Every car dealer knows that the path from the initial sale of a vehicle to the final retail installment sales contract ("RISC") is filled with potential risks and pitfalls that can cause the dealer to run afoul of sales disclosure regulatory obligations. A good Business Manager can use menu selling to avoid those risks and to create a document path to verify that the dealership has made all required disclosures and that the car buyer has acknowledged receipt of those disclosures.
Sales of vehicle service agreements is the perfect way to increase your dealership's profits. If you're not serious about selling service contracts, you're leaving money on the table. Here are a few tips and tricks to promote vehicle service agreements—even with the toughest customers.
Topics: vehicle service agreements
Finance & insurance are the cornerstone of a strong dealership. Only if you handle F&I properly can you maximize the sales available with each customer. But when dealing with such a variety of people day after day, it can be hard to decide what the best overall approach is.
What happens when a diligent Business Manager for an auto dealership encounters a hit on OFAC's list of blocked persons, on a Saturday? This article tells the story of one dealership confronting that scenario.
In a recent interview with Intelligent Insurer, Brad Kading, the president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR), did something you don’t hear much about, unfortunately, and that’s touting the proposition of reinsurance. And though reinsurance is his business, after all, Kading was right about one thing: reinsurance as a whole is under-reported. But why? Well, likely because the focus is either misdirected or there simply isn’t enough information circulating about what reinsurance really is and particularly, how it saves money for industries like the automotive and ultimately benefits consumers, making for quite a profitable and business-savvy venture.
If you've educated your dealership staff on all aspects of finance and insurance, it's time to look at how you present menu options to customers. Menu selling is almost an art form on its own in how you present it to car buyers.
Topics: Menu selling
Dealerships understand the importance of vehicle service agreements as it poses great benefits for both the dealership and the company. For instance, a vehicle service agreement is a great option for customers who have no disposable cash to invest in repairs. At the same time, vehicle service agreements generate F&I revenue for the dealership. For this reason, we're going to show you how to effectively promote vehicle service agreements to your customers.
Topics: vehicle service agreements
Reinsurance keeps you safe. It's hedging your bets against catastrophic occurrences that could cost your dealership. With profit margins growing ever tinier due to innovations, market share and internet sites it's vital to investigate revenue streams.
One of the challenges you've likely had to deal with in your dealership's F&I department is finding ways to best organize your menu selling. With so many products available for a car buyer to choose from, it can overwhelm them if you present a long scroll of ways to protect their vehicle.
Now that you're running a car dealership, you're going to have to prepare yourself for as many regulations as any other industry. One of the most important is OFAC, or Office of Foreign Assets Control. This is a government database collecting names of individuals who pose a danger to the U.S.