Lorraine Mariotti's Focus on F&I

Why F&I?

Thu, 19 Mar 2009 19:36:00 GMT

When the economy is booming, everyone naturally becomes a little complacent. In an RV dealership, F&I is often the first thing to slide. Perhaps you’ve said to yourself “I’m too busy to offer financing to every customer. I may lose a few sales and earn a little less profit on each deal, but who cares? Maybe I’m selling fewer service contracts than I should, but so what? I’m making money.”

More...

The Makings of an F&I Manager

Thu, 12 Mar 2009 19:45:00 GMT

I’ve spent the past couple of weeks talking about ways for F&I managers to increase deliveries and generate more profit. What I’ve failed to address is the importance of having trained professional F&I managers. This could be in the form of an in-house manager or utilizing an outsourcing company.

More...

Rehashing the Right Ways

Thu, 05 Mar 2009 15:21:00 GMT

You’ve interviewed the customer. You’ve ensured that the application is complete and verified all the information to show consistency and stability. You’ve structured the deal according to lender guidelines. You get the decision back from the lender and it has those dreaded eight letters—DECLINED! Nothing can throw a wrench into your day than getting a decline, especially when your salespeople are desperate to move the unit. So what should you do?

More...

Selling Strategies to Help Close More Deals

Thu, 26 Feb 2009 22:18:00 GMT

Selling skills are just as important during the closing process as they are when selling the deal to the lender. If you can’t close the customer, than the approval you’ve worked so hard for is wasted. In order to close your customers and maximize the profit potential you must have a plan of attack.

More...

Setting Expectations with your Customers

Thu, 19 Feb 2009 15:10:00 GMT

Setting expectations with your customers, especially in today’s lending environment, will undoubtedly help you deliver more units. An experienced F&I Manager should be familiar enough with lender guidelines to anticipate what may be needed to secure an approval.

More...

Your Sales Staff and F&I Department: The Successful Turn Over

Fri, 13 Feb 2009 15:44:00 GMT

One of the most critical and often forgotten tools in F&I success is actually the sales staff. They really can make or break your F&I department. On average, 70% of RV customers finance their purchase somewhere. Having a sales staff that can properly identify those opportunities will help protect the sale while also increasing your dealerships profits. Some simple training techniques can make your sales staff experts in turning over customers to the F&I Manager.

More...

The One that Got Away

Fri, 06 Feb 2009 17:26:00 GMT

Not a day goes by that I don’t hear or read about a dealer talking about the one that got away. You know the story about the 720 customer that is putting 20% down who had perfect credit except for that one late payment in 2000 that the bank still declined. Dealers are quick to blame lenders for declining deals that they think should be approved, but this isn’t always the case.

More...

The Times are Changing

Sat, 31 Jan 2009 04:45:00 GMT

More...

The Times are Changing

Fri, 30 Jan 2009 18:49:00 GMT

The current lending environment is obviously challenging for all of us due to lenders exiting the industry and tightening credit guidelines. I am sure most dealers are seeing that sales are down and profit margins are tightening. Unfortunately, there isn’t a magic potion or wand that I can give you to make it all better.

More...