The F&I Score for 2004
The year is coming to a close and technology innovations have led the way.
The Internet has invigorated the F&I process. Dealerships who have invested in technology enjoy faster approval rates and fewer delays due to poor handwriting and poor fax reception. Menus integrated with the F&I computer system make them even better tools for finance professionals to use. Deals can now be moved through the paperwork mill at the speed of the nearest T1 line.
The human element of selling paper has been curtailed by automated scoring. The trade- off yields more time to make the tough deals fly.
Streamlining is the focus of business. As technology makes short work of paperwork companies have more time to build and strengthen client relationships.
Looking ahead, the corporate message should be “maintaining and building customer retention.” Keeping a satisfied customer is far more economical than advertising for a new one. If you doubt that comment, look at your advertising outlay compared to your dealership floor traffic and sales. The challenge will be to figure out the best way to reach out.
Yes, 2004 has also brought a host of federal regulations to bear on the way we do business: The “Do Not Call” list, Patriot Act and Safeguards Rule impact the policies we set and the procedures we implement to make sure we comply while we work to satisfy.
If you find your dealership lagging behind, I encourage you to get up to speed now. Going high tech does not diminish the need to invest in the people who will carry your message to customers. The best way to fly in 2005 is to educate your personnel on every level.
World of Special Finance Magazine, November 2004, p.39