Tag: F&I

Categories
Business Growth

What’s Your Value Proposition for 2018?

Brien Joyce Vice President EFG Companies
Contributing Author:
Brien Joyce
Vice President
EFG Companies

When you walk into a dealership, what value do you bring to the F&I office besides another loan for which their customers may qualify? In 2018, F&I managers across the country are concerned with three hot buttons:

  • Maintaining compliance
  • Maximizing profitability
  • Shortening transaction time

With a myriad of compliance procedures and paperwork on hand, F&I managers have a difficult job when it comes to balancing compliance, profitability and time management. The best way to separate your loan from the competition is to help them with this balance. How do you do this?

Provide clear standards for loan approvals. This not only helps with compliance, but helps F&I managers ensure that they submit well-qualified customers for your loans. You know your qualifications, but how well do F&I managers know them? Look at how often you deny auto loans. If that number is high, it could be because your standards are unclear to the F&I officer.

Continue reading “What’s Your Value Proposition for 2018?”
Categories
Business Growth F&I

Your Role in Shortening the Dealership Sales Process

Steve Roennau Vice President Compliance EFG Companies
Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

One of the most discussed topics over the last few years within the auto retail industry has been how to shorten the sales cycle within dealerships. Dealers have invested time and money into training initiatives, enhancing their technology capabilities, and in creating an online showroom. Even with all these initiatives, they are still struggling to achieve their goal.

According to a recent survey by eLEND Solutions, 85 percent of dealers say they want a sales process that lasts less than two hours. But, 42 percent report it usually takes three to five hours to sell a car. Now, why is this important to lenders?

One hypothesis is that those dealers who achieve significant reduction in the time it takes to sell a car will see more foot traffic, referrals and repeat customers, meaning more opportunity to increase indirect loan volume. In addition, by acting as a partner with dealers in this endeavor, it further fortifies the lender-dealer engagement, potentially resulting in increased loan volume and longer-term relationships with successful dealers.

It’s always important to remember that dealership success equates to lender success. So why shouldn’t you be invested in your success?

Continue reading “Your Role in Shortening the Dealership Sales Process”
Categories
Featured

Enterprise Financial News – Volume 10

CoverHot Off The Press

Get a new perspective on how to maximize your loan volume while staying compliant with the experts from EFG Companies.

EFG Companies knows how to give your institution the edge in the marketplace. Contact us today to put our knowledge, expertise and product innovation to work.

Download the 10th volume of Enterprise Financial News Magazine