INDEPENDENT AUTO DEALER
INDEPENDENT AUTO DEALER
,Rebecca Chernek, Chernek Consulting has earned a solid reputation as the #1 top rated F&I consultant in the United States and knows how to run an efficient independent F&I office while minimizing liability. F&I compliance will either make you or break you. It is your roadmap to whether or not you stay in business if you're able to grow your marketshare. People buy from people who are creditable! F&I practices are coming under scrutiny. Independent dealers are especially vulnerable- to “CFPB” Consumer Financial Protection Bureau oversight. Your business matters and thrives on your F&I manager or hybrid sales associate doing business the right way- that's why Chernek helps to assure that you are not only compliant but hitting all-time records too! We want to help you succeed!
GREAT READ, DID YOU KNOW...
From the article written by Christopher J Willis-In-Direct Relation: The Effect of CFPB Regulations on Car Dealers
http://www.dealerbusinessjournal.com/articleview.php?id=871-80528
“Auto dealers are, as a general matter, exempt from the examination and enforcement authority of the Consumer Financial Protection Bureau. But the CFPB has its sights squarely set on changing certain business practices of auto dealers, and can be expected to use its jurisdiction over auto lenders as a way to indirectly regulate the dealer-customer relationship, at least with respect to vehicle financing.”
“The CFPB already has examination and enforcement jurisdiction over large banks – those with over $10 billion in assets – and has been conducting examinations of their indirect auto lending programs. And we expect that sometime in the near future, the Bureau will propose a new “larger participant” rule to give itself the ability to conduct examinations of non-bank auto lenders, which would likely sweep in manufacturer captives, large independent lenders, and buy here-pay here (BHPH) dealerships. Even before such a rule is finalized, the CFPB has enforcement jurisdiction over any entity engaged in auto lending, both banks and non-banks.”
“The other pressure that is likely to be exerted on auto lenders by the CFPB is to require the lenders to exercise “oversight” over dealer operations related to vehicle financing. Just as the CFPB requires lenders to supervise mortgage brokers, collection agencies and other parties that a lender does business with, it will also apply the same requirement to lender relationships with auto dealers.”
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Chernek works with the independent dealer to assist in establishing a seamless process from the time the customer touches down on the dealership website to finalizing the transaction with either a digital or paper menu presentation. We'll help you to set up a rock-solid process that drives performance and is customer centric, retention is key. We work with the hybrid sales associate who may be responsible to close the sale and finalize with a menu presentation. Chernek techniques are proven to work each member of your staff will learn the importance of implementing these best practices that are result driven.
Some of the content covered during an in-dealership training:
- Complimentary Deal Assessment (if you don't know where you are you'll end up someplace else)
- Compliance Review
- Meet & Greet Sales Process
- Establishing Credit Criteria Earlier On in the Process
- Lender Management
- Credit Interview
- F&I Turn-Over
- Product Review
- Menu Presentation/Offline or Online
- Digital Menu/eContracting
- Menu Template/Design
- Product Knowledge
- Overcoming Objections
- Cash Conversions