F&I and Showroom, Industry Summit 2016

www fi magazine com 12 F I and Showroom Industry Summit 2016 presentations and handle objections Odat however is most proud of his F I departments process times with customers spending between 30 and 40 minutes in the F I office He credits the organizations twice weekly sales training sessions his F I managers lead for drawing the two departments together But whats made a big difference he says is VinSolutions Connect CRM which features a drivers license scanner that ensures customer information is accurately collected Compliance Check The reduced process time has allowed the two highvolume stores to limit producers to 70 deliveries per month This ensures that all products and regulatory disclosures are properly made Dealertracks compliance solutions handle OFAC and Red Flags checks The dealership also employs F I compliance and accounting checklists which guide the dealerships in house audits as well as the monthly audits performed by EFG Companies Trophy Case In 2015 Hub Mitsubishi collected its third straight Diamond Chapter of Excellence the OEMs highest honor for customer service in the sales service and parts departments while Hub Hyundai was recognized by Hyundai Motor America for its remarkable improvement over the last 12 months The Houston locations 95 recommendation rating also earned it DealerRaters 2016 Consumer Satisfaction Award Hyundai Motor Finance also recognized the dealership as the No 1 supporting dealer in its region in 2015 With Hyundai anytime they have a challenge or contest for dealers we have won every single contest handedly too Odat boasts Setting the Pace Last year Cox was elected president of the regional Hyundai Dealers Association His stores also support a host of causes including Hyundais Hope on Wheels program the Texas Childrens Hospital the Houston Food Bank holiday toy drives and the CY Fair Educational Foundation among others SAM PACKS FIVE STAR FORD OF LEWISVILLE Background Check The Lewisville Texas dealership is part of Five Star Ford of Texas Inc a group that consists of four Ford dealerships located in the sprawling Dallas Fort Worth metro area The group was founded in 1980 when Sam Pack a former Ford Credit employee acquired his first store in Carrollton Texas Culture says F I Director Tom Andrews is what separates the group from its competition He joined the organization 14 years ago just after Pack purchased the Lewisville location in the late 1990s Everybody talks about per retail unit Thats important Its part of our business he says More important is culture We always say Were in the people business We just happen to do it in the car business Andrews credits Pack for establishing the groups culture but says the dealers son Tony the groups vice president and Terry Rich the groups COO are responsible for maintaining it Its what drives everybody every day he says And if you come to the store in a positive mood and you love your job its going to trickle down to the customer The Numbers The dealership averages well north of 1500 per copy on new and more than 1200 on used Acceptance rates for service contracts GAP and wheel and tire protection sit well north of 50 while chargebacks range between 3 and 8 The presentation tool of choice is The Impact Groups Fusion menu Andrews says he likes the transparency of the electronic menu particularly the graphs the stores five producers use to illustrate how GAP works vehicle depreciation and cost of ownership Setting up the menu is the customer interview which is guided by the dealerships client data sheet It must be completed before the menu is presented Andrews says the data sheet doesnt just focus on the customers ownership habits It also contains a set of questions designed to help producers learn about the customers credit situation before deals are submitted to finance sources Although he does a lot of one on one coaching Andrews credits the training his F I managers receive from IAS the groups longtime F I product provider for the stores high per copy average Our rep comes in weekly and sits down with each producer to role play and go over objection handling Andrews says Hes always helping out in some way Compliance Check The dealership requires that all producers earn AFIP certification before taking their first turn They must also sign the companys job description which lays out the groups expectations for ethics and compliance But Andrews says compliance is really driven by the stores culture Backing up that customer first approach is a multilayer compliance process It starts with the groups caps on F I product pricing and markups with audits performed monthly to ensure producers adhere to the groups pricing policies Its one of the reasons for the dealerships low chargeback rate Trophy Case In 2015 the dealership was awarded Ford Partners in Quality Ford Credits highest honor for customer satisfaction and loyalty Its the first time 2016 F I PACESETTERS Five Star Ford of Lewisville Texas is part of Five Star Ford Inc a group that consists of four Ford dealerships located in the sprawling Dallas Fort Worth metro area The group was founded in 1980 by Sam Pack a former Ford Credit employee