It's been 16 years since the Dealers' Choice Awards launched. We have earned top billing, Diamond Award, every year. We want to keep it that way. Please take 3-5 minutes to rate UDS/BBDS and your other providers. Thank You in advance for your partnership and trust, we appreciate your vote and will continue to work for you, as we have done since 1982.
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The Integration of F&I and Sales
It is well understood that when dealership personnel act as a team the best results are achieved. The importance cannot be overstated, particularly when it comes to F&I and Sales. While we often view the two as separate departments, it can be said that they truly are one with F&I as possibly the most pivotal part of the sales team. This is more true today considering the spotlight on digital retailing.
In order to maximize results in a dealership, F&I must take a proactive role in cultivating its working relationship with the sales department. There must be a coordinated effort in order to achieve mutual goals with regards to sales volume and profits. The first step in doing this is participation in ALL sales meetings. This is the perfect forum for discussing breakdowns in the sales process that might adversely affect deal performance, C.S.I. scores and ultimately, profits. Additionally, this is an ideal place for F&I to reinforce its position as an ally to the sales team and a motivator for better results. One thing to remember, always give a reason why certain things are important, as in “WIIFM” (What’s In It For Me), to be sure your points are taken seriously and put into practice.
To help you get started on your regular participation in Sales Meetings, here are some important topics that you can cover in your upcoming meetings.
- Digital Retailing Process to Maximize F&I Potential
- Proper F&I Turnover Techniques
- Customer Qualifying and Down Payments
- Quoting of Payments, Rates, and Terms
- Benefits of Controlled Financing
- Leasing
- F&I Product Benefits
Of course, there are plenty more. Take a minute and think about some recent frustrations you may have had with deals and build a list. Your UDS/BBDS Representative can also assist and would be happy to participate with you in the sales meetings.
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Key Protection Needed
The technology in vehicle’s today is expanding at a rapid rate. One item often overlooked when discussing all of the latest and greatest technology is the advancement of “the car key.” What was once a simple piece of cut metal is now a micro-computer capable of some pretty astounding things. Keyless entry, remote start, liftgate and window functions are just a few of the enhancements to today’s key.
It is really no different than a cell phone, but, arguably, much more important! The majority of people today will spend the extra money on cell phone protection with covers, cases and insurance…doesn’t it make sense to protect the micro-computer in your pocket that is responsible for operating your $__ thousand dollar investment?
Customer: "No thanks, I never lose my keys."
F&I Manager: "(Slight chuckle) Of course, but I'm not talking about losing keys. I'm talking about the mini-computer that is at risk of being damaged from water, impact and more. Let me explain."
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CFPB Issues Annual Report
The CFPB recently issued its Consumer Response Annual Report with some statistics that really stood out for the automotive community to pay attention to. First, the number of consumer complaints jumped 54% in 2020 over 2019. Florida had more complaints per capita than any other state.
With regard to vehicle “loan” or lease complaints, consumers reported that they first tried to resolve their issue with the company 95% of the time prior to reporting the complaint to the CFPB. If that is true, why was a resolution not reached to avoid the issue escalating to a formal complaint with the CFPB. Perhaps this highlights an opportunity to revise an internal process to stay off the CFPB radar?
The reports concludes with a message from David Uejio, Acting Director, which in part, reads, “…the Bureau will work to amplify consumer voices. From rulemaking to racial equities to punishing bad actors, the Bureau will seek out, listen to, and integrate consumer voices via complaints into Bureau priorities.”
That should get your attention.
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Upcoming Training Sessions
Webinar Series - The Domino Effect of Bad Deals
Date/Time: Monday, July 19th - 12:15pm - 12:45pm (EST) - and - Tuesday, July 20th - 12:15pm - 12:45pm (EST)
Description:
Following up on the Staying ahead of the F&I Office webinar, this webinar will explore the cascading effect of CITs and problem deals. We will share strategies to touch a deal just once and for you avoid the Domino Effect of Bad Deals.
Don't miss it - Click This Link To Register today!
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