I need some help with a F&I meeting

I am planning on presenting a meeting dedicated to F&I. The meeting will be for the sales staff, both managers and sales people.

I plan on putting a professional power point presentation together.

I would like to present some statistics on the nationwide trends in F&I, what the national average dealer income is from F&I, how F&I income contributes to the overall dealership bottom line, how service contract sales equate to customer retention etc.

I would also like to discuss with the sales staff the importance of a decent turn over to the finance department when customers are paying cash or arranging their own financing.

I am sure most finance managers agree, this is, and always will be one of our greatest challenges.

Can we all put our heads together here and make some practical suggestions that I can put into the presentation,

What I need is some verifiable statistics and some suggestions on the best techniques in persuading the sales force that we are on their side and our function is to be a support team for the sales force and not a department that just relies on them to make our living.

So suggestions of how we help sales would be appreciated too.

I will be very happy to share the power point presentation with anyone who wishes to use it at their dealership when it is completed.

 

Thanks

 

Jed Fraser

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Permalink Reply by Jed Fraser on June 11, 2010 at 6:08pm
Hey Scott,
Thank you for your input. I would agree with you that it is "old school" thinking keeping sales consultants in the dark as to financing. I do believe sales consultants need to be empowered to be able to answer customer concerns regarding the financial process.
As you mentioned, it is a matter of training the sales staff to create an environment within the dealership that can cater to all the customer's needs, financing included. This is what I plan on portraying in the meeting.
As far as hiring good sales staff. Well, that is an ongoing battle. I have found that superstars are hard to come by these days. Unfortunately we are in an industry that people just don't consider permanent or have little respect for. It's a shame. I love this industry, I love sales and I love closing deals. I have been doing this for 15 years now and am anything but burnt out. I wish I could find a way to infuse the passion I have for the business into the sales staff, so they could understand how much fun it is rather than being a daily grind.

SCOTT TYNER said:
Well, I like that you want to get the sales staff AND F&I to be on the same team. I sold cars for 10 years (as Internet Manager, Salesman, backup F&I etc), and F&I staff for the most part act like they understand the entire car business better than ANY salesperson.

Now this is in general of course, because I have worked well with most people I worked with ( some not so well) for the most part.

Maybe you could talk a little about the stuff I write below.

From what I have seen we have 2 BIG FEARS to deal with.
1. The F&I Manager is afraid the salesman will "spill the beans" if he knows too much about the deal as far as finance is concerned.
2. The salesperson is afraid of the customer because he is in the dark (or downright ordered to dodge the topic altogether) when the customer asks a simple finance question such as: what rate can I get?

I would suggest a happy medium (correct me if I'm wrong). Let me give you an example.

I'm working with a customer who is sold on the car (key point - sold on the car - ready to buy if terms are agreeable). Personally I could care less about F&I until it is time for that. I'm not selling my customer anything in F&I. So I have no problem not knowing exact rates anyway (besides isn't that impossible at this point?).

So here we are at the "write-up". I would like to show my customers the best and worst rates along with the payments assuring them that they will fall in between somewhere based on what their credit situation dictates. Now I want to do this with the full sticker price for obvious reasons.

If I'm trusted by management I don't even have to go to the "tower" until I've got an agreement to buy "if I could...". So if you give me the tools I need, I'll make it easier on everybody, including F&I and we'll all make a better profit and commission.

Thing is if I have a computer at my desk I don't really have to worry about whether or not a dealer trusts me to talk about all that stuff with a customer, because I happen to understand both points of view.

I simply go to any number of thousands of websites and find the lowest rate out there work up payments with 20% down at 36 months with the low rate and with the highest rate (say 20% and then 4% interest). and there you have it. "...ma'am we know your payments will be in between these two somewhere, now let's figure out what works best for your budget. What is your monthly income...." - moving smoothly into a COMPLETE credit application, and an agreement to buy today "if I can...".

I know what you're thinking. "Some of my salepeople can't do this, they mess up and we always have to sell with little profit, when they know too much." If they can't be trained to properly answer customers questions WITH knowledge (not without knowledge according to popular belief), Then the problem is you're calling someone a salesperson, who really isn't. Fix it by always being on the look out for quality people to hire. Don't just hire when you lose someone. Get a real salesperson.
Permalink Reply by Jed Fraser on June 11, 2010 at 6:11pm
Thanks Norman,
You have given me some good points to ponder. I will definitely consider your advice when putting my meeting together.

Norman M. Kaye said:
Jed,
I think it is great that you're current focus is on the profit center we call F&I. I am going to answer your request a bit bluntly so I hope you will forgive. As I am sure that you are aware salespeople are not necessarily "future thinkers"; but more of what's in it for me now! In a way I certainly respect that attitude as it gives them a certain instinct to close a deal now. Having said that it is my belief that they will find a power point presentation filled with powerful stats quite boring! In order to get them on board I believe that you need to both reward great TOs to finance and, on the other hand, thier must be consequences if they do not attempt. Thus, here is a different point of view. Ok, so you can no longer pay them cash on the spot or at salesmeetings. Can they fill their tanks with gas, gift certificates, lunch or dinner bills paid, dry cleaning bill ect. Anything that is instant gratification. The opposite is a loss of bonus dollars if a proper TO is not done. Now that does not answer your presentation question. Interactive roll play is what I found works best for F&I "meetings". There is nothing wrong with showing what their pay can be if they have a penetration level of 10%,25% 50% ect. but my advise, keep that short. Make it about what they do best...sell. If you want their attention let them share their success stories and their fears. Make it fun, not fun of them.
Hope these thoughts help a bit.........................Norm Kaye
Permalink Reply by Jed Fraser on June 11, 2010 at 6:13pm
Thanks Allen,
I sometimes use repair orders in my menu presentations to customers, I have never thought of using this technique with the sales staff. Great stuff.

Allen Geissler said:
It might be a good idea to bring a few repair orders in from service to demonstrate how expensive it is to fix a car. In my expierence, you can have all the meetings in the world, but it's nothing like closing a deal on the floor to get the salespeople on your side. I have also had a few of them watch video's of me with customers so they can see exactly what it is that I do.
Permalink Reply by Jed Fraser on June 11, 2010 at 6:20pm
Thanks for you input Geoffrey.
Some good points here. You're right this would probably take to meetings to cover everything. I will also be holding a meeting on correct procedures and the importance of accurate information on forms etc, later on.
Thanks again

Geoffrey Veit said:
Jed,
I would, as others have mentioned, emphasize team and show why and how to be a team.
I would talk about several things that make the team attitude stronger
1. What is the proper introduction to F@I and why is it so important?
2. What seeds can be planted and how
3. What seeds definitely need to be planted?
4. What is a properly filled out credit application and why is it so darn important that the credit application is properly and completely filled out.
5. What should be done while the prospect is in F&I
6. Because F&I people are designed to improve a deal not make it, why does the customer need to have mental ownership before they go into the Buisness office?
That's probably two meetings
Permalink Reply by Richard G. Scott on June 11, 2010 at 6:29pm
This link will take you to a recent article in AN. It provides some interesting details.

http://www.autonews.com/apps/pbcs.dll/article?AID=/20100503/RETAIL0...
Permalink Reply by SCOTT TYNER on June 11, 2010 at 9:26pm
Thanks Jed. Hey have you thought of hiring anyone on here. I for one feel the same way you do in that I'm not burnt out.

In fact I haven't been in the business for almost two years (because I got burnt out with the old school mentality and no more choices as far as dealerships to work at - yes I live in the country), but as you can see I'm still on here responding to good posts.

I have found myself lately wanting to close a car deal so bad I can taste it. Which probably explains why I'm on here reading so much. Does that mean I'm a real "car man" as they say?

Jed Fraser said:
Hey Scott,
Thank you for your input. I would agree with you that it is "old school" thinking keeping sales consultants in the dark as to financing. I do believe sales consultants need to be empowered to be able to answer customer concerns regarding the financial process.
As you mentioned, it is a matter of training the sales staff to create an environment within the dealership that can cater to all the customer's needs, financing included. This is what I plan on portraying in the meeting.
As far as hiring good sales staff. Well, that is an ongoing battle. I have found that superstars are hard to come by these days. Unfortunately we are in an industry that people just don't consider permanent or have little respect for. It's a shame. I love this industry, I love sales and I love closing deals. I have been doing this for 15 years now and am anything but burnt out. I wish I could find a way to infuse the passion I have for the business into the sales staff, so they could understand how much fun it is rather than being a daily grind.

SCOTT TYNER said:
Well, I like that you want to get the sales staff AND F&I to be on the same team. I sold cars for 10 years (as Internet Manager, Salesman, backup F&I etc), and F&I staff for the most part act like they understand the entire car business better than ANY salesperson.

Now this is in general of course, because I have worked well with most people I worked with ( some not so well) for the most part.

Maybe you could talk a little about the stuff I write below.

From what I have seen we have 2 BIG FEARS to deal with.
1. The F&I Manager is afraid the salesman will "spill the beans" if he knows too much about the deal as far as finance is concerned.
2. The salesperson is afraid of the customer because he is in the dark (or downright ordered to dodge the topic altogether) when the customer asks a simple finance question such as: what rate can I get?

I would suggest a happy medium (correct me if I'm wrong). Let me give you an example.

I'm working with a customer who is sold on the car (key point - sold on the car - ready to buy if terms are agreeable). Personally I could care less about F&I until it is time for that. I'm not selling my customer anything in F&I. So I have no problem not knowing exact rates anyway (besides isn't that impossible at this point?).

So here we are at the "write-up". I would like to show my customers the best and worst rates along with the payments assuring them that they will fall in between somewhere based on what their credit situation dictates. Now I want to do this with the full sticker price for obvious reasons.

If I'm trusted by management I don't even have to go to the "tower" until I've got an agreement to buy "if I could...". So if you give me the tools I need, I'll make it easier on everybody, including F&I and we'll all make a better profit and commission.

Thing is if I have a computer at my desk I don't really have to worry about whether or not a dealer trusts me to talk about all that stuff with a customer, because I happen to understand both points of view.

I simply go to any number of thousands of websites and find the lowest rate out there work up payments with 20% down at 36 months with the low rate and with the highest rate (say 20% and then 4% interest). and there you have it. "...ma'am we know your payments will be in between these two somewhere, now let's figure out what works best for your budget. What is your monthly income...." - moving smoothly into a COMPLETE credit application, and an agreement to buy today "if I can...".

I know what you're thinking. "Some of my salepeople can't do this, they mess up and we always have to sell with little profit, when they know too much." If they can't be trained to properly answer customers questions WITH knowledge (not without knowledge according to popular belief), Then the problem is you're calling someone a salesperson, who really isn't. Fix it by always being on the look out for quality people to hire. Don't just hire when you lose someone. Get a real salesperson.
Permalink Reply by Hoss Devine on June 12, 2010 at 4:32am
Hey Jed,

I give these types of meetings frequently in the stores I work with, so I understand what you are trying to accomplish. The best approach I have found in this type of meeting is giving a brief overview of the importance of a proper T.O. and then I sell them on the products kind of like I would with a customer.

The key to this meeting is "leading them down the path of self discovery" by asking key specific closed ended questions with predictable answers. If you ask open-ended questions in this meeting you open yourself up for discussions you may not really want to start. The key point in this meeting is to leave them with the understanding that the business office and the dealership truly has the customers best interest at heart. When you truly do have your customers best interest at heart and the salesperson and the customer both know that profit is a by product. I am a big proponent of educating salespeople because I feel knowledge is power, that power in the wrong hands can be deadly though so be cautious. There may be some things you may want to discuss one on one after the meeting with specific salespeople. The statistics I use are from a survey done by JD powers several years ago.

1. 3.7 out of 4 customers that finance with you will give you another opportunity when they are in the market for a car again.
2. 3 out of 4 customers that buy a service contract from you will give you another opportunity
when they are in the market for a car again.

These are the only statistics I share with them because I believe they are the only relevant to them. Next I share with them why financing a car is the best thing for a customer. (see attachment) This is the cash conversion I teach finance managers to do with a customer. This is not designed for the salesperson to do (although the last store I ran I had a few salespeople that could do this very well and did it on the floor with customers).

Next, I go through a couple of service contract presentations, a gap presentation, and a maybe a tire & wheel (see attached). It is important to walk them through these things by asking questions.

When I talk about a proper T.O. The first thing I talk about is the five preconditions finance needs from the front end in order to be effective.

1. Customer has driven the vehicle

2. Customer agrees to own and take delivery of vehicle NOW!

3. Customer agrees to selling price

4. Customer agrees to trade allow

5. Customer agrees to trade difference

All of the above must have been established with the customer and they are agreeable to it all.
The bottom line of it is the customer must be closed. Now I understand that every now and then you may need to do a box close with a customer, but it needs to be disclosed up front to the finance manager.

Next I reference how an athlete endorses a product and that we should do the same thing, give an endorsement. I lead them down the path with this example:

Imagine one of your customers you just sold a car too, had a neighbor ask him about his car and where he bought it. Would you want him to tell his neighbor how much he paid for it? How about his payment? How about what you gave him on trade? Etc. They will say “well no!” Well what would you want him to say? “Well just that I took great care of them and was very knowledgeable about the product and they learned a lot” Well that’s what we want you to say when you turn a customer to us.

“This is Jed my business manager. He takes great care of all my customers and he’ll take great care of you as well. Be sure and listen to him you will learn a lot from him, I know I have.”

Finally, as far as a PowerPoint presentation I do those for some of my training meetings but for this meeting I have found it best just to do it on a board and make it interactive.

Hope this helps. If you have any further questions feel free to contact me.
Attachments:
Permalink Reply by Karl M. Stearns on June 12, 2010 at 4:52am
A suggestion would be to prepare a "menu" of accessories for customers to purchase and run the accessory sales through F&I. Work out the retail pricing with your sales managers--both new and used--and pay back a commission to the sales staff for giving you the TO on the customers. This gives you an additional stream of income even on the cash or pre-arranged financing customers.

Karl Stearns
Chairman, SEMA PRO Council
KMS Marketing Solutions
www.kmsmarketingsolutions.com
Permalink Reply by Myles F. Dolan Jr. on June 12, 2010 at 7:14am
Great Idea. Without buy in from the Sales Comsultants they will view F&I as a neccessary evil. Besides setting up compensation plans that include the desk and sales people you may want to go back to the old WIFFM - Whats in it for me. In todays challanging credit markets you need a highly qualified and experienced F&I progfessional to put together and present to ther banks deals that make sense. Like the somewhat credit chellanged deals and the good people who have exoerienced some rtough patches in their credit histories. Simply put the F&I person gets deals done and that equals commission to the Sales Consultant.
Permalink Reply by Cathy Aron on June 12, 2010 at 11:49pm
Jed, there are a number of great suggestions offered by other members. Here are my thoughts from experience & practices I have used in my 10-years as an F&I Manager (and a sales person prior to that):

The WIIFM needs a little tweek. If we can ALL shift our perspective to the PAIN that we solve our customers, we will be much more effective sales people. This applies directly to your question. I suggest that you start the meeting by engaging interaction & ask your team who's interested to sell as many cars as possible-raise your hand straight to the ceiling-others will follow and mimic you by raising their hands too...pause for reaction (everyone should have their hand up). If anyone doesn't raise their hand, you probably won't see them at your next meeting because either they decided selling cars isn't for them or they've been fired. Always pose the opposite question though and ask if anyone at the meeting ISN'T interested to sell as many cars as possible-sounds redundant but you are getting a commitment from your team here. Engaging interaction at ANY meeting is crucial to it's success and this is validated in EVERY top performing personal development coach in the world!

Now address their PAIN of losing deals and $/commissions (their true pain is the loss of the money and the loss of the ability to buy those things Dan mentioned earlier). This is a good time to give some history about what it was like before F&I Managers ever became a fundamental component of a dealership. As Dan mentioned, once customers are let loose to arrange their own financing, pick-up their bank draft, get the vehicle insurance organized (this step varies between states and provinces), all sorts of crazy things can happen to impair a deal-from loss of the deal to asking for a better deal! The F&I Manager is instrumental in keeping the deal in-house & stabilizing it until the car goes over the curb.

I completely agree with bringing in work orders from the service department. Before introducing them, take a poll from your salespeople and ask how many of them have a warranty on their car? If any do, ask them WHY? Get some enrollment and feedback from teammates rather than just your prepared presentation. Truly valuable. Then bring in the service department records and ask your salepeople how they would feel if their customer returned to the sales department with a massive bill in hand, pale and disheartened, looking for consolement...paint the pain of that customer...a story that captures a customer's like experience-just before they were leaving on a family long-awaited road trip-now had to come up with $x unexpectedly just to get the vehicle road worthy to go on that vacation-maybe it even required that they cancel the trip! Fathers will relate to this. Offer a couple of stories that are as disheartening that relate to the majority of your salespeople-golfer stories maybe.

I'm also in favour of spiffs for salespeople for F&I products their customers purchased. If you can't give it out as cash at a meeting, in the least it should be identified on their cheque as F&I bonus...that sets up the opportunity for the salespeople to make something meaningful of that money - get some enrollment about how they use that cash now - this will stir ideas amoung them. I've learned from some sales staff that they put that $ into a special vacation fund - a special golf getaway - a special anniversary getaway with their spouse -give them some ideas about WIIFM with this money rather than just extra cash to their paycheque - it's different than their earnings for selling cars, it's special money. Some dealerships don't even offer spiffs-you do-and it is an opportunity for them to earn more $ ...from someone else's sales abilities - all they need to do is set it up! I think the emphasis on what they can do with this money outweighs talking about the actual dollars and cents. Hoss offered a great analagy about professional athletes that endorse products. His F&I Manager introduction is excellent: “This is (Jed) my business manager. He takes great care of all my customers and he’ll take great care of you as well. Be sure and listen to him you will learn a lot from him, I know I have.”

Advanced techniques that the F&I Manager can use to buy-down interest rates or flip a subvented interest rate loan into a standard rate financing using the manufacturer's cash rebate are examples of what can be introduced to your sales staff with a powerful impact. You don't want them to understand the ins and outs about the step by step mechanics that make this work but you can be very effective by showing them some graphs that can describe the switch in a nutshell and get them excited about the possibilities your F&I Manager can create for your customers that they didn't even know about!

Finally, there are some good stats in this report. Although they are nationwide, they still offer some info that I'm sure will be useful http://www.fi-magazine.com/Statistics/StatsViewer.aspx?file=http%3a...

It would be interested to see your ppt presentation when it's done.
Permalink Reply by Jed Fraser on June 14, 2010 at 9:40am
Wow Hoss,

You have some great stuff here. I really appreciate you taking the time to put this together for me. I will definitely use your advice during the meeting

Thanks
Jed

Hoss Devine said:
Hey Jed,

I give these types of meetings frequently in the stores I work with, so I understand what you are trying to accomplish. The best approach I have found in this type of meeting is giving a brief overview of the importance of a proper T.O. and then I sell them on the products kind of like I would with a customer.

The key to this meeting is "leading them down the path of self discovery" by asking key specific closed ended questions with predictable answers. If you ask open-ended questions in this meeting you open yourself up for discussions you may not really want to start. The key point in this meeting is to leave them with the understanding that the business office and the dealership truly has the customers best interest at heart. When you truly do have your customers best interest at heart and the salesperson and the customer both know that profit is a by product. I am a big proponent of educating salespeople because I feel knowledge is power, that power in the wrong hands can be deadly though so be cautious. There may be some things you may want to discuss one on one after the meeting with specific salespeople. The statistics I use are from a survey done by JD powers several years ago.

1. 3.7 out of 4 customers that finance with you will give you another opportunity when they are in the market for a car again.
2. 3 out of 4 customers that buy a service contract from you will give you another opportunity
when they are in the market for a car again.

These are the only statistics I share with them because I believe they are the only relevant to them. Next I share with them why financing a car is the best thing for a customer. (see attachment) This is the cash conversion I teach finance managers to do with a customer. This is not designed for the salesperson to do (although the last store I ran I had a few salespeople that could do this very well and did it on the floor with customers).

Next, I go through a couple of service contract presentations, a gap presentation, and a maybe a tire & wheel (see attached). It is important to walk them through these things by asking questions.

When I talk about a proper T.O. The first thing I talk about is the five preconditions finance needs from the front end in order to be effective.

1. Customer has driven the vehicle

2. Customer agrees to own and take delivery of vehicle NOW!

3. Customer agrees to selling price

4. Customer agrees to trade allow

5. Customer agrees to trade difference

All of the above must have been established with the customer and they are agreeable to it all.
The bottom line of it is the customer must be closed. Now I understand that every now and then you may need to do a box close with a customer, but it needs to be disclosed up front to the finance manager.

Next I reference how an athlete endorses a product and that we should do the same thing, give an endorsement. I lead them down the path with this example:

Imagine one of your customers you just sold a car too, had a neighbor ask him about his car and where he bought it. Would you want him to tell his neighbor how much he paid for it? How about his payment? How about what you gave him on trade? Etc. They will say “well no!” Well what would you want him to say? “Well just that I took great care of them and was very knowledgeable about the product and they learned a lot” Well that’s what we want you to say when you turn a customer to us.

“This is Jed my business manager. He takes great care of all my customers and he’ll take great care of you as well. Be sure and listen to him you will learn a lot from him, I know I have.”

Finally, as far as a PowerPoint presentation I do those for some of my training meetings but for this meeting I have found it best just to do it on a board and make it interactive.

Hope this helps. If you have any further questions feel free to contact me.
Permalink Reply by Jed Fraser on June 14, 2010 at 10:46am
Cathy,

Thank you so much for your input and the information you provided. I will definitely be using some of it in my upcoming meeting.
I really appreciate you taking the time to make a contribution here. I believe this is what Dealerelite should be all about; the exchange of ideas and strategies, rather than a forum for companies to pitch their products.

Thank you once again.

Jed

Cathy Aron said:
Jed, there are a number of great suggestions offered by other members. Here are my thoughts from experience & practices I have used in my 10-years as an F&I Manager (and a sales person prior to that):

The WIIFM needs a little tweek. If we can ALL shift our perspective to the PAIN that we solve our customers, we will be much more effective sales people. This applies directly to your question. I suggest that you start the meeting by engaging interaction & ask your team who's interested to sell as many cars as possible-raise your hand straight to the ceiling-others will follow and mimic you by raising their hands too...pause for reaction (everyone should have their hand up). If anyone doesn't raise their hand, you probably won't see them at your next meeting because either they decided selling cars isn't for them or they've been fired. Always pose the opposite question though and ask if anyone at the meeting ISN'T interested to sell as many cars as possible-sounds redundant but you are getting a commitment from your team here. Engaging interaction at ANY meeting is crucial to it's success and this is validated in EVERY top performing personal development coach in the world!

Now address their PAIN of losing deals and $/commissions (their true pain is the loss of the money and the loss of the ability to buy those things Dan mentioned earlier). This is a good time to give some history about what it was like before F&I Managers ever became a fundamental component of a dealership. As Dan mentioned, once customers are let loose to arrange their own financing, pick-up their bank draft, get the vehicle insurance organized (this step varies between states and provinces), all sorts of crazy things can happen to impair a deal-from loss of the deal to asking for a better deal! The F&I Manager is instrumental in keeping the deal in-house & stabilizing it until the car goes over the curb.

I completely agree with bringing in work orders from the service department. Before introducing them, take a poll from your salespeople and ask how many of them have a warranty on their car? If any do, ask them WHY? Get some enrollment and feedback from teammates rather than just your prepared presentation. Truly valuable. Then bring in the service department records and ask your salepeople how they would feel if their customer returned to the sales department with a massive bill in hand, pale and disheartened, looking for consolement...paint the pain of that customer...a story that captures a customer's like experience-just before they were leaving on a family long-awaited road trip-now had to come up with $x unexpectedly just to get the vehicle road worthy to go on that vacation-maybe it even required that they cancel the trip! Fathers will relate to this. Offer a couple of stories that are as disheartening that relate to the majority of your salespeople-golfer stories maybe.

I'm also in favour of spiffs for salespeople for F&I products their customers purchased. If you can't give it out as cash at a meeting, in the least it should be identified on their cheque as F&I bonus...that sets up the opportunity for the salespeople to make something meaningful of that money - get some enrollment about how they use that cash now - this will stir ideas amoung them. I've learned from some sales staff that they put that $ into a special vacation fund - a special golf getaway - a special anniversary getaway with their spouse -give them some ideas about WIIFM with this money rather than just extra cash to their paycheque - it's different than their earnings for selling cars, it's special money. Some dealerships don't even offer spiffs-you do-and it is an opportunity for them to earn more $ ...from someone else's sales abilities - all they need to do is set it up! I think the emphasis on what they can do with this money outweighs talking about the actual dollars and cents. Hoss offered a great analagy about professional athletes that endorse products. His F&I Manager introduction is excellent: “This is (Jed) my business manager. He takes great care of all my customers and he’ll take great care of you as well. Be sure and listen to him you will learn a lot from him, I know I have.”

Advanced techniques that the F&I Manager can use to buy-down interest rates or flip a subvented interest rate loan into a standard rate financing using the manufacturer's cash rebate are examples of what can be introduced to your sales staff with a powerful impact. You don't want them to understand the ins and outs about the step by step mechanics that make this work but you can be very effective by showing them some graphs that can describe the switch in a nutshell and get them excited about the possibilities your F&I Manager can create for your customers that they didn't even know about!

Finally, there are some good stats in this report. Although they are nationwide, they still offer some info that I'm sure will be useful http://www.fi-magazine.com/Statistics/StatsViewer.aspx?file=http%3a...

It would be interested to see your ppt presentation when it's done.

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