Dealer Andrew Walser understands millennials' desire for speed and convenience. That's why his company got rid of finance and insurance managers at its 23 dealerships.
"If you go to an Apple store, everyone's a cashier there," said Walser, CEO of Walser Automotive Group in Minneapolis. "The process becomes much more streamlined that way."
The Walser group eliminated its F&I managers five years ago and instead created a hybrid process consisting of sales staff and a finance center. The goal was to speed customer transactions and improve talent recruitment. It made more sense considering that sales skills differ from financing skills. Now Walser can hire people who better fit each role.
The plan stumbled at first, with the average F&I revenue per vehicle falling. But with some tweaks, the group has shortened transaction times and raised customer satisfaction scores and revenue.
"Most of our stores are in a 20 group," Walser said. "Our average cost to sell a car is now half that of a traditional dealer's cost."