Tag: finance
How Market Scan’s Jenn Reid is helping car dealers embrace...
Many of us go to college with a plan in mind for most things, except how we are going to pay off our student loans. For Jenn Reid, student loans were not an option so she sold vehicles to pay for her education before eventually moving to the financial side of the automotive industry. Since […]
A ‘back to basics’ approach to F&I during slower times
F&I departments nationwide are once again facing challenging times. The one-two punch of the pandemic hanging on due to the Delta variant and the chip shortage has created a unique space where there are fewer new and used cars to sell and finance, and inventory is hard to come by. It’s a mess. But even […]
How can floor plan financing work for used car dealers?
There are many factors that go into a used car dealership’s success or failure — customer service, management, and just plain ol’ luck — but one of the most overlooked is intelligent floor plan financing. Unfortunately, many dealers ignore the last factor, only realizing their mistake once their business is struggling — or worse, at […]
Tips to keep your car dealership’s digital storefront updated
Is your dealership’s digital storefront pulling in the number of customers to meet your quarterly plan? Or do you find one department doing all the heavy lifting and other areas just maintaining or – at worst – not involved at all? It may be time to consider what’s wrong. It’s essential to balance your marketing […]
Experian report highlights intriguing Q4 2020 automotive financing data
2020 shook up many expectations regarding automotive sales and affordability. With consumers facing job losses due to the pandemic, much felt up in the air. Nevertheless, new findings by Experian are showing that the actual results of last year are not as dismal as they may have appeared, particularly when it comes to the sale […]
Non-dealer digital loan origination options attracting more shoppers
An increasing number of car shoppers are securing financing options through digital loan originations outside of the dealer’s purview, according to new J.D. Power research. The 2020 U.S. Consumer Financing Satisfaction Study reveals that digital channels are sought more than ever to line up financing for new vehicles before the shopper makes their purchase, sometimes […]
Four F&I tips to prepare for uncertain times ahead
We are over five months into the COVID-19 and it seems that it’s not done with us yet. As the car industry has been slowly coming back to life over the last few months, dealers are finding that the market has changed quite a bit. Internal processes have changed. How customers are buying cars has […]
Converting the Cash Buyer in F&I – It Could Be...
There has never been an F&I manager in the history of the car business that has ever been excited to work a ‘cash deal’. Ever. It is the most dreaded scenario that almost always deflates even the most successful F&I manager with years in the business. In fact, I have seen some in F&I literally […]
Does The Perfect Car Fairy Exists For the Cash Customer?
Why are VSC sales much lower on cash transactions? Does the perfect car fairy bless the cars of the customers who choose to pay cash? It’s amazing how many F&I managers will conveniently leave for lunch knowing that the next deal is the DREADED cash deal. If we focus on PVR and not the customer, […]
F&I Transparency = Higher Profits
For decades, the F&I department of every dealership has had the reputation among car buyers as being some horrible financial black hole whose very existence is meant to get car buyers to swallow high interest rates and pay for products they don’t need. And yes, that was a reality in many dealerships. There was little […]
