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What can your dealership do now to prepare for older F&I to potentially leave as part of the Great Resignation? Here are a few strategies….

Thousands of people every year have their identity stolen in the process of major purchases like buying a car. But for the dealerships doing the majority of their deals in person, is there more you could be doing to prevent identity fraud at your dealership?

As more dealers consider moving to preloaded bundles as a way to help F&I staff focus on higher margin products, there is liable to be some pushback. Let’s take a look at 2 huge reasons why taking appearance ancillaries out of F&I is actually a good thing for them.

There is a trend in F&I now to work towards a more streamlined menu experience for customers. Information on all popular products is everywhere online and today’s customer is more likely to do their own research before engaging with the dealer

The F&I online presence still seems to be lagging a bit. Many dealerships offer transparency when it comes to unit pricing and even service prices for common maintenance but rarely do you see much information on popular F&I products.

Dealerships who are starting to back off on antimicrobial offerings to customers should probably think again.

ExoGloss, powered by TruWarranty, can provide all the ancillary sales support for your dealership to add a robust and comprehensive bundle to all of your current inventory. Adding the right products at the right price is how we help you handle most of the objections right out of the gate.

The interview process should be fluid and focused. Never let the buyer feel like they are on the spot or rushed. Master these tips and selling will be much easier.

Creating a better F&I culture is important for your bottom line and for the synergy with the sales floor. Having a toxic or tense environment can have a cascading negative effect that can also increase turnover and impact the CSI scores from your buyers.

ExoBundle, powered by ExoGloss, can be the comprehensive, all-in-one suite of ancillary products that can set your dealership apart within your local market. Let’s learn more about ExoBundle -

Preloading a comprehensive bundle including protections like alloy wheel, 24/7 roadside, PDR, interior/exterior, etc to every car as a Line 1 add can help set your deals apart in your market.

Here are 4 tips to help your F&I department ‘wow’ Millennial buyers.

Beyond the dollars-and-cents, there is another benefit to going dry that many dealers don’t realize…how it saves time. Moreover, how that time savings can have a cascading positive effect on your dealership in other areas.

Antimicrobial protection is here to stay while the COVID variants continue to cause health concerns nationwide and dealers that have not gotten onboard with how this valuable protection can give peace of mind to car buyers are missing out.

A well trained and professional F&I manager will embrace new technology, not run from it. They will be more customer-focused, not pay plan focused. That will result in higher PVR, higher product penetration, and most importantly, higher CSI.

Here are a few tips to stand firm on how your bundle is structured and why it’s there in the first place.

We talk a lot about the value of preloaded F&I ancillaries and while there are many that lend themselves to be included on every unit, there is one that is often overlooked…windshield protection.

The chip shortage has taken a bite out of the US and global new car market to the projected tune of billions of dollars in lost vehicle sales and there is no clear consensus on when it will come to an end.

Turnover has always been a challenge in F&I. Long hours, stressful selling conditions with a heavy emphasis on commission and performance-based compensation, and the inevitable tug-of-war between F&I and sales.

If you ask with sincerity and are transparent about why you are asking, there is a decent chance they will take the coverage if it is a nominal amount to add in. After all, an extra $15-25 per month to know the balance won’t come out of an existing insurance payout may be money well spent

ExoGloss Car Wash can become that easy extra stream of profit in F&I that buyers will appreciate. Their cost is less than running through the car wash themselves and it helps them keep the car looking great if a trade-in appraisal is in their future.

If you have a large enough F&I product offering, your dealership could simply build out 3 different levels of ancillary packages. Buyers want choice…now there is an easy way to give it to them.

Without resorting to unethical scare tactics, how do you transition into the ‘risk discussion’ when conducting the F&I interview? Here are two important questions every F&I manager should ask to illustrate the risk element better:

Let’s look at 3 strategies to help make sure your staff is presenting themselves in the best possible light every time while on video with car buyers.

We would share a quick Q&A for those dealerships not familiar with us (it's kinda crazy that everyone doesn’t know us yet).

It’s worthwhile to prepare for not only how to close this year but think ahead to simple strategies to be ready for whatever 2022 may bring.

We know some will be easier to sell than others but there is one that could be well positioned now even with the current inventory shortage: appearance + car washes.

It’s not just one or two things...it can be many different strategies but for now we’ll focus on 4 unique habits of successful F&I managers. All are easy to incorporate and can help show immediate results.

If your store has gotten away from antimicrobials under the assumption that COVID was fading from the consumer consciousness, think again.

If your store doesn’t have to pay staff to apply the chemistry to every unit, that saves money. Less time is taken up with wet application means that now staff can be directed to other tasks within the dealership and that, too, saves money. So the next question for your store is….where can that savings be applied within your dealership?

There is nothing more demoralizing for an F&I manager than finding out they had chargebacks. It’s the worst. It can put a serious dent in a commission check and casts a shadow on the selling strategies of the F&I department.

The F&I department’s meetings should be just as important as the sales or service meetings you conduct. So how can you maximize that time and make it as valuable for the staff as it is for management? Here are a few ways to make the F&I meetings productive and helpful:

There are two ways to handle the interior/exterior appearance protections and we’ve spelled them out a few times here. But as a refresher...you have ‘wet’ application which is as it sounds - actual chemical that is applied to the unit by dealership personnel. Is there ever a case for ‘wet’ appearance protection? Maybe...let’s see.

Car shoppers are having to resort to buying what is being called the ‘stop-gap’ car. This is the unit they didn’t REALLY want but are willing to buy now with the intention to trade it in when the car they wanted in the first place comes into the dealership. They are buying a short-term fix. PDR is a protection that can ensure their trade-in looks good and yields a higher value when they need it.

F&I managers often have the distinction of being the first to show up and the last to leave. If there is a potential buyer with a pulse, there could be a deal to make and F&I are often the only ones that can issue tags and execute the paperwork, even for spot deals.

As more dealers embrace the concept of offering preloaded ancillary bundles on their inventory, the question inevitably comes up about pricing. Not just how much do you charge but how should the breakdown be explained to the buyer?

Antimicrobial protections have become something nearly every car buyer expects as part of the car buying process. With COVID still lingering and in some states getting worse through variants, this antiviral interior protection is a critical step in helping keep people safe and our cars as germ-free as they can be.

Staffing the F&I department can be a tricky minefield to navigate. Do you hire from within and train someone up from sales or do you go to an outside hire…poaching from another dealership to make sure you have someone with experience? Both of these scenarios are fairly common in the industry, but it ignores the other less thought of alternative.

Some buyers will insist on keeping whatever ‘included’ protections the car has in place at the time of sale and won’t consider any upsells. It’s like they have a radar for upsells and they sense it coming.

There is movement among some in the dealer industry that has suggested that one position in particular should have a complete overhaul of their title within the dealership…the F&I manager.

Even during a pandemic, dealers still grapple with whether or not they feel like F&I is still needed as more embrace the digital retailing experience.

If your store is considering offering an ancillary bundle on your existing inventory, one of the common objections may be on the one component that shouldn’t be an issue...24/7 roadside assistance.

There have been many articles on how to sell to Gen Z or the Millennials in F&I but it’s just as important to know how to sell to the second-biggest group of car buyers…the Baby Boomers.

In the last few decades, private equity firms throughout the US have been buying up businesses across industries with the intention of turning ailing brands around that have hit hard times. Over the last three years, the automotive aftermarket has also been shaken up by not one but several major acquisitions of F&I administrators by private equity firms.

Car buyers span 5 generations now and yet there are huge disparities in how much knowledge each generation has with regard to how financing a car actually works.

‘Dry’ vs ‘Wet’ appearance packages have been written about a lot lately but there is another compelling reason for going Dry and it’s one that you may not have thought of. Dry application is just that...no actual chemical is applied but the customer gets the benefit of the protections just as if you did apply chemical.

Headlines all over the country, when not talking about COVID or politics, are focused on the semiconductor chip shortage that is hobbling new car inventories. In some cases dealers have half the standing inventory they are used to having by this point in the year and is causing grave concern for an economy just now starting to show signs of life.

If your dealership offers any subprime lending programs, you already understand the challenges that come with these deals. Tighter restrictions on payment, income verification, and a sometimes hostile or uncomfortable exchange between F&I and the borrower.

It seems like everyday there is another article about the semiconductor chip shortage affecting the new car manufacturers. It’s so bad many of the OEM’s have cut back on production and some, like Subaru, have stopped the line altogether until the supply chain catches up. What does this mean for the used car market?

Whether your next buyer is financing or leasing, there are plenty of aftermarket F&I products to sell. Your menu is packed with things to sell but when it comes to appearance ancillaries, there is one that should be an easy sell to every customer. Windshield protection.

The Gen Z demographic is widely described as people born between 1995 – 2015. The top end of this group is just now becoming car buyers. They are shopping for a car for the first time and will have their first early experiences with the F&I department.

Selling a new car is more than just moving the unit and satisfying floor plan requirements. It’s also priming that new car sales to come back around as a high quality front-line ready trade when the loan is up (or before).

Perhaps there are certain selling situations where a full appearance package could be positioned in certain deals for certain customers.

For some, there is little real engagement depending on how busy the F&I department is. Let’s look at a few quick reminders of how F&I can leverage menus without losing its human connection during the sale.

We hear all the time about salespeople branding themselves to increase their numbers, referrals, and  profits but should  the F&I staff bother with it? Would it make a difference and if so, how?

Car washes have become a nice little added bonus for busy new car customers who want their ride to look great month after month.

When it comes to preloaded bundles or ancillaries, the objections can come hard & fast. After all, people don’t like to see things arbitrarily added to the sales price.

The one area that some dealerships still struggle with is the loan negotiation process with the customer. It can be a delicate balance between the sales manager’s needs to move the unit, the customer’s need for a reasonable payment, and the F&I manager’s need to make a living.

Bundling your appearance ancillaries with a ‘dry’ application process has been proven to be an easy way to help increase the profit margins within F&I.

The old saying ‘numbers don’t lie’ rings true here as we look at the savings for your dealership by bundling a lower margin, comprehensive interior/exterior appearance plan with a car wash add-on.

Car shoppers today have quite a selection of aftermarket products to choose from when they step into the F&I office. The digital menu is loaded with anywhere from 6-12 items on average and in the short amount of time you have to decide what you need and don’t need, it’s easy to overlook something that could be more valuable than you may think.

Simply put, wet is applying chemical and dry is forgoing any chemical and simply wrapping a warranty around what the factory already applies before the car gets to the lot. One is tangible and the other is not.

How can a dealer make leasing even MORE attractive with their local shoppers? A standard lease appearance protection package.

Auto dealership reviews influence a staggering 65% of consumers making it the 3rd most affected industry when it comes to the power of online reviews.

As dealers have to get more creative to find new sources of profit or increase existing profit centers due to the lasting effects of the disaster that was 2020, it’s becoming obvious that a certain amount of creativity is needed. New innovations and new partnerships.

Here are a few ways your dealership can actively engage the veteran F&I managers and help them break out of old habits…

Other than continuing to search and hope for the wholesale market to refill itself, are there any other things a dealer can do to prepare itself for disruption in the future?

Between bad credit, past job loss, or both, subprime borrowers are generally not buying a car unless they absolutely have to. Their last car may have been wrecked or simply doesn’t work anymore. There is always a story behind the decision to come into your dealership and it’s often not a happy one.

In today’s dealership environment, it’s becoming more important than ever to embrace the unique qualities that a female can bring to the F&I process.

Here are a few ways to help navigate that potentially uncomfortable intersection between the three and maintain a high profit per unit.

How should a dealership handle the price ‘issue’ at a time when car prices are rising and customers are already taking on monthly payments that push to industry highs?

What if there were a single-point platform where your customers could go to handle all of their F&I claims? Sounds crazy, right? Not really.

Many in the industry could be ignoring one of the bigger and soon-to-be influential groups of car buyers coming into the market now…Gen Z.

It’s becoming clear that buyers are still looking for the extra level of virus protection inside their cars and are willing to pay for it.

Offer a standard ‘lease protection package’ for EVERY lease customer. That’s right...every one. Sound crazy? Not so much.

There could be any number of problems that could be impacting your F&I department. Here are the most common problems with some insights into why it may be happening.

There could be any number of problems that could be impacting your F&I department. Here are the most common problems with some insights into why it may be happening.

There could be any number of problems that could be impacting your F&I department. Here are the most common problems with some insights into why it may be happening.

For an F&I department that has a huge menu of products to push in that teeny, tiny window of time the buyers are in their office, simplifying this process can be done in one easy way…

Antimicrobial treatments are still as important to your buyers now as it was in April.

When it comes to social media like Facebook, Twitter, or Instagram, there has been a dramatic increase in dealership presence across all platforms.

When it comes to social media like Facebook, Twitter, or Instagram, there has been a dramatic increase in dealership presence across all platforms.

But is that the best way to help the dealership hit their overall goals?

With COVID-19 still here and affecting car buyers' attitudes towards antimicrobial treatments, the question many dealers are asking is whether or not to charge for this treatment or make it a complimentary offering while the pandemic continues?

If the products that your staff sells are not private-labeled (another fancy term of branding), your store could be missing out on opportunities to set yourself apart from other dealers in the area.

Your F&I staff can leverage this as an ‘all-in-one’ interior protection or ‘max protection’...something that sounds cool like that. Give the buyers a sense that your store is offering something no other stores in the local market offer...a protection package that looks out for your health while making sure the interior of your car stays in the best shape possible.

With distressed borrowers who are trying to buy a car while navigating economic worry about the months ahead, there is a real opportunity to help these folks with F&I products designed to keep them solvent in case of another crisis.

Finding the right new hire is always a challenge, especially in the F&I department at your dealership. Do you promote from within? Do you look outside the dealership? It’s a huge gamble either way.

As part of the dealership shift in how they do business, one step most have embraced is the application and offering of antimicrobial treatments on every car sold. It’s something most shoppers expect now and they should.

Yes it’s good to offer a wide array of products and protections but if customer feedback is suffering due to complaints about the time it is taking to complete the sale, it may be worth readjusting the packages.

What if we told you there is a better way to increase the penetration for appearance protections while exploding your ROI? If you have never thought of it before, maybe you should.

To come up with the best strategy for your store, let’s take a look at it through a different lens, one that challenges the old way of thinking.

Don’t take antimicrobial treatments off the table, at least for the foreseeable future.

If your dealership is thinking of offering a preloaded ancillary bundle to all of your units, consider WHAT you include.

How can you help your customers deal with this during an uncertain time when money is tight and every penny counts? Offer windshield coverage as a preload with every car.

As more dealerships move to preloaded appearance protections, the question on everyone’s mind is ‘do we go wet or dry?’ It’s a matter of profit and when looking to add as much profit as you can during these difficult times, the answer is sort of a no-brainer.