The Road to ROI with F&I

As a finance and insurance (F&I) manager, you must establish a solid track record of performance in your field. Being an F&I manager requires you to adhere to complex regulations, where it is integral to avoid any compliance setback.

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.

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.

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.

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