Tuesday, February 28, 2023

F&I Menu Presentations | Key Areas of Focus | Finding Success

For an F&I manager to be successful, they must have extensive product knowledge, be able to build value in their products, and follow a consistent sales process. In this blog post, we'll explore the importance of F&I training and how it can help managers excel in their roles. Building Value in Products through Product Knowledge One of the most important aspects of F&I training is building product knowledge. F&I managers must have a deep understanding of the products they sell, including the benefits they offer, the features that set them apart, and the potential risks they protect against. By having this knowledge, F&I managers can confidently present the products to customers and explain why they are valuable. This, in turn, helps customers see the value in the products and can lead to more sales. Using Stories and Experiences Another key component of F&I training is learning how to use stories and experiences to build value in products. People are naturally drawn to stories, and F&I managers can use this to their advantage by sharing examples of how the products they sell have helped other customers. For example, an F&I manager might tell a story about a customer who purchased an extended warranty and ended up saving thousands of dollars in repair costs. By sharing stories like this, F&I managers can help customers see how the products they offer can provide peace of mind and protect against unexpected expenses. Following a Process to Build Consistency Finally, F&I training should focus on developing a consistent sales process. This involves developing a step-by-step approach to presenting products, addressing objections, and closing sales. By having a consistent process, F&I managers can ensure that they are presenting the products in the most effective way possible and that they are providing a consistent experience for all customers. This consistency can lead to improved sales and customer satisfaction. By building product knowledge, using stories and experiences to create value, and following a consistent sales process, F&I managers can excel in their roles and provide a valuable service to customers. Having consistent F&I training can lead to improved sales, customer satisfaction, and overall success for a dealership. At Elite FI Partners, we understand the importance of F&I training and coaching. That's why we offer comprehensive training programs designed to help F&I managers build product knowledge, develop effective sales techniques, and create a consistent approach to presenting products. With our training programs, dealerships can ensure that their F&I managers have the skills and knowledge necessary to excel in their role and provide a high level of service to customers. Contact us today to learn more about how Elite FI Partners can help your dealership succeed.

ZeroSum Dealers’ Market First Report: 2022 Automotive Inventory Trends That Matter in 2023

From inventory and pricing trends to future predictions, this report provides everything auto dealers need to know to prepare for a successful year in 2023.

New-Car Sales Up in February

Report shows records set this month for average price.

Monday, February 27, 2023

State of the Automotive Finance Market: Q3 2022

New Experian report finds average loan terms extend for new and used vehicle loans as interest rates rise.

Our Story | Elite FI Partners

Our approach is centered on partnering with growth-oriented dealers driven to succeed. Our primary goal is to help our dealer partners generate tax-efficient wealth through cutting-edge F&I products, comprehensive training, and ongoing support. By implementing established procedures within the dealership, we promote accountability and prioritize customer satisfaction to enhance the overall experience. We are Elite FI! https://www.elitefipartners.com/ourstory?utm_source=dlvr.it&utm_medium=blogger

Vehicle Affordability a Rising Concern

Average manufacturer retail price nearly $50K, with some models exceeding six figures and $75K pickups the norm.

Saturday, February 25, 2023

Friday, February 24, 2023

Thursday, February 23, 2023

Meet Julio Mendoza | Product Specialist with Elite FI Partners

Julio Mendoza is a product specialist at Elite FI Partners, a leading provider of F&I products and services to dealerships nationwide. Julio is a bilingual expert in the automotive finance industry, bringing industry-leading products, training, support, finance manager coaching, and profit-sharing programs to dealers. In this post, we'll explore Julio's background and expertise, and how he can help your dealership succeed. Julio has over 6 years of experience in the automotive industry and has spent the last few years specializing in F&I product sales and training. He is an expert in all aspects of F&I, including VSCs, GAP, and multiple other F&I products. With his bilingual abilities, Julio can communicate effectively with Spanish-speaking customers, expanding your dealership's reach and making your customer's experience more comfortable. Julio is passionate about providing excellent customer service and helping dealerships increase their profitability. He works closely with dealership finance managers, providing coaching and support to help them achieve their sales goals. His focus is on building relationships with his clients, understanding their unique needs, and tailoring his approach to help them succeed. One of the primary reasons why Julio is an asset to any dealership is his expertise in industry-leading products. Elite FI Partners offers a wide range of F&I products designed to meet the needs of today's customers. With Julio's guidance, your dealership can offer the latest and most innovative products to your customers, helping you stand out from your competitors. Another significant advantage of working with Julio and Elite FI Partners is their transparent profit-sharing program. The program ensures that the dealer and the finance manager both benefit from each sale, creating a win-win situation for everyone involved. This approach encourages dealership finance managers to sell more F&I products, leading to increased profitability for both the dealer and the finance manager. Finally, Julio and Elite FI Partners provide comprehensive training and support to dealerships. Their training programs cover all aspects of F&I sales, including product knowledge, customer service, and objection handling. They provide both in-person and online training, making it easy for finance managers to access the training they need to succeed. In conclusion, Julio Mendoza is an expert in F&I product sales and training, and he is an asset to any dealership. With his bilingual abilities, industry-leading products, transparent profit-sharing program, and comprehensive training and support, Julio can help your dealership succeed. Contact Julio and Elite FI Partners today to learn more about how they can help your dealership increase its profitability and achieve its sales goals.

Key areas of focus when selling a service contract

As an F&I manager, selling a vehicle service contract (VSC) can be a highly profitable opportunity for your dealership. However, it's important to have a thorough understanding of VSCs and the key areas to focus on when training your sales team. In this article, we'll discuss the essential aspects of selling a VSC and the critical areas to focus on for training. * Know the product inside out: The first step in selling a VSC is having a complete understanding of the product. You must be familiar with the coverage options, limitations, exclusions, and pricing. Having this knowledge will help you explain the benefits of the VSC to your customers confidently. * Communicate the value proposition: When selling a VSC, it's important to communicate the value proposition to your customers. Explain to them how a VSC can protect them from costly repairs, give them peace of mind, and potentially increase the resale value of their vehicle. Customers want to know what they are paying for and why they should consider buying a VSC. * Address common objections: One of the most common objections to VSCs is the cost. Ensure that your team is prepared to address this objection and explain the long-term savings that a VSC can offer. You should also be prepared to address objections related to the coverage options and exclusions. * Offer customized coverage options: Every customer's needs are unique, so it's essential to offer customized coverage options that suit their individual needs. Tailoring your coverage options to your customer's specific situation can increase the likelihood of them purchasing a VSC. * Provide excellent customer service: The level of customer service you provide is crucial when selling a VSC. You should be available to answer any questions your customers may have and provide prompt service when they need assistance with their vehicle. Good customer service can lead to customer satisfaction and loyalty, which can result in repeat business. When training your sales team to sell VSCs, it's essential to focus on these critical areas. Ensure that your team has a comprehensive understanding of the product, can effectively communicate the value proposition, can address common objections, offer customized coverage options, and provide excellent customer service. At Elite FI Partners, we understand the importance of effective VSC training. We offer comprehensive training programs designed to help F&I managers and sales teams achieve their sales goals. Our training programs cover all aspects of VSC sales, including product knowledge, objection handling, and customer service. Our team of experienced trainers can provide both in-person and online training to meet the needs of your dealership. In conclusion, selling a VSC can be highly profitable for your dealership, but it requires a well-trained sales team. Focus on the essential aspects of VSC sales when training your team, including product knowledge, value proposition, objection handling, customized coverage options, and customer service. Contact Elite FI Partners today to learn more about our comprehensive VSC training programs and how we can help your dealership succeed.

Is it time for a check up on your Reinsurance or DOWC?

When it comes to choosing a reinsurance or Dealer-Owned Warranty Company (DOWC), there are several critical areas that dealerships should consider to ensure they select the right provider. In this blog post, we will discuss the key factors to review when choosing a reinsurance or DOWC provider. Firstly, the reputation of the provider is of utmost importance. It's crucial to research providers online, read customer reviews, and seek referrals from other dealerships. A provider with a positive reputation is more likely to provide quality service and deliver on their promises. Secondly, the financial stability of potential reinsurance or DOWC providers should be reviewed. Providers with a strong financial standing are more likely to pay out claims and provide adequate support to dealerships. It's also essential to review the provider's track record for claim payments to ensure they have a good history of fulfilling their obligations. Thirdly, dealerships should evaluate the product offerings of potential reinsurance or DOWC providers. A provider with a broad range of products can help dealerships offer a variety of options to customers and increase sales. Dealerships should also ensure that the provider's products are in line with their customers' needs and comply with state and federal regulations. Fourthly, the claims process of potential reinsurance or DOWC providers should be reviewed. Dealerships should ensure that the provider's claims process is efficient and customer-friendly. A streamlined claims process can improve customer satisfaction and help dealerships retain customers. Lastly, the training and support provided by potential reinsurance or DOWC providers should be evaluated. A provider that offers comprehensive training and ongoing support can help dealerships improve their sales processes and increase profitability. Dealerships should also ensure that the provider offers adequate support in the event of a claim. When working with Elite FI Partners, dealerships can expect a thorough review of their current reinsurance or DOWC program, based on the key metrics outlined above. This evaluation provides dealerships with a detailed report of their program's strengths and weaknesses, with actionable steps to improve it. If a dealership does not currently have a reinsurance or DOWC program, Elite FI Partners can help set one up. They will work with the dealership to evaluate their customer base, product offerings, and compliance requirements to develop a customized program that meets their specific needs. In addition to reviewing and setting up reinsurance and DOWC programs, Elite FI Partners also offers comprehensive training and support to dealerships. Their experienced F&I trainers can help dealerships improve their sales processes and increase profitability, with ongoing support to ensure successful implementation of the new program. Elite FI Partners is a transparent and cost-effective choice for dealerships looking to review and set up reinsurance or DOWC programs. Their detailed breakdown of program costs ensures that dealerships can make informed decisions and get the best value for their investment. In conclusion, choosing the right reinsurance or DOWC provider is crucial for dealerships. By evaluating the reputation, financial stability, product offerings, claims process, and training and support of potential providers, dealerships can make informed decisions to set themselves up for long-term success. Working with Elite FI Partners is an excellent choice for dealerships looking to review and set up reinsurance or DOWC programs, as they offer a transparent and comprehensive service with a proven track record of success.

New Index Shows EVs Have Gained Ground

But multiple obstacles stand in the way of widespread adoption.

Wednesday, February 22, 2023

Are You Offering Appearance Protection?

In the world of F&I, appearance protection packages have become an increasingly popular way to protect the exterior and interior of vehicles. These packages can include a variety of features, such as paint protection, dent repair, windshield repair, and interior protection. While appearance protection packages may seem like an optional add-on, they can provide significant benefits for car owners and dealerships alike. One of the primary benefits of appearance protection packages is that they help to maintain the value of a vehicle. Cars can be expensive investments, and as they age, wear and tear can take a toll on their appearance. Appearance protection packages help to protect against the everyday hazards of driving, such as scratches, dings, and spills. By keeping a vehicle looking like new, these packages can help to maintain its value, making it easier to resell or trade-in when the time comes. In addition to protecting the value of a vehicle, appearance protection packages can also provide peace of mind for car owners. Knowing that their vehicle is protected against common hazards can help to alleviate the stress and worry that often comes with car ownership. This can be especially important for luxury car owners, who may be particularly invested in the appearance and condition of their vehicles. For dealerships, appearance protection packages can also provide a valuable source of revenue. By offering these packages to customers, dealerships can increase their profit margins while also providing a valuable service to their clients. This can be especially important in a competitive automotive market, where dealerships are constantly looking for ways to differentiate themselves from their competitors. Another benefit of appearance protection packages is that they can be customized to meet the specific needs and preferences of individual car owners. For example, some car owners may be more concerned about protecting the exterior of their vehicle, while others may be more focused on maintaining the condition of the interior. By offering a range of options, dealerships can provide a tailored solution that meets the unique needs of each customer. In conclusion, appearance protection packages can provide significant benefits for both car owners and dealerships. By protecting the value of a vehicle, giving peace of mind, and generating revenue for dealerships, these packages have become an increasingly important part of the F&I landscape. Whether you're a car owner looking to protect your investment or a dealership looking to boost your bottom line, appearance protection packages are a valuable tool that should not be overlooked. Are you looking to offer an appearance package in your dealership? Reach out to Elite FI Partners today to learn more about the benefits of adding an appearance package to your finance presentation. #WeAreEliteFI

EpicVIN Parternships to Provide Maintenance History to Used-Car Buyers

Buyers can also access used-vehicle listings and dealership contact information.

Compliance in the F&I office

As a Finance Manager in the automotive industry, you play a vital role in finalizing a vehicle sale. You work closely with customers to provide them with financing options and necessary paperwork. However, compliance in the F&I office is of utmost importance. It is essential for you to ensure that your dealership is following all relevant rules and regulations. This article will discuss compliance in the F&I office, including training and the governmental agencies that oversee and monitor dealerships. Compliance in the F&I office Compliance refers to the adherence to rules and regulations that govern the automotive industry. Compliance in the F&I office ensures that dealerships operate ethically, transparently, and within the boundaries of the law. Failure to comply with regulations can lead to legal issues, financial penalties, and harm to a dealership's reputation. Training for Compliance in the F&I Office To ensure compliance in the F&I office, finance managers must undergo training. This training is essential to provide an understanding of the rules and regulations that apply to the automotive industry. Training should cover state and federal regulations, such as the Truth in Lending Act (TILA), the Gramm-Leach-Bliley Act (GLB), and the Fair Credit Reporting Act (FCRA). It should also include training on dealership policies and procedures. Training should be ongoing, as rules and regulations can change frequently. New employees should receive thorough training, and all staff should receive regular updates to stay updated with any changes. Governmental Agencies that Oversee and Monitor Dealerships Several governmental agencies oversee and monitor dealerships to ensure compliance with rules and regulations. These agencies include: * Federal Trade Commission (FTC): The FTC is a federal agency that works to promote consumer protection and prevent anticompetitive business practices. The FTC enforces a wide range of federal consumer protection laws, including laws related to the automotive industry. Specifically, the FTC oversees and enforces the Truth in Lending Act (TILA), which requires dealerships to provide consumers with accurate and clear information about the cost of credit. The TILA ensures that consumers have a clear understanding of the terms and conditions of any financing they receive from a dealership. * Consumer Financial Protection Bureau (CFPB): The CFPB is a federal agency that was established to protect consumers in the financial marketplace. The CFPB has jurisdiction over a broad range of financial products and services, including those related to automotive sales. The CFPB oversees and enforces the Fair Credit Reporting Act (FCRA), which protects consumers' financial information by ensuring that it is collected and used responsibly. The CFPB also oversees and enforces the Gramm-Leach-Bliley Act (GLB), which requires financial institutions to protect the privacy of their customer's personal information. * State Attorneys General: Each state has an Attorney General's office that is responsible for enforcing state laws related to consumer protection. State Attorneys General investigate and prosecute violations of state consumer protection laws, including those related to automotive sales. These laws can vary from state to state, so it is essential for dealerships to be aware of the laws that apply in their specific state. * Department of Justice (DOJ): The DOJ is a federal agency that is responsible for enforcing federal laws and prosecuting criminal activities. The DOJ has jurisdiction over various federal laws, including those related to automotive sales. The DOJ can prosecute dealerships for violating federal laws, such as the Racketeer Influenced and Corrupt Organizations Act (RICO), which prohibits organized criminal activities. Conclusion Compliance in the F&I office is crucial for dealerships. It ensures that dealerships operate ethically, transparently, and within the boundaries of the law. Finance managers must undergo training to understand the rules and regulations that apply to the automotive industry. Federal and state government agencies oversee and monitor dealerships to ensure compliance. By adhering to the rules and regulations, dealerships can maintain a positive reputation, avoid legal issues, and protect the interests of their customers.

Honda Accord Touring Model to Include Android Automotive

The automaker’s top of the line Touring model Accord will come with “Google built-in” in 2023.

Tuesday, February 21, 2023

Best Practices for Compliance with Auto Finance Regulations

Auto finance regulations are complex and constantly changing, which can make it difficult for finance managers to ensure that their operations are fully compliant. Failure to comply with these regulations can result in costly fines, legal liabilities, and damage to a company's reputation. Therefore, it is essential that auto finance managers stay up-to-date on all relevant regulations and implement best practices to ensure compliance. Here are some key best practices to follow: * Develop a Compliance Management System (CMS) A CMS is a set of policies and procedures that are designed to ensure that a company's operations are compliant with all applicable regulations. An effective CMS should be tailored to the specific needs of the organization and should include a risk assessment, policies and procedures, training programs, and an auditing and monitoring system. * Conduct Thorough Due Diligence on All Parties Involved in Financing Transactions Auto finance managers should conduct thorough due diligence on all parties involved in financing transactions, including borrowers, dealerships, and third-party vendors. This due diligence should include verifying information provided by these parties, such as income, employment, and credit history, and should also include a review of any previous legal or regulatory issues. * Implement Comprehensive Underwriting Criteria Auto finance managers should implement comprehensive underwriting criteria that take into account all relevant factors, including credit history, income, employment, and debt-to-income ratio. These criteria should be consistently applied to all borrowers, regardless of their race, gender, or other protected characteristics. * Provide Clear and Accurate Disclosures to Borrowers. Auto finance managers should provide clear and accurate disclosures to borrowers regarding the terms of their loans, including the interest rate, fees, and any other charges. These disclosures should be easy to understand and should be provided in a format that is accessible to all borrowers. * Train Employees on Compliance Policies and Procedures Auto finance managers should train all employees on the company's compliance policies and procedures. This training should be ongoing and should cover all relevant regulations, as well as any updates or changes to these regulations. * Conduct Regular Audits and Monitoring Auto finance managers should conduct regular audits and monitoring of their operations to ensure that they are fully compliant with all applicable regulations. These audits should be conducted by an independent third party and should cover all aspects of the company's operations, including underwriting, servicing, and collections. In conclusion, auto finance managers need to implement best practices to ensure that their operations are fully compliant with all applicable regulations. By developing a comprehensive CMS, conducting thorough due diligence, implementing comprehensive underwriting criteria, providing clear and accurate disclosures, training employees on compliance policies and procedures, and conducting regular audits and monitoring, auto finance managers can mitigate the risk of non-compliance and ensure the long-term success of their operations.

The Chameleon

A chameleon is best known for its ability to change colors, camouflage, and adapt to its environment. And some of the best sales representatives and finance managers are like chameleons. They focus on adapting their sales pitch to resonate in a way a client best receives it. Your customers have different personalities and come from various backgrounds that have shaped how they think, engage, interpret, and most importantly, how they make buying decisions. In my time in the finance chair, I have come across customers who want to know every detail. They want to know exactly what is covered, how long it's covered, and the limits to the coverage. I have also come across customers who simply want to know they have the best coverage and are not concerned about the details. So what does it mean to be a chameleon? It is the ability to recognize what influences a decision-maker. While simultaneously adjusting your presentation with content that resonates and confidently delivers your message. Sounds simple right? Here are the three steps to becoming a chameleon. Step 1 Recognize what influences the buyer The key is to recognize what type of buyer you are dealing with. You will have to listen, ask more questions, and get to know them a little bit. You are looking for signs that show you characteristics of how they make decisions and what influences them. Is it emotion, data & metrics, reviews, price, speed, convenience or brand recognition? Often buyers are influenced by a couple of factors. Come up with 3-4 questions you include periodically throughout your discovery phase of the sales process. Don't be afraid to be straightforward. Step 2 Adjust your pitch Act quickly and adjust on the fly. You will have to find a balance that works for you and will be impactful throughout your time with your customer. This is where sales and sports are very similar. Think of it as you are the head coach of a sports team. The coach will attempt to recognize the opposing team's tendencies and then make adjustments throughout the game. Step 3 Execute the adjusted plan If you have completed the first two steps, it is time to bring it all together. You have a vision for what impacts the buyer and creates relevant value. Be confident, answer every question, and give examples that resonate with what influences their buying tendencies.

Jacob Melson | New Employee Spotlight

Jake started his career in the automotive industry in 2015. As a second-generation car guy, Jake grew up in dealerships. With his youngest memories of being in the showroom and watching the hustle and bustle with eagerness in his eyes, Jake always knew he was meant to be in the dealership world. In 2020 Jake was promoted to a full-time finance role. Over the next 2 years, he learned as much as he could before accepting an opportunity at a much larger company, where he was consistently a lead performer. It was during this time that he realized his true passion for the finance office was in cultivating and developing others to grow and perform at a higher level.

BMW Takes Top Spot in Consumer Reports Ranking

BMW overtook Subaru to take the top spot in Consumer Reports’ annual ranking of top automotive brands for performance, safety and reliability.

Sunday, February 19, 2023

Automaker Favors Varied Auto Lineup to All EVs

Toyota Motor Corp. President Akio Toyoda says there is a silent majority who question whether automakers should pursue electric vehicles exclusively.

EV Tax Credit Guidance Delayed

Controversial rules on battery component sourcing anticipated by carmakers.

Friday, February 17, 2023

Black Book: Weekly Market Report

With the holidays approaching, auction lanes are following the trend of past weeks of being slow.

Auto Dealership Buy/Sell Stays Hot with Yet Another Record in 2022

According to Third Quarter 2022 Blue Sky Report® by Kerrigan Advisors, dealership buy/sells increase 25% YoY as auto retailers overcome economic headwinds to achieve a 205% increase in earnings compared to pre-pandemic averages.

Wednesday, February 15, 2023

Tuesday, February 14, 2023

5 Automakers Handled Half of All EV Sales in 2022

According to EV-Volumes data, from Jose Pontes, five OEMs handled more than half of all EV sales.

Security Ops Center Planned at Reynolds HQ

State-of-the art facility to enhance Proton Dealership IT’s cyber threat monitoring and response services.

Monday, February 13, 2023

Saturday, February 11, 2023

Impacts of a Down Economy

It is not clear how current economic conditions will affect vehicle sales, auto lending and remarketing over the next 12 months.

F&I Tip of the Week: Primary Responsibility

Join Brown & Brown Dealer Services' John Tabar, here with this F&I Tip of the Week.

Thursday, February 9, 2023

F&I Tip of the Week: Sharing New Information to Show Value

Join Brown and Brown Dealer Services' John Tabar, with this F&I Tip of the Week!

Massachusetts AG Enters Two Settlements with Auto Industry

The AG’s Office settled with Toyota Motor Credit Corp. for illegal auto finance collection practices and Hometown Auto Framingham for discriminatory prices of add ons.

Wednesday, February 8, 2023

Supply Chain Disruptions Affected Volkswagen Cash Flow in 2022

Volkswagen AG reported its cash flow fell short of expectations as supply chain snags led to higher unsold inventory at year’s end.

2023 F&I Crystal Ball

There are many predictions of what is in store during the next 12 to 18 months for the auto industry, and when you compare predictions, some trends emerge.

Tuesday, February 7, 2023

The Path of People: The Power of Empathy

If we provide the path through the process that our customers enjoy, expect, and hope for, they will trust us and listen to the insight we offer.

Why “Penny- Perfect” Payments Simply Don’t Cut It

The technology of today has far surpassed “penny-perfect,” and those competitors who understand this are cleaning up.

Monday, February 6, 2023

Vehicle Affordability a Growing Problem

Dealers report elevated prices, a lack of affordable vehicle models, and higher interest rates are pricing many consumers out of new cars.

Desking in a Rising Rate Environment

If a dealership is still buying Sharpies to complete paper Four Squares, you will probably find a higher percentage of packed payments or potentially discriminatory pricing.

Saturday, February 4, 2023

Friday, February 3, 2023

Commercial EV Vehicle Leases to Qualify for Tax Credits

As of January 1, consumers can lease electric vehicles and qualify for up to $7,500 in commercial clean vehicle tax credits.

Diesel Fuel Prices Starting to Fall

Diesel fuel prices have started to fall, but they still remain at historical highs.

Wednesday, February 1, 2023