Notifications & Messages

Jared Hamilton
From: Jared Hamilton
Hey - It’s time to join the thousands of other dealer professionals on DrivingSales. Create an account so you can get full access to the articles, discussions and people that are shaping the future of the automotive industry.
×
Bryant Gibby

Bryant Gibby Used car manager

Exclusive Blog Posts

What People Are Looking For In An Auto Repair Shop

What People Are Looking For In An Auto Repair Shop

Those who have been involved in some sort of accident have the next step of finding an auto repair shop. These shops are not all created equal as some are …

One Price Selling – What Are You Waiting For?

One Price Selling – What Are You Waiting For?

Most Dealers are closer to a One Price Selling sales process than they may realize. If you’re an excellent pre-owned dealer you’re basically no…

What Is Your Chemistry With Women Buyers?

What Is Your Chemistry With Women Buyers?

Wow, its December. Last month of the year. Now is the perfect time to begin to reflect on the customer processes, engagement and strategies you have in pla…

Want to Advance in Business? Here are a Few Ways to Stay on Top of Your Game

Want to Advance in Business? Here are a Few Ways to Stay on Top of Your Game

If it’s time for you to take the next steps in your career, there are some tried-and-true methods that can ensure your success. All business professi…

BDC training for 2017

BDC training for 2017

  We have a service and sales bdc team for each of our stores. One is a Hyundai store and the other is a Chevrolet store. We have Three sales Bus…

Funding deals, part 2

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?

Shawn McCleese
At our dealership the finance mgr recaps the deals, packages the subprime and CU deals, and follow up on any funding issues. They use the salespeople to help collect any missing stips that may be needed. But, ultimately it is their responsibility to get the deal funded. This "one-pays" that you speak about seems to waste a lot of time. Do you have a CRM? Is your process the same every time once the customer agrees to terms? With dealertrack, you can often have the deal approved well before the car is even cleaned for delivery. Doing the deal twice just doesn't seem very time efficient. Usually the sales person is the one that is impatient....not the customer. If the delivery process is done right, the customer is excited and entertained right up to the finance office. We do this every day but to the customer, this is a big deal. Have they been introduced to service and parts? Have they went over the features and how to operate them all? Have they been told of the forecast of how the process will go? It is usually not the customer in a hurry unless they were told....we will have you out in 5 minutes and left to sit alone in a corner. Save-a-deal meetings are a great idea. They can be done whether you have a paper log or state of the art CRM. Either way, to maximize your sales potential you must work EVERY customer to the full extent. After all this, inspect what you expect. None of this is brain surgery. Often, we over think and analyze things too much. Treat people right and stick to the basics.
Tim Nester
I agree with Shawn, I personally am the the total F&I department at my store. With this I am completely responsible for capping the deal, packaging the deal, and getting the funding handled within 48hrs. of contracting deal. Now, that being said we are not a volume store (45-55 units average). I am also responsible for desking and apraising at times. In an scenario that you are strictly F&I and have a team. Funding should not be a problem unless you are not attempting to get any stips ahead of contracting. We do not have a "One Pay" in our process if I understand your meaning. We do collect info, a significant deposit and complete a purchase order, when a traditional "SPOT" is not possible. In most instances I get approval on dealertrack and roll the car. I roll NOTHING without approval!! so I know what I am chasing to get funding fast. Besides the responsibilty and cost savings of timely funding, It is a huge customer retention bonus to get there payment statement to them before the payment is due!!!

 Unlock all of the community & features  Join Now