How to Improve Dealer Finance Experience

“Business is awful”, said one of my clients that is an auto dealership yesterday. We started to discuss some of the inefficiencies in his business . Did someone say deal jacket ? Do even know what that means ? Navigating the complex automotive industry with consolidations, new technology, customer expectations, compliance mandates, and eco-friendly vehicles, makes now the perfect time to replace legacy software and inefficient processes with a fast, secure and flexible solution. Moving paper through different departments is remarkably inefficient. On average, a single auto sale can generate a stack of paper documents at least ½ inch thick! Printing is expensive and time is wasted when staff can’t locate what they need, when they need it. Yes you heard me , Digital Dayna said that printing can be expensive. Does your staff know when a deal jacket is incomplete? Does difficulty locating documents to respond to MVD inquires cause unnecessary delays? When you chase down a paper checklist is it even accurate? With workflow automation of deal jackets, you can include an online checklist, and everyone can refer to the corresponding digital files. This helps ensure completeness and accuracy so that each deal is booked on time, helping to improve cash flow. With DocuWare, you can easily keep track of repair orders (ROs) and repair history, and flag those with special issues. It’s also easier to identify and close profitable equity deals by monitoring customer data and sending targeted emails. Task lists and email notifications keep staff on top of daily responsibilities more efficiently and enable decision-makers with total transparency to approve, reject or request more information as needed. A dealership group can centralize accounting with real-time visibility into each location’s financial performance. Quickly process sales agreements, warranty claims and financing information by capturing data at the source with electronic forms. Own your data and print documents without extra fees. Speed up the buying process by making sure your F&I department has the signed documents they need to book a deal. It’s possible with convenient electronic signatures. Grow your business without increasing headcount. Counter cyberthreats and avoid security breaches with state-of-the-art encryption. Comply with data privacy regulations by restricting unauthorized viewing of confidential customer and employee data. Avoid audit penalties by automatically enforcing retention schedules. Prevent loss and misuse by ensuring that documents are captured, processed and stored securely. Reduce financial risk as a result of easier adherence to regulations like the Gramm-Leach-Biley Act, the Equal Opportunity Credit Act and Occupational Safety and Health Administration (OSHA) mandates. Let’s make you more money 💰 What are we waiting for ? Let’s schedule your discovery session today. “ We manage your technology, so that you can manage your business “.

I have had a few calls asking how business finance lenders and sales people can improve. It is flattering to be asked. Here are a few suggestions: - simplify the product and the language surrounding it. It may make you feel clever of suggest some sort of 'point of difference' but if nobody can understand how it works or what it costs it is not good. - train your staff. They need to understand the product they are selling. What does it cost, how does it operate, how can it help businesses. - LISTEN. The amount of people that don't listen amazes me. Listen to the client. Understand their requirement and the challenge they are trying to solve. Deliver a solution that meets those needs. I listen to sales people a lot and many talk themselves out of deals or miss solutions to simple problems by thinking about what they are going to say rather than listening. - be honest and transparent. Bad reputations last a long time and will cost far more than the quick buck you make misleading someone. To be fair, it is all simple stuff. Easier and cheaper than building a portal and designing a new logo. I see lenders come and go. I see sales people come and go. The successful ones do the above well.

*Unlocking the Potential of F&I: Enhancing the Customer Experience in Automotive Retail* In today’s fast-paced automotive market, one undeniable truth prevails: retail consumers are seeking protection through F&I products, but they are not looking to be sold. This subtle shift in consumer behavior requires us to rethink our approach in the F&I office. Here are some insightful strategies to help you sell more F&I products while simultaneously enhancing the buying experience for your customers: 1. **Embrace the Platinum Rule:** It’s time to move beyond the golden rule of treating others as we’d like to be treated. Instead, let’s focus on treating our customers the way they want to be treated. This means understanding their preferences, concerns, and needs. 2. **Identify Personality Types:** Recognizing the personality types of decision-makers in the transaction can significantly impact how we communicate and connect with them. Tailoring our approach based on these insights fosters a more engaging and relevant conversation. 3. **Serve Customers as Guests:** We should approach every customer interaction as if they are guests in our home. This mindset fosters a welcoming atmosphere where customers feel valued and respected, setting the stage for open dialogue about their needs. 4. **Address Objections with Ease:** When objections arise, having a casual conversation rooted in the customer’s personality type makes it easier to navigate concerns and find solutions. This personalized approach can turn objections into opportunities for building trust and rapport. 5. **Provide Solutions:** At the core of our role in F&I is the commitment to provide solutions to problems that retail customers may not always recognize. By positioning ourselves as problem solvers rather than salespeople, we create a more meaningful connection with our customers. 6. **Slow Down to Speed Up:** One of my mentors used to remind me that sometimes we need to slow down to truly understand our customers. Taking the time to listen and engage thoughtfully can lead to quicker, more effective outcomes. As we adapt to the evolving expectations of retail consumers, let’s focus on enhancing their experience by genuinely understanding their needs. By doing so, we not only increase the likelihood of F&I product sales but also cultivate lasting relationships built on trust and respect. Happy selling! 🙏 Ascent Dealer Services ❤️’s F&I #auto #automotive #rv #powersports #marine #coach #mentor #blackbelt

Ever had a customer say, “I need to think about it…” and then never come back? You're not alone. The car-buying journey has become so complex, with dozens of trims, multiple finance options, endless extras, that we’re losing deals not because people aren’t interested but because they’re overwhelmed. And the data backs it up: most buyers walk away less confident, more confused, and less satisfied with their final choice. We’ve just published a long-read on this exact problem, and more importantly, how to fix it. If you’re in a leadership role at a dealership or broker, this is worth a read. It dives into: - Where “choice overload” creeps into car retail - How to simplify without limiting - What high-performing finance journeys actually look like - How to align with Consumer Duty and improve conversions Some of the ideas are simple. Others will take a bit of change. But if you’re serious about customer outcomes and better sales performance, it’s the kind of rethink we all need to have. 👇 Give it a read and let me know what you think: https://lnkd.in/emy679Wk