CCI understands the importance of putting our Soldiers and Marines back to work! To that end, we’re providing a unique opportunity to those who are goal-oriented and who have a sincere desire to put their inner drive and discipline to work in a finance management capacity.

CCI Learning Center is currently offering all Transitioning Service Members the opportunity to attend a complimentary live web-ex workshop: F&I Fundamentals & Integrity Sales, a (3-day, 4-hour course). We recommend that each candidate taking advantage of this opportunity purchase the ADI Automotive Dealership Institute E-Book at $49.00, which supports the F&I Fundamentals & Integrity Sales curriculum but it is not a requirement!

After successful completion of the workshop, CCI will actively seek placement of each participating individual into an F&I management position with an automotive, RV or related finance company. Although some candidates may not be immediately placed into an F&I management position, other positions may be made available that include salary and commissions, with an agreement that the candidate may be accepted into a finance management position after a specified probationary term.

CCI Learning Center has been in the automotive industry for over 25 years and our many resources provide additional levels of comprehensive support to ensure a flourishing long -term relationship.

CCI has received hundreds of outstanding references from trainees nationwide who have successfully completed our training course and gone on to become valuable key members of their dealership’s management team. CCI is endorsed by Vets-Cars, the nation’s only Auto Dealer association whose members pledge a superior and professional buying experience to the military and Veteran community. We believe in best practices and an upfront, transparent sales process. Our methods are designed to meet or exceed all Federal privacy, disclosure and compliance guidelines. We will help you to achieve consistency and excellence.

Don’t miss out on this chance to prepare for an exciting future in the finance and insurance field. Remember, it’s free! That’s a cost anyone can afford. All we need is your time, enthusiasm, and willingness to learn. Contact us now to learn more about this program.

Thank you for your service and ‘Welcome home!’

Many dealers are voicing that sentiment these days. Far too few have done anything about it. Some have learned to use computer software with skill. They use the apps on iPhones, iPads, and Blackberries. They have created an effective Web site. They use FaceBook and Twitter and LinkedIn for social networking. For others, these are merely words and technologies that test their ability to conduct both business and their private lives. Dealers, already feeling the brunt of the two-plus year recession and massive changes in the car industry, are becoming increasingly concerned about their ability to not only keep up, but to even remain in the playing field.

Why should dealers bother with such things? Isn’t the old way good enough? Nope!

Customers who always shopped on the lot are now shopping on the Internet before they take a step toward a dealership. They’ve researched every model in their price range and with the features they want. They’ve read a dozen articles about how to get the best deal. They’ve become more savvy than many sales people hired by dealerships; they know their credit score; they know where they can find the best price on insurance, window tinting, undercoating, you name it. Everything once sold to them by a finance officer from the menu is for sale on the Internet.

Are you one of the dealerships where handwringing has become a daily pastime? Have you taken a close look at your bottom line? Have you noticed what would happen to your finance portfolio if you removed your sub-vent rated and nonprime customers? Have the numbers of your prime-financing customers dwindled to an all-time low? Perhaps you haven’t seen the drop in your captive financing yet, but beware, it’s coming just as surely as the first snowstorm.

Snow was right, back in 1971! The Internet can either become a beacon for drawing in more satisfied customers to your dealership and vastly increase your bottom line, or it can stab you in the back. It can be your best friend or your worst enemy. How?

Statistics show that 80% of car customers go online before they make the decision to buy and before they come to your dealership. What are they researching? Brands, models, features and, most of all, prices. Most of all, prices. The majority of Americans in today’s economy are deeply concerned about their budget. They have a fixed amount to spend on a car payment and all the other expenses involved in owning it. The vehicle they choose must fit within that fixed figure. They cannot afford to buy on whim or to make a careless mistake. They won’t take the chance of being bamboozled into buying things they don’t want, don’t need, and can’t afford by a fast-talking sales or finance manger

Where do these savvy customers get their information? One of their first sources is Edmunds, the friendly consumer-shopping guide. Edmunds has never been and still isn’t the dealer’s friend. Edmunds does whatever is necessary to achieve the sale on vehicles and products from the Internet shopper . . . and then refers these buyer to specific retailers to obtain a fee! Banks. Finance companies. Insurance companies. You name it.

Don’t let them get a strangle hold on your customers! If you haven’t already checked this article on Edmunds.com, perhaps you should do so right now!

Confessions of an Auto Finance Manager
In the Back Rooms of America’s Car Dealerships
By Philip Reed, Senior Consumer Advice Editor and Nick James

Introduction

“Congratulations, you’re getting a great deal!” the car salesman says, pumping your hand. “Let’s sign the paperwork and you’ll be on your way in your new car!”

At first you’re relieved — the negotiating is over. But then the salesman walks you down a back hallway to a stark, cramped office with “Finance and Insurance” on the door. Inside, a man in a suit sits behind the desk. He greets you with a faint smile on his face. An hour later you walk out in a daze: The whole deal was reworked, your monthly payment soared and you bought products you didn’t really want.

What happened to your great deal?

You just got hit by the “F&I Man,” also called the finance officer. He waits in the back of every dealership for unsuspecting customers so he can increase the profit for the dealership and boost his commission.

In this four-part series, written by veteran auto finance manager Nick James, you will learn the F&I man’s tricks and how to avoid them. When you’re done, you’ll be ready to safely navigate this crucial part of the car buying process, and the F&I man will never work his “magic” on you again.

— The Editors at Edmunds.com

Are you still ushering your customers into the office of your “F&I Man”? No? You have a Web site? You update it once a month? You have a tech-savvy employee who checks your e-mail messages every morning? BUT . . . how would you answer these questions?

When your potential customers come to your Web site, what resources do you have available to steer them away from online financing? Do you have a quick reference guide for their buying the vehicle that fits their budget and your financing terms? Is the information presented in a complete, forthright and friendly manner? Does it enlist confidence and trust? Will readers feel they’d get a no-nonsense financing deal from you?

If these online customers make a call to ask a few questions, does your finance manager answer them, or resort to the former game of “I can only reveal those options when you come in for an interview”? Does he or she become discouraged by the process of reviewing transactions over the phone? Does your Internet manager have direct access to your finance manager at all times; avoid posting rates and product pricing on your Web site; work well with your sales and finance departments? Have you utilized the I-chat technology now readily available to instantly answer your customers’ finance questions? How many phone calls to your finance department go unanswered on a daily basis? How are online customer calls being handled in your F&I office?

Reducing your finance penetration will not only effect the overall performance of your dealership, but will negatively effective your reinsurance investment. If your customers are financing with someone else, they could also be buying their other products. Take a long and serious look at the insurance products you sell, the agent who works with you, and the changes that must be made to keep you competitive with the technology available to all your customers. You must remain competitive in products offered, their quality, and their prices. Should you be considering a new partner?

What new and creative processes are you providing your current and potential customers within your Web site? Have you considered presenting your menu as a virtual finance manager? Do you have WebEx with a preloaded menu available for review with your customers whether they are onsite in your finance office or sitting in the comfort of their home? Why not?

An upfront sales approach is the best way to reestablish a thriving business in today’s technological world. Teenagers and college students are facile in the use of every conceivable tool involving the information highway. They are your future customers. They will find Edmunds and every comparable site and use the information to their advantage. Provide them with a dozen reasons to buy their vehicle and products from your dealership. Ensure them that financing their dream car with you is the only sensible choice.

Although computer use and Internet technology has been around for several decades, it has taken a giant leap in recent years as more and more consumers realize they can save themselves time and money by letting their fingers do the walking. Another great American journalist, Sydney J. Harris, who wrote for the Chicago Daily News and later the Chicago Sun-Times, died in the late 80s; but, he was savvy about where technology would take us. He said, “The real danger is not that computers will begin to think like men, but that men will begin to think like computers.”

We’ve reached that point. Where in the world is your finance penetration? It’s time to find out! Do it . . . today.

CCI Learning Center offers “F&I Live On-Line Training” F&I Virtual Showroom. Keep your finance penetration intact… increase your performance through our cost effective webinars… guaranteed! Visit www.ccilearningcenter.com today!

I’ve been thinking about the issue all day and have finally decided to offer my perspective. As “Judy” stated, I am not offended by the article as much as being immeasurably disappointed. I work closely with men in the industry almost every day of the week and count many as friends who choose to value me for my expertise and genuine concern for their success.

It’s no secret that the automobile industry has been a male bastion for years. While great progress has been made over the years to include women into the sales force, the F&I office, in manufacturing, retail and even racing, some things remain the same. In some dealerships and other sectors of the industry, time has not erased the “good old boy” mentality. The operating word here is “some.” Great strides have been made, but challenges remain; barriers still exist. Over the past twenty years, I have worked hard, rising from obscurity to becoming a nationally known trainer of sales and finance managers. I consider myself a “pioneer” in the industry. No one would consider me a raving beauty, but no one who knows me could say I haven’t earned respect for my intelligence, industry savvy, tenacity, creativity, or teaching ability. Hundreds of dealership personnel nationwide have increased their bottom line profits, due to my expertise.

How truly sad and disheartening it is then—especially during this critical time in our industry when literally hundreds of personnel have lost their jobs, dealerships have closed, car lines have been discontinued, and profits are hard to come by for many—that space on ADM’s Web site was taken up by this particular article, and that so much time was spent by the article author on the focus of physical beauty, rather than purely on the accomplishments of the women selected. How sad that the photographs chosen were those that focused on the outer appearance of the women, in “sexy” poses, and not on a visage that showed inner character or professional demeanor. How much better and more inspiring it would have been for ADM have chosen ten women in the auto industry selected for an inspirational recounting of how these genuine industry “pioneers” broke into the male bastion and achieved laudable success because of their honesty, integrity, intelligence, and plain old-fashioned hard work. Did you know that of the 100 women chosen by Automotive News as leaders in our industry “nearly half of the 2005 Leading Women have left the business for jobs in other industries?”

What women am I talking about? Here are only a few that would have made a great article in ADM:

Jody Devere with Ask Patty
Pat Moran with Pat Moran & Associates
Lisa Schomp, a third-generation car dealer and owner-president of Ralph Schomp Automotive in Littleton, named one of the “100 Leading Women in the North American Auto Industry” by Automotive News.
Stacey Gillman Wimbish: President of the Gillman Companies, also designated by Automotive News as one of the “100 Leading Women in the North American Auto Industry.”
Tammy Darvish: VP of DARCARS and owner of 4 Toyota dealerships, who recently joined members of Congress with other dealership owners to discuss the recently introduced Automobile Dealer Economic Rights Restoration Act of 2009. The legislation will restore the economic rights of automobile dealers in order to protect jobs, workers, and small business owners.
Sandy Fitzgerald-Angello: Vice President/Dealer Operations
Rebecca Chernek: founder of Chernek Consulting and CCI Learning Center, author of many journal articles on industry topics and renown menu selling training expert

Yes, I included myself on this list. I’ve earned the right. I’m determined not to become yet another successful woman who leaves the auto industry out of frustration of beauty over substance. Remember, Ginger Rogers did everything Fred Astaire did, but backwards and in high heels.

“I attended Becky’s training …. she is outstanding… real world… and helped me to have a better understanding of what menu selling is all about”!

Mark your calendars!

Most F&I trainers support at least one or more of these systems and the vendors who sell them. Some have even become vendors themselves. They say they can guarantee a substantial increase in any dealer’s bottom line, IF the dealer signs up with them today!

I fully support the idea of an automated menu system, but my support comes with words of caution. “No technology will ever replace an enthusiastic finance professional who consistently offers their products while being interactive with the customer and determined to enhance their overall buying experience.”

If your finance manager doesn’t completely understand the concept behind menu selling, it won’t matter what automated system you use or which vendor you believe. An automated menu does speed delivery time, and it will reduce errors (which in and of itself is useful, considering the cost of an F&I employee who hasn’t been properly trained), but no automated menu system will EVER do the work for you. Person to person dialogue is still imperative. That’s how dealership trust and loyalty is gained and retained.

For the past decade, I have visited dealerships nationwide as a consultant and reviewed countless transactions for proper menu presentation. Here’s the truth. Far too many of the menus have either been omitted from the deal jackets or significantly altered, based upon the F&I associate’s individual decision. The base payment has been deleted, the APR, the relevant buying numbers, and any significant disclosures are wiped from the face of the menu. That decision is almost always due to the F&I manager’s comfort level, degree of training, or personal desire to hit his pay plan goals. Keep in mind that the menu provider is not responsible for mandating full disclosure and certainly won’t take accountability for any tampering with disclosure terms.

A transparent selling system puts all the cards on the table for every customer and allows that customer to choose whatever product he or she wants or needs. Or doesn’t want, because it isn’t needed! Regrettably, full disclosure and bankable candor are still not a conventional practice. Many finance managers still don’t buy into the necessity for a transparent selling system, even though their pushy selling techniques put the dealership’s reputation at risk or diminish customer retention. No automated menu system is going to get them to comply with federal regulations. It will do nothing to gain their trust or get them to change their ways. A crafty manager will simply figure out how to delete and modify and adjust, until the system suits his long-used and outdated F&I methods. Ironically, dealers can implement checkpoints to mandate that 100% of the menu be presented to 100% of their customers 100% of the time. .. . but few succeed in this attempt. Even when the menus are printed and signed by the customer, they are free from any notations (sterile) and there is no evidence of an actual presentation or engagement with the finance manager. No indication that the finance manager tackled an objection! Just because the F&I manager had the customer authorize the menu form doesn’t mean the menu was delivered as trained to do.

One of the benefits of menu selling is to prevent the prejudging of customers by presenting every product 100% of the time utilizing consistent pricing. A finance manager who operates from fear of the unknown often deletes one product or the other and discounts them prior to the presentation of the menu! Unless those terms and products are locked down, an automated menu system will not deter this behavior. Nor will it substitute for a well-rehearsed professional sales associate.

Automated systems are here to stay. Some are much better than others. Regardless of which one a dealership decides to use, the results promised and expected will not take place if the foundation for menu use hasn’t been well established. Until everyone in the dealership knows and understands the basic fundamentals of menu selling and the concept of why transparent F&I sales work, investing significant dollars in an automated product will be a waste. You can’t speak or write French, until you have the vocabulary. Becoming fluent in speaking “menu selling” comes with proper and ongoing training.

CCI Learning Center is a leader in providing finance & insurance training for automotive, RV, and powersport dealers nationwide. CCI recently announced its new online F&I workshop: F&I Fundamentals & Integrity Sales. Learn how to effectively enhance your menu presentation with this customized, cost-efficient live online workshop that will get your finance manager back on track. Nothing great has ever been easy. If you keep on doing what you’ve been doing, you keep on getting what you got! CCI continues to offer all its services, including on-site training at a minimal cost through efficient reinsurance programs geared towards enhanced future attainment. Contact CCI today for a free 20-minute analysis.