I wanted to do a follow-up post about the 'funding deals' post that I did last week. I really appreciate all the comments that were made. It didn't take long to figure out that our store is ridiculous when it comes to how many days we allow to fund our deals. I have been thinking a lot about the comments that were made and about ways to tighten up our process. There was a few issues that I wanted to bring up about the topic.
1- Do your finance guys do all the work when it comes to funding? Are they in charge of capping the deals, getting the deals upstairs to be sent out, checking any funding delays with both banks and credit unions, and fixing any problems in order to get the deal funded? I want to make sure our guys have the same amount of responsibility. All that stuff that I just mentioned is pretty time consuming when it is added to doing deals full time. About that.... How many deals a month are your finance managers doing? I think part of the reason we take so long to fund a deal is because they are busy to the point where funding gets put on the back burner sometimes.
2- What is your policy on "one-pays"? Our definition of a one-pay is when a customer buys a car and we do the minimal amount of paperwork. The finance guy then sets an apt for the customer to come back in to the store to finish paperwork. The reasons we do one-pays are the following: We need to work the banks or get an approval, we need to get a payoff, we need to get a trade-in here and finish an appraisal, we need to collect stips for the bank, or the customer is short on time and would prefer to come back later. Anyway, we do a lot of one-pays and I feel like it slows our guys up considerably. Do you guys do one-pays at all? What are ways to avoid having to do a one-pay?
3- I'm interested in this save-a-deal meeting that you guys recommended and wanted more information on it. Who generally conducts the meeting and who attends the meeting? Also, what are the topics covered during the meeting?