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In honor of our new collaboration with DealerStrong, Greg Goebel, president and CEO and Special Finance veteran, has shared with us the top 5 mistakes that he's seen SF operations make. Take a moment to learn from his experience, we think you'll be glad you did.
Here are the highlights:
Mistake #5: Thinking "If Some is Good, More is Better" - More often than not, dealers are working too many leads with too few well-trained people simply picking the low hanging fruit. If more is always better, we'd be drinking out of fire hoses as opposed to drinking fountains (or plastic bottles).
Mistake #4: Failing to Track Your Activities - The SF department is the largest profit center that is not broken out separately on a dealer's financial statement. As a result, most dealers can't come close to knowing what they are really doing in SF.
Mistake #3: Fire, Ready, Aim - There are so many ways to approach this, but let's try it like this. Baseball's best hitter over the past decade is Albert Pujols, and he takes batting practice every day. SF isn't brain surgery, but if it were easy, every dealer would have SF sales volume that was a minimum of 25% of their total, and deal gross profits of $3,000 or better.
Mistake #2: Inventory that Doesn't Work - Every dealership thinks that their dealership is different and that they can put SF deals together without modifying their inventory. Yeah, right. you have heard me expound on this for years, but it is still one of the biggest mistakes dealers and departments make.
Mistake #1: Lack of Team Commitment - Whether it is the dealer, executive management, key managers or sales personnel, people don't totally commit. Usually it revolves around one of two issues: cash or compensation.
We're just touching the surface here, you can read the entire post on the DealerStrong website here.
If you're looking for a fast way to get your SF operation off the ground or get your SF department humming, check out our new eBook created in association with DealerStrong. You can get it here.