Financial services managers who complete the University of Toyota’s Toyota Quality Financial Management (TQFM) say they have proven the ability to create larger profits for their dealerships and boost customer satisfaction using TQFM.

“The profitability in our department has almost doubled after completing TQFM," said Hector Torres, financial services manager at Orland Toyota in Tinley Park, Ill. "Penetration on all products has increased.”

Garrett Hood, general sales manager at Thompson Toyota in Doylestown, Pa., had similar results. “Our financial services department has had the most noticeable increases in net profitability of any department at the dealership," Hood said. "In fact, we’re making more money in financial services than we’ve ever made before, and we’re doing it with good CSI.”

The process, introduced in March 1998, has graduated more than 1,130 students from more than 280 dealerships and has experienced continuous improvement since that time, according to the University of Toyota School of Retail Professional Development.

The newly enhanced process, with its debut in November, is “moving ahead of the competition to maintain its leadership role as the most comprehensive and innovative financial services development process,” according to Glenn Sugai, national client development manager for the School of Retail Professional Development at the University of Toyota.

According to Sugai, the improvements are based on TQFM student feedback, surveys, reports and interviews with dealer and TQFM performance development managers.

The improvements include:

- Regularly updated information on customer preferences and satisfaction in the financial services process and other related statistics illustrating how well TQFM fits the needs and desires of customers.

- Increased role-playing practice time to raise proficiency in the TQFM process.

- Real world tools, techniques and “best practices” from dealerships that have had success with the process.

- A class segment outlining “next steps” for graduates when they return to their dealerships.

- An environment that fosters two-way communication and extensive participant interaction.

According to Sugai, the course teaches financial services managers new ways to create a smooth transition for customers from the sales floor to the finance office. "It provides a process to help financial services managers hone their listening skills to precisely determine their customers’ needs and desires," Sugai said.

Customers benefit from a concise overview of all financial services products offered. In addition, TQFM provides new solutions for reducing the amount of time needed to complete financial transactions — a major factor in customer satisfaction.

To enroll, Lexus and Toyota financial services managers can contact their regional TQFM performance development manager.