|Aftermarket products are an essential profit center for your dealership, but during an economic slump, boosting these sales is crucial. Although you may be seeing fewer buyers in your showroom, you can compensate for less volume by ensuring your F&I department is maximizing every deal. If you’re ready to start increasing your aftermarket product sales while simplifying and streamlining your sales and contract submission process, the following three easy steps can help.|
Step 1: Accurately quote your aftermarket products.
Using these products, your team can stop searching for pricing and worrying about errors, and spend more time selling instead. When Lone Star Chrysler Jeep implemented this type of solution, the results were immediate. “Our system guarantees the cost, so what you bill for a warranty is your cost, period,” said Donoghue. “This is a huge benefit for our F&I guys, billing clerks and for the dealership as a whole.”
Step 2: Present your products in a clear, compliant manner.
Along with increasing aftermarket product penetration, an electronic menu can help keep your dealership in compliance and minimize litigation risk. When your team uses it consistently and correctly, it can help ensure you’re offering every product to every customer, every time. It is a documented audit trail of full customer disclosure, and because it can be printed as needed, documentation is neat and professional.
Many systems also include a non-editable electronic date and time stamp on each menu so you have an accurate record of customer intent. An electronic menu can transform your F&I department into a well-oiled, highly profitable and compliant machine, as Janda noted: “Our electronic menu saves us time, keeps us compliant, and it allows us to show every customer all that we have to offer, every time. It’s one tool with multiple, invaluable benefits for our dealership.”
Step 3: Easily and efficiently submit product contracts.
Lone Star Chrysler Jeep’s software system allows them to electronically submit contracts to their extended warranty provider, significantly increasing their efficiency. “Our F&I employees enter a Vehicle Identification Number (VIN) into the system and it quickly gives them the right coverage and the right price for that particular vehicle,” said Donoghue. “Because we can enter the warranty information and then electronically send our applications, our inefficient process is now fast and streamlined.”
Aftermarket products can be your go-to source for increasing profits in the midst of a slowing economy. Take the time to research systems that can connect you with your aftermarket providers in real time, so you always have accurate pricing and eligibility requirements, greater product penetration and compliance, and efficient contract-submission processes, like electronic submission. These three easy steps can lead to increased profitability and efficiency in your F&I department.
Vol 5, Issue 4
Swapalease.com’s latest report show U.S. lease approval rates improved slightly to 70.9% in October following a 3.9% dip in September.