The Balise Motors Sales Co. experienced a 55 percent increase in product sold per retail unit and an additional annual F&I product gross of over $1 million after using the U.S. Equity Advantage LLC (USEA) automated bi-weekly payment service.
When it comes to F&I pay plans, don’t be surprised by what you get. Compliance auditor breaks down eight commonly used pay-plan objectives and provides his take on how they impact a dealership’s goals.
Nationwide Biweekly Administration (NBA), a nationwide administrator for weekly and bi-weekly programs, launched its Bi-weekly Auto Payment service for car dealerships and consumers.
By the end of 2008, more than $7 billion worth of automotive loans were 60 days delinquent. Experian market analyst tracks the single-most challenging year for auto finance and provides her take on the road ahead.
Is your current F&I sales process adding value or alienating customers? In today’s world of Google, Myspace and YouTube, word-tracks are like 8-tracks: obsolete. Expert explains how to give today’s Generation X and Y customers what they want: a fast-paced, non-confrontational buying experience.
Ancillary products can generate as much as 60 percent of gross profit. Does your pay plan reflect that? Pay plans should reward for superior and compliant performance, but are you factoring in today’s market trends?
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.
F&I managers should know what is expected of them based on their pay plans. Emphasize percentages and CSI rather than just total dollars.
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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