1. Don’t procrastinate …
… and put off for tomorrow paperwork that can be done today.
Practical application: Embrace e-contracting instead of sending documents by fax or overnight delivery, so that deals get funded faster.
More: “What’s the worst day of the week for the F&I manager? Monday. Why? Because of all the minutiae from the weekend.”
2. Don’t give up …
… and accept the premise that cash or lease customers won’t buy F&I products.
Practical application: Pitch them appropriate F&I products, such as wheel-and-tire coverage.
More: “What’s wrong with the cash customer? When they leave the lot, is the pothole going to say, ‘Oh, no, they’re paying cash, they’re going to skip that pothole?’”
Moreover, “Leasing’s back with a vengeance, man. We’ve got to set menus up, presentations up, for lease deals. That’s a critical part of our success in the F&I Department.”
3. Don’t assume …
… the service department will fully embrace selling extended-service contracts without constant support from the F&I office.
Practical application: Make it a daily routine to visit the service department first thing.
More: “Having the service manager spiff somebody $10 is not a process. It’s a process if every morning you walk through the garage door, instead of coming in the front door, and ask: ‘How many prospects you got today?’
“Do it every single day. And instead of a $10 spiff, say: ‘Send ’em to me and if they buy, I’ll give you another $90.’ Stop relying exclusively on the service writers. As the F&I manager, it’s really on you to get it done.”