{"id":255,"date":"2014-02-21T16:07:37","date_gmt":"2014-02-21T22:07:37","guid":{"rendered":"http:\/\/efgintelligence.com\/subprimepoint\/?p=255"},"modified":"2018-02-27T09:57:48","modified_gmt":"2018-02-27T15:57:48","slug":"many-industry-reps-want-piece-dealers-time-given-month","status":"publish","type":"post","link":"https:\/\/efgintelligence.com\/lendingcurve\/many-industry-reps-want-piece-dealers-time-given-month\/","title":{"rendered":"How Many Industry Reps Want a Piece of the Dealer\u2019s Time in a Given Month?"},"content":{"rendered":"
\"Steve
Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies<\/figcaption><\/figure>\n

The answer is, a lot!\u00a0 From lender reps, to the OEM\u2019s field team, to consultants, to the \u201clatest thing\u201d rep, today\u2019s auto dealer is highly sought after.\u00a0\u00a0 The dealership\u2019s decision maker is in demand<\/strong>.\u00a0 So much so that if the Dealer granted time to every rep that requested it, he would spend no time tending to his retail automotive operations!<\/p>\n

So, the better question is this:<\/p>\n

How Do You Ensure that You are the Rep that the Dealer WANTS to see?<\/h3>\n

The bottom line is you need to add value to his operation<\/strong> when you do get in front of him.\u00a0 When you leave, it should have been time well invested.\u00a0 Here are three points of consideration for meeting with a Dealer.<\/p>\n

    \n
  1. \u00a0Do Your Homework<\/span><\/b>– It is imperative that you know the Dealer\u2019s business, his business<\/i><\/b>, and demonstrate to him that you understand it.\u00a0 Everything you communicate should be filtered through this lens.\u00a0 Don\u2019t just show up with your numbers, loan volume, look-to-book metrics, and portfolio performance.\u00a0\u00a0 Present your numbers within the context of his<\/i><\/b> organization<\/strong>.\u00a0 Position your numbers to the dealer\u2019s business.\u00a0 Present your loan volume as a share of his total business.\u00a0 What revenue hit his operating statement generated by doing business with you?\u00a0 Explain why and how the metrics benefited his business.\u00a0\u00a0 Understand the dealer\u2019s F&I operations including penetration levels for financing as well as all ancillary products sold and include these points in your discussion with the Dealer.<\/span><\/span><\/li>\n
  2. Quantify Your Points<\/span><\/b> \u2013 Don\u2019t just present from the standpoint that doing business with you will help improve efficiencies and sell more cars. Always quantify these statements.\u00a0 For example, if you put three deals together for the dealership last month, don\u2019t just leave it at three additional deals.\u00a0 It should be 5 additional deals, at that dealers average front end gross, over a 12-month period, applying his VSC\/GAP\/Other Product penetration levels and his associated gross profit for each.\u00a0 Sum these numbers for a month and annualize it for him.\u00a0 Remind the dealer that you appreciate his business and are pleased to know that you are working together with his team to drive profitability in his dealership<\/strong>.<\/span><\/span><\/li>\n
  3. Respect the Dealer\u2019s Time<\/span><\/b> \u2013 Building and maintaining rapport is always an integral part of our business.\u00a0 That just can\u2019t be the main reason for your meeting with the Dealer.\u00a0 Have a plan, communicate it, stick to it, and follow up.<\/strong>\u00a0 Specifically, set an appointment with the Dealer whenever possible; let him know what you\u2019d like to cover and how long you anticipate it will take.\u00a0 Then, deliver!\u00a0 Be on time.\u00a0 Cover the communicated items within the contracted period of time.\u00a0 Validate the importance of the visit by following up on the discussion and following through on any commitments made.<\/span><\/li>\n<\/ol>\n

    It\u2019s time to ask yourself:<\/p>\n