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Like everyone knows, the finance department is arguably the most important department of the dealership. Dealerships are relying more and more for strong #'s from their finance department in order to be successful. With that said, the GM has asked me to spend time with our 2 finance managers and evaluate the entire department. I am going to review their #'s over the last 12 months and find areas where we can improve the department both in overall gross and product penetration. I'm happy to spend as much time as is needed with them due to the fact that I get paid on the overall gross generated from the sales department. If they do better, I do better.
Here's what we expect out of them:
In total, the goal is $1500 per car. That is new and used combined.
Lately, our finance reserves have been significantly higher than the $350 that we expect out of them. They are still averaging around $1500 per car but the majority of their other penetrations have been below the required penetration levels.
I was just wondering what other stores require out of their finance managers. Are the percentages that we forecast for attainable in today's market? Is the amount of margin attainable? Let me know what you guys think so I can determine if we need to make some adjustments.