Santa isn’t the only one making a list and checking it twice this time of year. The CFPB and the FTC are making lists that will be used to determine who is naughty and who is nice. Attorney Nicole Munro poses some questions dealers should consider to put together their own compliance checklists.
The F&I office has a lot of responsibilities for one department – selling products, ensuring compliance, maintaining good relationships with finance sources and more. Several finance professionals reveal their tried-and-true methods of getting the job done.
One of the most challenging and demanding positions in the dealership is F&I manager. Joseph Clementi, a dealership general manager, shares five strategies to find, develop and keep qualified F&I managers, so you can get the results you want in F&I.
Is it best for finance managers to interview customers before they get to the F&I office? Three dealership finance professionals offer their opinions.
Dealer Jill Merriam Dulitsky decided in late 2010 to take a closer look at her stores’ special finance departments. The steps taken to effect improvements in SF at Key Hyundai ultimately benefitted the dealership’s overall operations.
There are risks involved with all third-party relationships. Chip Zyvoloski, senior attorney within the Indirect Lending business at Wolters Kluwer Financial Services, explains that to protect the dealership’s reputation, dealers should complete due diligence on your third-party vendors.
In the last half of the year, buy here pay here dealers revisit their underwriting. BHPH expert Brent Carmichael discusses four areas BHPH dealers should focus on for proper underwriting.
Erin (Mack) McKelvey of Millennial Media discusses targeting auto shoppers through mobile advertising.
At the conventional retail lot, everyone tries to hit a home run on every deal’s gross profit, but pricing BHPH inventory higher to gain additional gross could result in greater losses due to higher collection costs, delinquencies, repossessions and charge-offs. BHPH expert Alan Mosher discusses how to determine an inventory pricing strategy to avoid this risk, a concept he terms “hitting doubles.”
Achieving the right balance of products to sell in a dealership’s F&I office can take some time and periodic tweaking of the menu. Here’s a look at some of the products dealers can consider including on their F&I menus to allow the most opportunities for profit.
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