Tag Archive | "F&I Products"

Reynolds Now Offers 30 State-Specific F&I Documents Libraries


DAYTON, OH — The Reynolds and Reynolds Co. announced that Reynolds Document Services has developed 30 state-specific Reynolds LAW brand F&I documents libraries, surpassing the midway point of its goal to create LAW F&I libraries for all 50 states.

Reynolds LAW brand F&I libraries contain a comprehensive suite of standardized F&I documents designed to help dealers manage their compliance risk, streamline F&I processes, and increase customer satisfaction. These libraries are also available in electronics form to help a dealer’s transition to econtracting.

“F&I paperwork can be exacting and demanding both for dealerships and for their customers,” said Jerry Kirwan, senior vice president and general manager of Reynolds Document Services. “The F&I forms in use are often sourced from different vendors, may be outdated, or may have other inconsistencies — all of which can raise compliance risk for dealers and add confusion for dealership personnel and car buyers.”

Reynolds LAW brand F&I documents libraries are available for the following states: Alabama; Arizona; Arkansas; California; Colorado; Hawaii; Idaho; Illinois; Indiana; Kentucky; Louisiana; Maryland; Massachusetts; Michigan; Missouri; Nevada; New Jersey; New Mexico; North Carolina; Ohio; Oregon; Pennsylvania; South Carolina; Tennessee; Texas; Utah; Virginia; Washington; West Virginia; and Wyoming.

Kirwan noted that each state-specific LAW forms library is designed to help dealerships manage compliance risk, streamline F&I processes, increase customer satisfaction and smooth the transition to electronic documents.

“With each state-specific F&I forms library, we’ve built a trusted resource for dealers to better manage all of the forms necessary to complete a deal; better meet federal, state, and city F&I paperwork requirements; and deliver a more consistent, rewarding experience to car buyers at the dealership,” Kirwan said.

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Study: Consumers Want to Buy Big-Ticket Items From Their Smartphones


SAN FRANCISCO — A new study shows that one-third of consumers are open to buying cars from their mobile device. However, the same study showed that 86% of them still want to test-drive the vehicle before purchases.

The study, which surveyed, 1,185 consumers, was conducted by Survata on behalf of Roadster, a three-year-old company that offers that type of service. Using their mobile phone, consumers shop for vehicles on the company’s site, while Roadster brokers the deal with participating dealers once a vehicle is selected. And according to its study, it’s not just shoppers in tech-specific cities who want that type of experience.

“It’s clear from the results of our survey that consumers are open to new ways of shopping for big ticket items,” said Andy Moss, CEO of Roadster. “With Roadster, we have incorporated some of the most cutting-edge ecommerce technologies into car shopping to make car buying as easy as buying anything else online. On Roadster.com and our partner dealer sites, consumers can now find a car they like on their mobile device, purchase it directly with our ecommerce technology, and have it delivered to their doorstep, sometimes even the same day.”

The survey found that men (41%) are more interested in buying cars from their smartphone than women (21%). It also found that consumers with household incomes of more than $150,000 are more likely to transact online.

The survey also showed consumers are willing to buy F&I products from their smartphone, with 31% respondents saying they’d be interested in selecting their “warranty,” and 27% saying they’d be interested in selecting their service plan.

Additionally, 45% of respondents said they wished the auto industry would introduce free delivery. Forty-five percent of respondents said they want free return, while 44% said they wanted fixed pricing.

And consumer who weren’t interested in purchasing big-ticket items from their smartphones said they would reconsider if they knew there were significant savings involved. According to survey results, 43 percent of consumers expected to save $2,000 or more by purchasing a car on their smartphone vs. going to the dealership. Thirty-one percent believed they would asave three to four hours by conducting the transaction online.

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AutoNation’s F&I Operations Posts $1,538 Per-Copy Average for 2015


FORD LAUDERDALE, Fla. – AutoNation’s F&I operations, or what the group refers to as Customer Financial Services, lived above $1,500 in F&I gross profit per vehicle retailed (PVR) in 2015, with the business unit’s full-year revenues rising by $100.5 million from 2014.

The group’s F&I operation’s full-year PVR average was $1,538, up $124 from 2014. For the fourth quarter, the business unit’s PVR average came in at $1,556, up $109 from 2014’s end-of-year quarter.

Total F&I revenue for 2015 increased 13.5% from a year ago to $846.1 million. For the fourth quarter, revenues increased 14.4% from the year-ago period to $210 million.

The nation’s largest dealer group posted full-year revenue of 20.9 million, up 9% from the prior year. Total gross profit was $3.3 billion, up 9% from the year-ago period. Operating income for the full year was $873 million, an increase of 6% over the prior year.

“Our primary assumption for 2016 industry new-vehicle unit sales is above 17 million for the year,” said Mike Jackson, the group’s chairman, CEO and president.

For the fourth quarter 2015, revenues totaled $5.3 billion, up 6% from the year-ago period. Total gross profit was $812 million, up 4% from the year-ago period, while operating income fell 12% to $200 million.

Retail new-vehicle sales for the fourth quarter increased 4% from a year ago to 86,740 units. For the full year, the dealer group bested 2014 sales by more than 21,000 units for a total of 339,080 units sold.

“The fourth quarter industry sales environment was more push than pull, resulting in significant new- and used-vehicle margin declines on a combined basis of $217 per vehicle, which is 11% lower than the fourth quarter of 2014,” Jackson noted. “During the quarter, we experienced particular weakness in premium luxury, which had a significant impact on our fourth quarter financial results.

“We have begun and will continue through the first quarter to take necessary steps to align our cost, inventory and pricing strategy to the current market,” he added.

On a same-store basis, gross profit for variable operations was $450 million in the fourth quarter, down 4% from the year-ago period. Variable gross was $3,350 on a per vehicle retail basis, a decrease of $125 from the prior year, while new and used same-store unit volume was flat compared to the year-ago period.

Additionally, new-vehicle revenue for the fourth quarter was $3 billion, a $61 million increase from a year ago.

Jackson noted that 2015 was a historical year for AutoNation, as the group celebrated the sale of its 10 millionth vehicle. “We implemented our industry-leading recall policy,” he added. “We acquired 51 franchises with approximately $1 billion in annual revenue, and we built our brand and kicked off our drive pink campaign from coast to coast.”

Asked if the auto finance environment will remain a key driver of sales — particularly with a million more off-lease vehicle returning to the market — Jackson responded, “I see absolutely no sign of difficulties in auto finance.”

“I first think on the consumers’ commitment to pay for the car loans, whether it’s lease or finance,” he added. “It’s unwavering. So no alarm bells there.”

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EFG Named to Dallas Morning News’ ‘Top 100 Places to Work’ List


DALLAS — F&I product provider EFG Companies was named to the Dallas Morning News’ list of Top 100 Places to Work, marking the ninth national award the company has earned this year for excellence and customer service.

“EFG’s awards and certifications reflect our intense focus on operating in our clients’ best interest at all times. You don’t always see that in our industry,” said John Pappanastos, president and CEO of EFG Companies. “EFG’s most powerful asset is its client engagement model that requires uniquely qualified and motivated professionals. Our values drive us, and we welcome and expect measurement of our impact on our clients’ profitability and success.”

According to company officials, a recent Troubadour Research and Consulting client satisfaction survey showed EFG’s net promoter score ranked higher than Southwest Airlines, USAA Banking and Insurance, and Nordstrom.

In addition to being named a Top 100 Places to Work, EFG Companies’ other notable recognitions and awards this year include:

  • F&I and Showroom magazine’s F&I Dealer of the Year Award for EFG client, Davis-Moore Automotive
  • First product provider certified as a Center of Excellence by Benchmark Portal
  • First product provider awarded the National ASE Blue Seal of Excellence
  • One of the first hundred companies in the US to achieve Consumer Credit Compliance Certification from the National Association of Automotive Finance
  • Three Stevie Awards for Top Field Sales Team, Contact Center of the Year, and Business Development Achievement of the Year
  • Powersports Business Nifty 50 Product Award winner
  • SubPrime Auto Finance News Top 125 Most Influential Firms

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MakeMyDeal Rolling Out F&I Connect Tool


ATLANTA — MakeMyDeal, Cox Automotive’s online marketplace, has begun rolling out its new F&I Connect, a tool the company bills as a product designed to bring the F&I process into the Digital Age.

Powered by F&I Express, F&I Connect allows dealers to promote their F&I products and prices in a controlled online environment while giving consumers the opportunity to learn about F&I program options before finalizing their deal.

“Our research shows that there is an opportunity within the current F&I process to better educate consumers about the value of F&I products, reduce the time they spend in the F&I office and improve their satisfaction with the overall buying process,” said Mike Burgiss, vice president and general manager of MakeMyDeal.

A 2015 study commissioned by MakeMyDeal revealed that most vehicle purchasers felt they knew what F&I products were. But when asked to define F&I products and services, many could not. That same study, however, also revealed that that gap in knowledge did not mean customers lacked interest in F&I products.

Of the 500 respondents, 83% of said they were interested in learning about F&I products and 63% said they would be more likely to buy F&I products if they could learn about them on their own time before finalizing their vehicle purchase.

“By bringing F&I information and pricing online, we are able to give consumers a better understanding of their options, which can ultimately have positive effects for the dealership in terms of satisfaction and sales,” Burgiss said.

MakeMyDeal’s new tool, which was tested at select dealerships this past June, was launched in select markets this week, a company spokesperson said.

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GWC Warranty Earns Two 2015 Automotive Communication Awards


WILKES-BARRE, Pa. — F&I product provider GWC Warranty was awarded two 2015 Automotive Communication Awards at Tuesday’s Women’s Board Reception during Automotive Aftermarket Industry Week in Las Vegas.

GWC’s company blog, Accelerate, took top honors in the business-to-business blog category, while the company’s “Behind the Wheel” dealer story series won in the in business-to-business “Business Use of a YouTube Video” category.

“To be honored by peers within the automotive community for the content we provide dealers is a true testament to GWC Warranty’s commitment to be the industry’s best-in-class provider of used vehicle service contracts,” said GWC CEO and President Rob Glander. “We are proud to accept these awards and will strive to continue to provide dealers with timely, helpful, informative and engaging communications.”

GWC Warranty’s Accelerate blog was launched in March of 2015. It was designed to provide used-car dealers with the news and know-how to be more successful. Accelerate features helpful best practices, news, trends and more to help dealers stay on the forefront of the used-car industry and better serve their customers.

Behind The Wheel was introduced in August of 2015 with the story of Zimmerman’s Automotive, a 20-year GWC dealer partner. The story center’s on the 50-year operation’s story of the community involvement and customer service. Behind The Wheel pulls back the curtain to unveil the people and communities that make independent dealers successful, officials said. Each story also delves into how GWC Warranty’s service, products, training and technology align with independent dealers’ missions to operate reputable, successful businesses.

The annual Automotive Communication Awards are sponsored by the Car Care Council Women’s Board and the Automotive Communication Council. The awards recognize companies and agencies that provide automotive information to consumers and the trade professionals who interact with them on a daily basis. All entries consisted of automotive advertising, marketing, merchandising and/or PR efforts targeting consumers or the trade between January 2014 and November 2015.

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