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Plugging the Leaks in F&I: How to Deal with Inefficiencies that put Profits at Risk

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The average car deal takes about 3 hours to complete, including F&I. The average turn in F&I is 30-40 minutes. As regulatory obligations, number of products, stipulations, and required forms to prepare, print and disclose escalate, the time required to finish a sale gets even longer! This Webinar will provide various ways to plug the time and money leaks, and improve customer satisfaction.

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Speaker
Mike Stoll
Director, Professional Services
ADP Dealer Services

Webinar Summary

“Time is money” – a phrase that speaks volumes of truth in the retail automotive industry when selling a vehicle. Consumers feel that it takes too long to buy a car today. This perception is amplified when consumers reach the stage following “I’ll take it.” Prepping for the delivery and progressing through the myriad of responsibilities that are relegated to the F&I office result in less-than-satisfactory consumer experiences, leading to limitations or declines in profitability and growth. With the pressures of decreasing “front-end” margins on vehicle sales, the need to be profitable has dealers everywhere looking for a way to solve the problem.

Moderator
Jim Treece
Retail News Editor
Automotive News

One solution is a seeming increase in “spot delivery” concept, harkening back to the creation of the F&I concept office. The purpose of “spot delivery” is to deliver the car quickly and allow completion of many of the details later. Although this has both benefits and associated risks, it’s not the only way to plug the leaks in F&I. 

Another way to streamline the timetable is to simply treat every deal the same and offer the same products-exactly the same products – every time on every deal; however, industry experts agree that a proper delivery is custom built to fit each consumer’s unique needs each and every time.

Unfortunately, the urgency to move the deal and the customer through the process can be inhibited by inefficient workflows that are created by patching together a variety of manual steps and technology solutions to facilitate the process. The result turns into potential leaks in F&I in the form of money, time, energy and customer satisfaction and retention.

The biggest leak in F&I stems from deal workflow inefficiencies that can create bottlenecks, long wait times, mistakes and rushed closes.

Join us to learn how to eliminate unproductive time from the entire process and replacing it with more quality time by turning the workflow into a streamlined process that increase profits and CSI. 

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