Sales and Finance: Making Time Pay
For many F&I managers, life at the dealership is restricted to the finance office. As partner to the sales manager, the F&I manager needs to have a presence in the sales manager’s office that extends beyond the rotation system many dealerships employ for multiple finance representatives to take the next deals in turn.
While the rotation system may seem fair to the F&I managers, it may also mean that a customer has to wait for the finance department to complete the deal paperwork. It goes without saying that any system that penalizes the customer should be set aside.
Nothing is more important than providing prompt service to the customer. Time and again, CSI results show that the speed of the finance process has a direct impact on customer satisfaction with the dealership. It is critical that finance personnel get in front of the customer as soon as possible.
When the finance department operates on a first-in, first-out basis, the sales manager can page the next available finance representative to assist a customer who is waiting to receive and sign the documents and disclosures that close the deal.
Technology, when used well, can also shave valuable minutes off the finance process. Whenever possible and practical, share computer-generated customer information between departments. For example, the sales manager can save the initial customer information a sales consultant enters, which then becomes a data entry starting point for the finance manager.
Finance representatives must also do their part to honor the sales department chain of command. Sales personnel work for the sales manager, not the finance center. When the finance manager takes the initiative to be a part of the team, it can reduce the number of complaints about incomplete paperwork that often occur when a member of the team is “out of the loop.”
When sales and finance personnel use time and technology to support each other, the result is a timely sales and finance process that spells succe$$ for the dealership and its customers.
Dealer Marketing Magazine, May 2004 Issue, p. 22