4 Ways Your F&I Provider Should Boost Your Business:
- Building dealership relationships
- Driving performance and results
- Optimizing digital retail tools and technology
- Supporting financial success
4 Ways Your F&I Provider Should Boost Your Business
Finding a great F&I provider shouldn’t be an added stress to your dealership. That’s why we outline four actionable ways to help you discern whether your current F&I provider is working for you.
#1 How to build a relationship with your F&I provider built on transparency?
Finding an F&I provider you can trust is one of the most important steps to maximizing your profit potential. Great relationships require a level of trust and communication. Does your F&I provider understand your individual needs, or are they offering base-level services? Understanding their qualifications and scope of services at the forefront of your partnership can provide comfort and smooth transitions.
Your F&I provider should be focused on your dealership’s priorities. Listen in as KC Zangara, JM&A Group Director of Dealer Performance describes how your F&I provider should not only work to improve processes, but to acknowledge your dealership’s culture and the practices that are working well.
#2 How should your F&I provider help you drive performance and results?
Balance is key when looking over your metrics and when comparing them to your objectives. Your F&I provider should offer a full-scope review of your processes and help you understand how your performance is impacting your profitability. Offering a dealership performance scorecard report to your dealership is an added bonus from a quality provider.
Another area your provider should be looking at is the rise of electric vehicles. EV sales – they're the elephant in the room of the automotive industry – but just how are they changing the way consumers purchase vehicles and F&I?
We discuss the ways EV trends are impacting the industry – from sales processes, such as virtual F&I deals, to measuring KPIs. One key point to remember - there are promising opportunities with every deal, especially EV deals, and you don’t want your F&I manager to miss out. No matter what the sale type, always present the full product menu to your customer.
#3 How can dealers leverage technology in the best way, and see it as an asset, rather than a line item?
With so much technology available today, it can understandably be overwhelming for dealers and dealership staff to understand what their individual location’s needs may be. But there is a benefit to technology’s ability to track performance and measure growth. That’s where a great F&I provider comes in. Through their relationship with you, a quality F&I provider can offer insight into what current technologies are not working well for your dealership’s growth, and what other technologies may be an asset for metrics and processes.
Today’s customers, enveloped in inventory shortages and the ease of online sales, are showing an uptick in digital retail demands, which means a need for processes to fit those changing consumer preferences. Is your dealership ready? Adding a virtual F&I component to your dealership can create smoother processes – allowing customers to be taken care of through fully virtual F&I agents or on-demand agents at a centralized location.
Hear real-life scenarios and how dealers can create streamlined efficiencies through leveraging technology in our full webinar.
#4 How should an F&I provider support your dealership’s financial success?
A dedicated partner – one who provides training and extended support – can offer more value than a vendor with more limited services. It all depends on what you are looking for in an F&I provider.
I think the most important thing that I talk to a lot of our prospects with as it relates to fees is, you just want to make sure that whatever the set of fees you're paying, that you’re getting what you should be getting from that.
Additionally, you can make sure you have strategies for your reserves.
“Make sure that your money is making money for you,” says Mike Snyder. We discuss strategies that some dealers may not be fully taking advantage of, particularly when it comes to increasing funds and providing insurance options to customers.
F&I solutions can be seamless and streamlined, even speeding up the process for dealers. Using the full scope of features from your F&I provider can help boost your business, and not let funds go underutilized. Find more actionable tips in the full webinar.
What Questions Should You Ask to Evaluate Your F&I Provider?
Knowing how to evaluate your F&I provider is important to your dealership’s long-term success. It involves having specific conversations to learn about what your F&I provider stands for and what they can do for your dealership and your customers. In our webinar, we showcase specific questions to ask your provider to help you determine if they’re the right fit for you. In-depth questioning about their people, communication, tools and partnership level allows you to grasp exactly how your current – or future – provider will support your dealership’s goals.
The Next Steps for Your Dealership
F&I solutions CAN be seamless and streamlined, even speeding up the process for dealers and customers. Your provider should be at the forefront of training staff, offering and implementing solutions customized to your dealership’s process, and finding value in what makes your business thrive. Using the full scope of features from your F&I provider can help boost your business and not allow funds to go underutilized. Contact us to see how our F&I products can boost your business.