F&I and Showroom, July 2016

LETTERS www fi magazine com 4 F I and Showroom July 2016 Vice President Group Publisher AutoGroup Sherb Brown 310 533 2451 sherb brown@ bobit com Publisher Dealer Group National Sales Manager David Gesualdo 727 947 4027 david gesualdo@ bobit com Editorial Director Gregory Arroyo 310 533 2592 gregory arroyo@ bobit com Assistant Editor Eric Gandarilla 310 533 2588 eric gandarilla@ bobit com Art Director Vince Taroc Graphic Artist Jeff Polman Great Lakes Sales Manager Robert Brown Jr 248 601 2005 robert brown@ bobit com Sales Marketing Coordinator Tracey Tremblay 310 533 2518 tracey tremblay@ bobit com E Media and Print Production Manager Brian Peach 310 533 2548 brian peach@ bobit com Audience Marketing Manager Tony Napoleone Chairman 1961 2014 Edward J Bobit President CEO Ty F Bobit Chief Operating Officer Cyndy Drummey Chief Financial Officer Armand Del Duca Business and Editorial Office Bobit Business Media 3520 Challenger St Torrance CA 90503 Fax 310 533 2503 Change Service Requested Return Address Bobit Business Media PO Box 2703 Torrance CA 90509 Subscription Inquiries 888 239 2455 BobitPubs@ Halldata com Printed in U S A ACCOLADES FOR BIG AL TO THE EDITOR I just got done reading Alvin Heggs story in last months issue Operation Overhaul Page 14 My hats off to him Increasing sales volume from 135 new and used to more than 300 new and used is a great accomplishment Great Job Ray Jennings Director of Training GSFSGroup Training Houston TO THE EDITOR Alvin has been doing a great job at his new store He has the pedigree that works with all Take it to the top Big Al Bill Sweatt Director Gulfgate Dodge Chrysler Jeep Houston NEW KID ON THE BLOCK TO RICK MCCORMICK I thoroughly enjoyed your story in last months issue The Masters Mindset Page 20 I just went through some corporate training and was given this website to refer to and Ive found a lot of great information and insight Im in my first year of being a full time finance manager and Im excited to do well Mike Feis Team Kia of Bend Finance Manager Bend Ore PLEASE RESPOND TO MARV ELEAZER Im new to finance at a highvolume Toyota store down in Florida I recently read your May column Dont Fear the No Page 40 and saw that you briefly touched on an objection I keep getting again and again Ill purchase revisit the service contract when the factory warranty runs out Would you be so kind as to provide me with a few ways to address this objection Chase Murray Finance Manager Sun Toyota Holiday Fla Thanks for reading Chase From my experience the chances of a customer following through on that are really low In fact I dont think Ive ever seen a customer come back to inquire about a service contract at the end of his or her factory warranty Now heres how I would respond to that objection I appreciate the way you think However the problem with waiting is manifold First I wont be able to offer you the same coverage when your factory warranty expires The plan will also cost more because of annual price increases Youll also have to pay cash or use a credit card whereas today it can be added to your payment for the price of lunch I mean thats a small price to pay for major peace of mind And imagine putting this off because you thought you bought a great car then finding out after the factory warranty has expired that your car needs a 2500 repair Now youre kicking yourself for not taking advantage of the coverage when you had the chance Would you like your payment to begin on the 29th or the 14th Marv Eleazer TERMS DECIPHERED TO THE EDITOR I was reading through the soft pull article in the May issue Deciphering the Terms Page 20 I thought it was a very timely article The points it made were right on and the author was correct these soft pull systems were a major topic at this years NADA Convention Expo In fact there were several vendors showcasing such systems This topic is a minefield for the industry as many of these vendors offered uninformed and dangerous advice Kudos to Credit Bureau Connection for understanding the issues well and offering products that can withstand scrutiny Michael Maledon Attorney Paradise Valley Ariz STOP STRETCHING THOSE TERMS TO DIANE UZELAC Great article in the May issue Terror at 84 Months Page 24 As a lender we have maxed out at 75 months on term And yes I have lost business as a result Thats why I always appreciate hearing a dealer say it his or her dealerships policy not to go more than 72 months on deals Some dealers get the big picture They understand that sometimes you have to do whats right for the customer so you can retain that customer Lars Farnham Vice President of Retail Lending Old Point National Bank Hampton Va