F&I Profit is critical – so is protecting profit by ensuring that you are not a target of fraud – giving up identities unintentionally or by being victimized
ATHENS, GA, USA, July 22, 2021 /EINPresswire.com/ — Dealer Profit Services will be a lot of places this fall and ready to help dealers learn how to maximize their F&I Profit (10% on Amount Financed, 4.5% on Unit Sales) while also protecting their profit from all form forms of fraud and Identity Theft.
The current schedule, which is likely to substantially increase, is:
National Marine Lenders Association – Platinum Sponsor – Attending – Sept. 19 – 21, 2021
IBEX – Attending – Sept. 28 – 30, 2021
Boating Industry Elevate Summit – 2021 Leadership Council Member – Top 100 Sponsor – Table – Nov. 8 – 10, 2021
RVDA Conference and Exhibition – Associate Member – Speaker – Nov. 8 – 11, 2021
MRAA Dealer Week – Education Champion Sponsor – Booth – Hospitality Events (all nights) – Dec. 6 – 9, 2021
Dealer Profit Services is always open to help educate dealers on both sides of this equation and are committed to the fact that both earning and protecting are equally important.
F&I really does not stand for funny and irrelevant â€“ or flinching and imploding. F&I really does stand for fabulous and incremental. Making it so on your bottom line is up to you.
The other side of F&I is protecting yourself and your customers from fraud, identity theft, and other forms of compliance failure. These can cost both your customers and you far more than you could ever makeâ€¦they could cost you your dealership.
So, letâ€™s start with making F&I fabulous. The attitude has to be â€œaggressive and graceful in retreatâ€�. You will never get more than what you ask for the first time. You must always look for the maximum reserve. You must always offer all potential products. You must always be able to walk that back.
Set clear targets for your team. Not every deal will be the same, but you should be averaging over 7.5% F&I Profit on the amount financed. You MUST be hitting 100% Turnover on all deals â€“ which means that cash or finance, all your deals go to your finance office. They may not be able to convert to finance, although 10% of the time they can, they can always sell protective products.
Look, you are not taking value, you are offering value in F&I. Your team needs to know this, or you need a team that does.
Your F&I Sales should, in the end, represent about 50% of your overall net profit. If you are missing that it is time t take another look.
Then there is the other side.
Fraud is a huge issue today and you have to be on the lookout. There are two sides that could significantly impact your dealership. One side is peopleâ€™s identities being stolen so that the people buying your stuff are not really them â€“ a pretty big problem â€“ and then there is the other way where people with stolen identities from your dealership (through stolen identities- copied IDs, copied Apps, or other copied info) are buying things. Neither of these cases are good for you.
It is good to Fraud Proof your store by taking the steps needed to at least give yourself the â€œbest practicesâ€� protection from the CFPB.
The Dealer Profit Services schedule is always evolving and filling!