Our commitment to the Financial Services business has made us the number one Directors Club Platinum Agency Partner for AmTrust Warranty Solutions Programs.
Many industry changes the past few years have caused us to focus our efforts on how we can help our dealers navigate grow their businesses, reach their goals and navigate today’s challenges.
Today’s auto dealers are feeling pressure from many areas. Shrinkage in franchise dealers, scores of dealerships becoming publicly traded corporate assets, pricing pressure, increasingly sophisticated consumers demanding transparency and of course the ominous reach of the CFPB and so much more.
A New Business Plan for Your Growth
Our Goal is to offer our dealers an alternative to the choices of F&I support providers that are limited in ability to bring a complete approach to dealers. To Partner with our dealers with turnkey solutions that improve the results of the customer experience in F&I and to address the many challenges facing todays automobile dealers.
Our Account Development Plan
• We will select the products that provide the greatest long term benefit to the dealership and arrange menu and training around those products. This selection will be completed based on dealer participation, risk reduction benefits to dealer and customer retention.
• We will assist dealer in creating a matrix pay plan that rewards the proper behavior and achieves realistic PVR and penetration goals of the dealership. The payout objective should be a goal of 18%.
• We will assist dealer in instituting the proper selling practices to ensure F&I department operates as a standalone profit center held accountable to same standards as other departments of the dealership. Policies will be established as to who determines where deals are placed, what lender is used, rates and payments quoted. A structured process for proper rate discussion will be created by using the average rate used by the dealership the previous 30 days.
T.O. to F&I Department
• We will implement a proper method of 100% T.O. of deals regardless of lien holder or form of payment. Customer Interview process must me instituted. When does customer go into F&I, after the interview, or after the input of deal? The issue of how these process are done are completed are flexible with our program.
Proper transition to the menu will be taught based on the personality type determined from the interview. Use of a menu to present will be utilized with proper explanation that will allow the customer to pick one before going on with value selling. Other selling and objection handling techniques will include:
• Use of ala - Carte Menu.
• Use of sales tools in Menu to show value, use of final menu to show payment chosen, use of accept decline form as standard practice showing final payment. Keeping notes on log on common objections from customer to use for training.
• We will assist dealer in creating a CIT tracking process and deciding who is responsible for tracking and what reports are available to determine status.
• Discuss with dealer the various compliance pieces and who will be responsible for overseeing them. Assist dealer in the selection of proper process and programs available. To include the following and more: Unfair & deceptive trade practices, OFAC, Red Flags, Safeguards, Graham Liech Bliley and Adverse Action letters.
• These reviews will be held monthly and will include; but, are not limited to Manual Deal Reviews, Red Flag Training and Process Development, OFAC review and Training, Safe Guard assessment and training. All findings will be discussed as well with any additional managers at their request.
Reporting and Monitoring
• Work with dealer to determine the methods that will allow us to oversee progress. Visits from ADR to be at least monthly in store, and remote with phone calls or emails in between. Recap submitted to dealer and or GM, copied to Nick to be added to BCM on all visits and communication. Basic information to be reported to dealer will also include progress toward goals, and areas seen needing improvement, as well as suggestions made to obtain improvement.
Ongoing Training & Development in Store
We will determine monthly our sales training focus for the month to share in your stores. Such training will include:
• Service department walk through, to determine why cars are in the shop
• Building evidence manual to use in presentations to overcome objections
• Review of log on common objections to brainstorm on ways to overcome objections
Month End Round Table meetings
Create monthly meetings to review numbers, share best practices that are used from successful people and identify areas that need improvement. We will also find solutions for the “biggest challenges” that were faced that month. Quarterly visits with the Wells Fargo credit team during these meetings will ensure that dealership is fully benefiting from all of Wells Fargo’s programs.