Tag Archive | "F&I Products"

MediaTrac Introduces New ‘BeBack’ Program

SAN RAMON – MediaTrac announced the launch of the BeBack Program, a vehicle sales inducement program designed to target potential buyers that might not have purchased a product on their most recent visit to the dealership, reported F&I and Showroom magazine.

The BeBack program aims to help drive lost sales opportunities back into auto dealerships by providing the buyer with an immediate, customer-centric, valuable reason to return to the store and make a purchase, according to the company.

“Our new BeBack program has been highly effective in the beta dealerships,” said Jeff Shenk, director of operations at MediaTrac. “In fact, one Toyota dealership sold 10 new Toyotas in the first 10 days on the program as a direct result of the BeBack card.”

The BeBack Program allows each dealership to select an incentive value, issue it in the form of a time-restricted, redeemable card and offer it to customers as a sales incentive to entice them to return within a specified period of time to make a purchase. The BeBack card resembles a gift card with the dealership’s brand displayed and can have a variety of different denominations. The dealership also chooses the discount value offered to each prospective buyer.

Following their initial visit to the dealership and the issue of a BeBack card, a series of communications are sent to prospects to entice them back into the dealership. The first of these communications is a quick email survey that seeks to determine why the customer did not make a purchase.

“Prospects decide where to buy in part based on the speed and quality of sales follow-up. Statistics prove that if you can get your prospects back to your store quickly, you will have a much better chance of closing the sale,” said Shenk. “We deliver the right communications at the right time to entice your customers to return. And whether it is sitting in your prospect’s wallet or purse — or even on their dresser at home — the BeBack card is a concrete reminder of the value of doing business with your dealership.”

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The Value of Agents

I recently had the pleasure and was honored to engage the Agent Summit as Keynote Speaker for our industry. Although the title of this address was billed as ‘The Value of Agents and Agencies’, the underlying theme for the two hundred plus attendees was truly ‘The Value of Us’.

We examined the flow of Direct and Indirect Marketing of F&I Protection Products and answered the call as to the strengths of Indirect Independent F&I agents competing with large companies marketing on a direct basis. The difference clearly centers on Deliverable Value and we broke down that value into three segments:

  1. F&I Protection Products
  2. F&I Performance
  3. F&I Profit

The presentation of a dozen or more F&I Products resulted in an interactive overview of each product with a look ahead seeking validation for long term success. This demonstration accentuated the flexibility of the independent F&I Agent in bringing custom products for today to their Dealer Clients as opposed to Direct Marketers calling headquarters to see what might be possible down the road. But then I asked a very important question of the audience:

How many products are too many to be?

There were quite a variety of answers, but the fifth or sixth response hit on the answer I was looking for: As many products that will fit on a one page menu!

Eureka! We’ve got it! The underpinning of menu rests with letting the customer decide and they’ll buy more than you could ever sell them. That said, a single page with a variety of selections is reasonable and bombardment is not.

On the subject of Menu and Selling, we easily transitioned to F&I Performance. A primary topic of performance is of course a quality selling system through a menu process. I showcased the UDS system by displaying the presentation page (present with enthusiasm-no selling) followed by a second page which delivers a step sell platform plus three payment deviation boxes (Advanced Equity, Lease & Custom) and finally a third confirmation page of products purchased and those declined. We moved to the meat of onsite coaching and support, the process available to assist dealer client in staff recruitment and transparent incentive programs to stimulate growth. All of those initiatives lead to accountability and evaluation through logging, tracking and trending. That led us right into the key metrics that require regular review in today’s F&I operation.

  • Finance Control & Product Penetrations
  • Average Finance Reserve
  • $ Per Retail Unit
  • Products Per Retail

Then, we surprised some attendees when we talked of drilling down into the whole pie such as:

  • Product Profit Per Delivery
  • $ Per Cash Deal
  • $ Per Lease Deal
  • $ Per Internet Deal

It is all relative to the bottom line. F&I Training was the natural next subject as we closed on performance metrics. So… we look for staff to be fully prepared to build good cases of need for each F&I product offered. Then training is essential and can and should be offered in three important formats:

  • Live Organized Training
  • Topical Webinars
  • Online Support 24/7

The offering should include at least two Certification programs:

  • F&I Certification – 5 Day
  • Ethics and Compliance

In addition, we talked about the importance of Eight Core Modules that serve the expertise of an F&I Manager and they are:

  • Control Through Finance – Selling System
  • Aftermarket Strategies – F&I Product Value
  • Retail Leasing – Gaining Commitment
  • Secondary Finance – F&I Service Sales

With the details of F&I Performance surveyed, just one deliverable remained – F&I Profit. This deliverable centers on profit participation as marketing devices but one critical point was emphasized:

Participation programs lose their punch if you are not reaching performance goals.

We then looked at the profit opportunities which all equal ‘Cash Flow and/or Personal Wealth Building’ that are presented in today’s market place. They include:

  • Management Fees/Overrides
  • Earned or Guaranteed Retro’s
  • Reinsurance Options ( CFC’S & NCFC)
  • Dealer Owned Warranty Companies

Remember, “they are just Marketing Devices.”

Some agents sell product and some sell profit participation but the majority of F&I Agency leadership would agree that it’s F&I Performance that leads the way and in 2011 there are many more factors that F&I Agents must be prepared to deliver than ever before. This piece exposed how advanced F&I Agency has become and applauded the hundreds of millions of dollars in permanent income fostered for dealerships every year by the effort of a professional F&I agent.

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AUL Corp. Partners With OptionSoft Technologies

NAPA – AUL Corp., a provider of service contracts for used vehicles, has partnered with OptionSoft Technologies, a provider of automotive software solutions. The goal of the partnership is to allow both companies to continue offering their dealer networks the most advanced electronic business solutions.

“Partnering with OptionSoft will provide our mutual clients nationwide a simplified suite of F&I electronic business solutions that will streamline their F&I process and positively affect their profitability. It will also allow for a seamless integration with AUL’s Web portal for a paperless e-rating and remittance procedure,” said Jimmy Atkinson, COO of AUL.

“OptionSoft is very pleased to be part of AUL’s national provider network,” said Ken Tomaro, president of OptionSoft. “AUL is a leader in the vehicle service contract industry and are widely recognized for their innovative products and outstanding customer service. OptionSoft shares in those same product innovation and customer service ideals.”

Both companies said they will continue to find ways to assist dealers in selling F&I products and increasing profits on a compliant, customer-friendly platform. OptionSoft menus are specifically designed to increase the speed and accuracy of all information for improved remittance while decreasing the time and resources typically associated with sales, F&I and service drive sales operations.

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SouthwestRe is dedicated to providing highly profitable turnkey solutions to our clients. We utilize reinsurance to deliver some of the highest profits in the industry directly to our clients while effectively managing their financial risk.

Our collaborative relationships with a nationwide network of independent agents, dealers and business partners enables SouthwestRe to identify industry trends early in their growth and respond to them with the creation of new products and services. Our clients see this each time we design a successful program tailored to fit their business model. This unique customization has quickly established SouthwestRe as one of the premier providers of automotive F&I products and services.

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