On June 8th, the House of Representatives passed a bill. With laser-like focus, the bill repeals key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and reigns in the consumer watchdog agency the Act spawned: the Consumer Financial Protection Bureau (CFPB). The particulars of this GOP-led effort follows.
In the last decade, the roles and responsibilities of business managers have evolved exponentially. This growth is because of technological advancements, legislation, and changing customer expectations. Business managers should not only change with the times, but it's imperative that they harness this growth for better performance.
Because buying a car is both a deeply personal and significantly financial decision, the right method for selling cars becomes a complex dance of personalized offers and financial obligations. As the business manager, you do your best to both make money for your dealership and fairly match the client with a car and dealership services they will love. It can be difficult to find the right balance of personalizing a pitch vs F&I compliance. A menu of available services can be a great way to both customize a sales pitch and ensure your remain within the rules.
Topics: Menu selling
As an automotive dealer, finance is one of the most important parts of your business. However, it also comes with multiple rules and regulations. One of these is the rules governed by the Office of Foreign Asset Control (OFAC) of the federal government. This department restricts who can get access to our financial system. All companies that deal with finance have to be aware of the policies and abide by them.
Guest Post By: John Fuhrman – Director of Training OptionSoft Technology
Menus have been around now for long enough. Most of the more established companies began B.C. (Before Compliance) and it might be worth thinking about effective menu use without the sword of compliance hanging over our head. Doing so can actually increase production, profits and even increase your current level of compliance.
Menu selling is one of the biggest ways the F&I department can increase your car dealership’s back-end profits. If your dealership is not currently menu selling it is missing out on potential for extra income. Menu selling is the practice of selling add-on financing and insurance packages for new and used cars after the client buys one. These add-on packages offer many options for the customer to buy financing and insurance deals on sight. Keep reading to find out 5 ways to increase your menu selling and your profits
Topics: Menu selling
Everyone in the auto industry knows about the Red Flags Rule. It's a set of federal regulations that is meant to protect the consumer from identity theft. While keeping up with the ever-changing requirements is no small task, simply ignoring them can lead to hefty fines.
Topics: red flags rule
Most of us view paperwork as tedious and cumbersome to the process of doing our regular work, especially when it comes to F&I Compliance. And most of us probably sit in front of a pile of forms and documents and think, "What have I gotten myself into?" No one likes paperwork, so don't feel alone. The trick to tackling it is understanding where to start and having a mapped out battle plan.
So, you have to start by getting your team to view things through the eyes of an accountant (paperwork heaven...made you shudder huh?); or we can train your team to establish a consistent means of dealing with and processing paperwork (that does sound better).
Topics: F&I Compliance
There's no doubt, F&I managers have plenty to do. In between closing deals and boosting profits, they're responsible to ensure that everything is done in compliance with federal regulations. And the pressure is taking a toll.
Topics: F&I Managers
The car buying experience is completely different than it was 5 years ago. And while the auto showroom is still the proud domain of the sales team, the truth is, the days of a relationship-driven, referral, and word-of-mouth sales culture in the auto industry is a thing of the past. If your sales team feels that the internet and smart phone technology have disrupted their effectiveness, then you have not yet harnessed the power available to your dealership through the use of a mobile app.
Topics: dealership specific mobile app