Kelly’s Korner – The value of Tracking Performance
Q. On the advice of legal counsel, our dealership does not keep tracking logs for F&I production. What are your comments?
A. First, some questions of my own: How do you measure performance against goals without using a tracking log? How can you know if training works without tracking implementation? How can anyone effectively manage without monitoring performance?
Tracking performance is a fundamental management tool. F&I is a sales position. Setting goals is a vital part of any sales position. If you do not know where you need to be, the probability of finding yourself elsewhere is quite high.
If you work your deals within legal guidelines, tracking performance should not create a legal liability. Packing payments is a thing of the past and a violation of federal law. Every dealership is accountable for quoting a payment to a customer based on a realistic APR and only the balance of the vehicle. To do otherwise is to risk legal repercussions and reserve a place in the media spotlight.
The dealership finance center offers valuable products and services that are the key to a customer’s positive financial experience during vehicle ownership. Tracking logs – whether paper or electronic – make it easier to follow up on lost opportunities.
In this high tech / mega information environment we work in, data management is an important job skill. e-Tracking is an efficient way to generate accountability for performance – as a producer and as a manager.
For a sample of e-Tracking, available to Kelly Enterprises’ trainees, go to www.JLKelly.com and click e-Tracking on the navigation bar.
Kelly’s Korner, OIADA Newsletter, May ’04, p. 22