumer Credit applications could cost you $2,500.00 per incident.  Just over $42,000 per incident is the potential cost for the improper storage of personally identifiable information.  The list goes on and frequently the infractions compound.

So – it does not take repeated sloppiness (or even simple lack of knowledge) for compliance violations to get expensive, or even put you out of business – or in jail.  One event can do it.

All of that is the bad news.  Compliance is no place to be complacent.  That said, the government does get credit for good faith efforts to comply – even if mistakes are made.

Where does a good faith effort start?  There are three key steps to demonstrating a desire, willingness and effort to be compliant.

1)    Five Compliance Process and Procedures  Manuals must be printed, bound, executed by a Compliance Officer and be on display – the five manuals are Red Flags; Disposal; OFAC; Safeguard; and, USA Patriot Act.

2)    A recurring training program for all management and everyone who deals with private, personally identifiable information;

3)    A trained Compliance Officer who is familiar with the rules, the policy and procedure manuals and who will sign the manuals and ensure best compliance efforts.

Compliance is not fun – it is more fun than any alternative.  Demonstrate good faith in compliance and save yourself a whole lot of potential trouble.

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.

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.