Becky's blog

What are you doing with your subprime deals?

What are you doing with your subprime deals? Remember repeat business is your best business! Do you facilitate a save-a-deal meeting at least three times a week? Does your F&I manager sit up at the desk with your sales manager? If not, why not? Is it a tug of war to determine who has the authority to make spot decisions? Do you throw mind deals into the F&I office on a shoe-string and a prayer and expect it to get done and be profitable? Does your desk manager understand financing or do they shotgun deals to all the banks and don't understand why you just got nailed for POI and POR stips? When was the last time you sent your desk manager to an F&I school? Has your desk manager ever been in finance? Why you put a desk manager on the desk without prior F&I experience just blows me away and not insist they attend an F&I class! Do you continue to land the customer on any car even though they might have told you they have derogatory credit or you may suspect the customer has slow pay history? Does your sales manager try to shove a square peg into a round hole and expect to deliver more cars and be profitable? Perhaps it's best to obtain more information about the customer firsthand prior to landing the customer on a vehicle they either can't afford or get approved for? Determine a payment range upfront - and the likelihood of what bank will approve the deal. Do you think the customer will just take whatever you throw at them since they have slow pay history, what do they know anyway?

F&I should meet the customer at the salesperson desk and conduct a credit interview complete a credit needs analysis find the reason behind the slow pay history instead of depending on the salesperson to explain the reason behind the customer poor credit. F&I training is essential to help you to understand proven techniques that capture best practices. Chernek offers workshops and in-dealership training get all the managers on the same page. Menu selling begins when the customer walks on the lot or even when they land on the dealership website. Menu selling is about the store-wide culture it's about being transparent and upfront throughout the entire buying experience. Being complacent set in your ways won't capture more sales or raise profits. It takes two to tango! It takes the entire team working on the same page. Consistency makes for confidence and confidence increases opportunity.

What are you doing with your subprime deals?

F&I Training - What are you doing with your subprime deals? Are your dead deals adding up? Do you have a "make a deal meeting every day or at least three times a week?" Subprime deals not performing the way they should? Cringe at the very thought of a subprime deal!

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