The Road to ROI with F&I

"Give me six hours to chop down a tree and I will spend the first four sharpening the axe." These Abraham Lincoln words still vibrate in the minds of those who have sold themselves over to win. Every sales manager or any other business executive overseeing a sales team understands that preparation is necessary for success. Therefore, they spend time sharpening their teams to achieve stellar results.

Compliance with various state and federal rules and regulations is a crucial requirement for any business to thrive. The automobile dealership industry is no exception to this.  One effective way to handle compliance in this business is through the implementation of deal audits.

Reopening your dealership after COVID-19 will not be quite as simple as returning to your normal business hours. Before reopening, establish a plan for continuing your online presence, redesigning your waiting room, and implementing new policies as needed to keep your customers safe in order to successfully reopen and stay open.  

Reinsurance sounds like a good technical term. However, this technical term can be among the best things you do for your dealership and customers. Reinsurance is an excellent strategy for insulating your dealership from volatility and protecting your bottom line.

Business practices are rapidly changing, as a result of the COVID-19 crisis. As Americans pull together, our country's industry leaders are working together to figure out how to reorganize and reshape business practices. 

Clear communication is mandatory in good business. It's the foundation of proper customer service and acts as an indicator of whether or not the business is functioning as a cohesive unit. In automotive sales, a discrepancy between the sales desk and F&I will cost you customers and your reputation. Customers are naturally wary of car sales personnel and even an honest mistake can be taken as intentional misdirection. There are a number of strategies to streamline communication between your departments, and we've outlined 3 to get you started below.

While this COVID-19 Pandemic seems to have put the world on halt, vehicle servicing is still needed on a daily basis. While many are home, as instructed, there are still those with Essential jobs where it’s crucial for them to get to work. Many of those people may struggle with deciding whether they should get their vehicle fixed or continue to drive through the problem or check engine light that concerns them. If you are a dealership that has been able to keep your Service Department open, perhaps you’ve considered using Antimicrobial solutions to help comfort your customers during these challenging times.

With many people now staying indoors and traveling less, all eyes are on social media and other digital platforms. Since people are spending less time at bars and restaurants or malls and other shopping locations, they look to their phones and computers for engagement, news and entertainment.

American car dealerships face a huge variety of laws and regulations. While failing to follow some of them may lead to losing money and clients, breaking certain rules could result in bankruptcy and imprisonment.

Let's go over the most important regulations to follow to ensure dealership compliance and smooth work of your company.

Reinsurance is an agreement between two insurance companies. In this definition, the reinsurer is the second business and is responsible for clearing the claims that arise from the first insurance company.