The Road to ROI with F&I

As the supply chain finally begins to flow, the rising interest rates continue to warrant increased pricing, taking its toll on auto dealerships. The good news is there seems to be a green light at the end of 2023. Now, more than ever, it's crucial to implement strategies for boosting your dealership's image to increase sales in a competitive market.

The massive disruptions associated with COVID-19 made many industries, especially automotive dealerships, wonder if supply chains, consumer demand, and essentially everything else associated with running a business would ever get back to normal. 

For dealerships, in particular, the attractive interest rates (sometimes 0%) brought buyers to showrooms in droves. With all the demand driven by low-interest rates and low inventory, sales managers and team members enjoyed an upper hand in negotiations with buyers. 

As with any business, retaining existing customers is much easier- and more cost-effective- than attempting to gain new customers. This fact remains true for your automobile dealership. That’s why every customer interaction should be approached with the intention of retaining their business for the future. How pleasant a customer’s experience with your dealership is can mean the difference between one successful sale and multiple successful sales. These are three of the simplest ways to increase customer retention at your car dealership.

Every word shared between salespeople, sales managers and the F&I Department carries with it the power to affect the bottom line. Details are crucial and as one sales manager once wisely suggested to his salesperson, "Land the plane!" 

While the ignition is the key to starting a vehicle, the sales desk is the key to approaching and earning a customer's trust. It's that trust that helps customers feel confident to commit to purchasing a vehicle. Beyond the commitment to purchase a vehicle, a customer's journey within your dealership is only just beginning.

In order for dealerships to be set up for success, it is important that the Sales Desk and F&I Department are clearly communicating. The two teams might work separately but maintaining a good partnership will be key to maximizing profit and supporting a better customer buying experience. Here are some ways to ensure there is clear communication between both teams.

Customers may love your people, service, and cars, but you'd be hard pressed to find anyone who enjoys the hours long process of completing a purchase at the dealership.

Speeding things up makes good sense as there's a mutual benefit; the more efficiently you can lead customers through sales and F&I, the bigger boost to your business and to the number of satisfied car buyers.

The service drive at your dealership is not only a chance for customers to see your staff's professionalism, expertise, and friendliness, but can also be a wonderful sales opportunity. How can you improve sales in your service drive? Here are 3 suggestions that can help:

Can you believe it’s almost July already! The summer has just begun but it’ll fly by before you know it. That’s why you’ll want to ready your dealership staff before the 4^th of July weekend hits. Here are a few tips to ensure that your Independence Day weekend goes smoothly.

Your sales team is the most important part of your dealership, they are what will set you apart from the other dealerships in the area. Keeping your sales team energetic and motivated is integral to your success. How can you keep them feeling enthusiastic even when times are tough? We want to share some of the most important ways you can positively impact your sales team.