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F&I has a unique ability to add to a dealership’s revenues. This is done by working the F&I “Book of Business”. It requires that the F&I office use its book of business like a portfolio manager, mining the data it contains to bring customers back into the showroom. In this way, profitable relationships with customers are developed and maintained over time.
DMS F&I reports that can track the details of multiple items within a single sale such as incentives, service contracts, warranties and accessories, are the key to making this happen. When your DMS can provide this kind of data, it makes it easy for F&I to locate potential aftermarket prospects, market and sell add-on parts and services.
Here are some of the ways the F&I office can use its DMS to generate more business:
Service Contracts – Use your DMS to extract the names of people who have previously bought a car. Merge these names into letters, emails or telemarketing promotion that offer “buy now” incentives.
Accessories – Again, using your DMS, identify potential accessory buyers based on their past vehicle purchase, and then mail or email them information about accessories that are available for their vehicle. In many cases, you’ll not only generate income for parts, but installation fees for service as well.
Trade-Ins - Encourage previous buyers to trade-in their vehicles for a newer model can result in increased profits in the resale of the trade-in and the purchase of a new car.
Used Vehicles - Decide what types of used cars you can easily sell, and query your DMS by make, model and year for a list of people that you can contact. Send them an email or letter with a basic appraisal of the vehicle and invite them to come in to the dealership.
Lenders – Data on which banks have been buying the most deals and what types of loans they have been approving is also information that can be pulled from you DMS. You can generate lists of which banks are running hot and cold over a given time period. When you find a bank that is buying deep, you have a better chance of getting marginal deals financed. This can increase the number of vehicles that are sold each month.
Service Leads - Leads can be generated from the service area by using your DMS to mine repair order information.
The F&I Menu – Probably the best tool for increasing profits on a sale is your F&I Menu. Using the menu for each and every deal insures that you’re showing 100% of your products to 100% of your customers, 100% of the time. No potential income generator gets missed or overlooked
Whatever direction you take, the most important thing is that you spend time working your portfolio. The information contained in your DMS is often an untapped goldmine that can skyrocket F&I sales