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So I stirred up a little controversy on the forum recently. I posted a solicitation for strategies to entice lenders to buy a deal. My inquiry was spurred by a recent conversation with a veteran F&I director.
Read More →In today’s market, priming the vehicle selection process with an accurate assessment of the customer’s credit standing doubles the odds of a sale.
Read More →What separates mediocre from successful is very subtle, but that separation can make a big difference. F&I expert rolls out his 10 steps to get to the top.
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Every dealership is short staffed at times due to vacations, leaves of absence, resignations or terminations. Access to highly-trained substitutes keeps operations flowing and can even improve profitability.
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F&I pay plans should motivate employees to sell more products and have clear compensation guidelines. If you’re constantly reworking the pay plan, it’s time for a new one.
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F&I professionals are well positioned to take a leadership role in the dealership because of their range of knowledge. Valuable managers try to help everyone involved in the sale and purchase of a new vehicle.
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F&I managers should know what is expected of them based on their pay plans. Emphasize percentages and CSI rather than just total dollars.
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An F&I manager must perform a broad range of duties, including helping customers, interacting with the sales team and lenders, keeping abreast of changing laws and maintaining a desired level of dealership profitability.
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Pay plans that directly promote dealership objectives such as high CSI scores or minimal contracts-in-transit can work wonders toward meeting those goals.
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To stay at the top of your game in this ever-changing industry, redefine the way you do F&I.
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