Tag Archive | "F&I"

Change Is a-Coming!


The year 1886 is regarded as the birth year of the modern car. In that year, German inventor Karl Benz built the Benz Patent-Motorwagen. Cars did not become widely available until the early 20th century. One of the first cars accessible to the masses was the 1908 Ford Model T, and the transportation industry was forever changed.

I remember the story told to me by a dear friend, Della Weeks, who was born in 1901 and lived to be 102, about her first ride in a Model T. The top speed was no more than 45 miles per hour, and she thought she would surely die! Her father, driving for the first time, couldn’t remember how to stop the car, and he ran directly into a tree!

You would think everyone would be ecstatic about the dramatic change in transportation. Not at all. There are two things about change they learned in the days of the Model T and that we should remember:

1. Change Is Hard and Usually Slowly Embraced.

Nearly 250,000 blacksmiths made their living fitting shoes for horses. Another 100,000 or so built and repaired carriages. Some of these accepted changes and looked for new and better opportunities. Some resisted the change and made efforts to help everyone see the harm these new ideas would bring. Great craftsmen and sales skills would still be a premium even in a new phase of the transportation industry, and they were great at both!

Regardless of which side you fell on this issue, one statement could be assured of its accuracy, “Change is a-coming and you’d better get ready!” True in 1908 and true in 2017.

We have dramatic change happening in the automotive business. The manner in which customers gather information about vehicles, how they arrange financing and decide about products to protect the newly purchased vehicle has all gone online to some degree. This challenges us to decide which side of the change will we put our energy.

Some will go to one extreme and decide technology will fix everything wrong in the car business. However, we must realize that technology is a facilitator, not a fixer. Others will overreact and push back against the change. Neither effort will stop the change that is happening and gaining even more momentum.

2. Embracing Change Accelerates Production.

Embracing change assures the days ahead will be much more productive than the days behind! Every forward-looking change, painful as it may be, will launch us further down the path of development as individuals and an industry.

I have attended two conferences in the last three months. At both, there were calls for change that just makes sense and will make for a better customer experience. There were also calls that appeared to be asking for change for change’s sake and should be viewed with caution and, at times, rejected.

The wisdom to know the difference is a greater need than many of the changes themselves. At times, I felt that the discussion at the conferences was more thinking out loud and looking for direction. And we only have to look inward to find the wisdom we need to navigate through it.

Our business needs forward-thinking champions with the wisdom to know what to embrace and what to reject. We must all admit that we’re not sure what this business will look like five years from now. The vehicles and the processes we use to sell them will continue to evolve. However, if those that are forward-thinking and wise lead us, we will embrace the changes ahead and ways to utilize those changes to make our industry more customer-centric and more helpful to them will be developed. That is a recipe for a great future.

The strong partnerships between automotive dealerships and general agents will prove to be one of the keys to chart the path ahead. For general agents and dealers alike, it’s the most exciting time ever to be in this business — and the speed of change is faster than ever. It’s going to be fun, because “change is a-coming and we’d better get ready!”.

I look forward to seeing you on my next post! Visit www.go-reahard.com to learn more about how we can help you help more customers. Also feel free to contact me. Exchanging ideas with agents and F&I professionals is my passion!

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The Seat Behind You!


Mohamed Sanu is a wide receiver for the NFL’s Atlanta Falcons and one of their most celebrated stars. After sitting in coach during a recent airline flight, he was handed a note as he was departing the plane. The family sitting behind him had recognized him but did not bother him for autographs or a story to share with their friends. They just watched! Here is what the handwritten note said, as posted on his Twitter page:

“Hi, you don’t know us, but we wanted to thank you. Our son sat behind you on this flight and watched you. He saw you studying your plays, watched you make healthy choices with your snacks, food and drink. He watched how polite you were to everyone. He is only 10, but just made an elite hockey team and we are on our way to training in [Connecticut]. You are an inspiration to children and for that you should be proud! Thank you and best of luck.”

You Never Know Who Is Watching!

It is always refreshing to hear such a heartwarming story about a public figure, particularly in light of the current political climate. Being in the car business, I too have witnessed some behavior from my “back seat.” I have traveled the country for over a decade, working in dealerships and working hand-in-hand with independent agents to grow the skills and income levels of their F&I departments. On many occasions, I have become privy to supposedly “secret” actions, which in reality are a regular part of how they do business.

Independent agents are called on regularly to do things that have nothing to do directly with making a profit for your agencies. I have known of many agents who have driven hours out of their way in an attempt to help a small dealership, which will never be able to provide much profit to them personally, simply because a dealer asked them to help a friend. More times than I can count, I have watched them become an HR consultant when someone needs a job or someone needs an employee. I have seen significant financial contributions made to charities that an employee is personally connected to with the caveat that the donation remain anonymous.

Succeed by Making a Difference!

I know every independent agent reading this is in business to make a profit and to enhance their financial situation. However, having worked with many of you, it is obvious that the driving force behind your long days is to make a difference! The financial benefits are the reward you receive for helping as many people as you can as often as you can. It is no mistake that those who focus on making a difference are usually the most financially successful.

I have been sitting in the “seat behind you,” watching your efforts, and it has created in me the highest respect for many that fill this role in the automotive business. This is my note to you to say “Thank you!” The note that Mohamed Sanu received that day accomplished one thing: It made him more determined to continue the behavior that was secretly observed because it is simply who he is. So continue your efforts and know that many are watching and noticing your efforts, even if you don’t see them.

I look forward to seeing you on my next post! Visit www.go-reahard.com to learn more about how we can help you help more customers. Also feel free to contact me. Exchanging ideas with agents and F&I professionals is my passion!

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The Great Equalizer!


In the second half of the 19th century, the new frontier west of the Mississippi was affectionately called “The Wild West.” During this time, most referred to a six-shooter as the “great equalizer.” It enabled a small man to chop a much larger one down to size.

With all of the fast-paced changes and challenges we face daily in our business, we also have a great equalizer: It’s called “desire.” Desire drives many to seek and attain what others deem impossible, unattainable or beyond reasonable expectation. Those that are driven by a strong desire to perform at levels not previously seen have brought us some of the most profitable and life-changing products and performances of our day. Let’s look at two principles of desire that can move us to create that level of performance as well.

1. Remove the Word ‘Impossible’ from Your Vocabulary!

Henry Ford, who had little formal education, was not a financial success until after he was 40 years old. Once the assembly line marvel had set the entire industry ablaze, Henry called all of his engineers together and said, “Build me a V-8 engine.” These brilliant men with degrees in physics and mathematics knew this was “impossible.” But they humored him and gave it a shot.

On three different occasions, they came back with the same conclusion: This is impossible. After multiple attempts, Ford demanded one more time, “Gentlemen, I must have a V-8 engine and you’re going to build it for me. Now go do it.” And the age of the V-8 engine was born.

If you’re not trying to do the impossible, you’re simply not trying hard enough.

Desire moves us to strive for levels of production and customer satisfaction that have yet to be attained. As independent agents, you must not only demand this of yourselves, you must be an agent of the impossible to the dealerships you serve. This enables us to turn F&I “caretakers” into F&I “risk takers,” and the results border on the impossible.

2. Obstacles are the Stepping Stones to Progress, Not Roadblocks to Success.

An insatiable desire for success will cause you to look at obstacles differently than others. Elvis was told he couldn’t sing, Michael Jordan was told he was not good enough for his high school basketball team, and Steve Jobs was told the iPhone was impossible. The fact that each of these renowned individuals faced obstacles is not the issue. It’s how they viewed the obstacles. They saw them as a distortion of the truth and a stepping stone to get to their destination. And they did get there!

We have all heard the many reasons for failure and, at times, said them ourselves. I know I have! It’s the economy, the weather or others around me holding me back. And the trump card of them all: My customers are different!

All of these may truly be factors that challenge the ability to succeed. However, those that have the “great equalizer” see them as intruders on their journey and fight through them. This enables those who may have less education, talent, charisma and opportunity to far outproduce those with more natural skills and seemingly endless opportunities. Don’t always bet on the most talented to win. Bet on the one with the most desire. It plays out every day in F&I offices around the country. I have seen it many times and it is fun to watch!

I look forward to seeing you on my next post! Visit www.go-reahard.com to learn more about how we can help you help more customers. Also feel free to contact me. Exchanging ideas with agents and F&I professionals is my passion!

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Alan Scott Joins ADG/EasyCare


NORCROSS, Ga. — Alan Scott has joined ADG/EasyCare as an F&I specialist, the company announced. An eight-year industry veteran, Scott will serve as a trainer and producer at client dealerships to help ADG/EasyCare dealers succeed.

“I love the car business and I wanted to get a different take on it, and ADG/EasyCare really has a great grasp on the F&I side of the business,” Scott said. “They are able to train talented people and I’m excited to both learn from them and bring the expertise to dealers in my area.”

Scott began his automotive career in 2009 as a salesperson at Medlin Motors in Rocky Mount, N.C. He brings expertise in automotive retail and compliance to his new role, which he will share with the dealers he supports.

“Alan brings great energy to ADG/EasyCare and we are very happy to have him on board.  We expect great things from Alan!” said Greg English, President of ADG/EasyCare.

 

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New F&I Compliance Certification Offered by American Financial


THE WOODLANDS, Texas – A new F&I compliance certification has been introduced to the industry by Automotive Compliance Education, LLC (ACE). The ACE certification program was developed by industry-leading attorneys to help set and maintain professional standards at dealerships. This training program takes the rigorous and complicated federal regulations that touch different parts of the dealership, and digests it into logical doses. The online training modules also show how the regulations relate to everyday situations in the dealership. From Reg Z, to Red Flags, to ECOA, ACE certification ensures that all who complete the program can take that knowledge and confidence back to the business office and apply it immediately.

It is important for business managers to become ACE certified as the process of obtaining this certification helps to raise the industry standard of F&I professionalism and education. ACE understands that the automotive industry and regulations are always evolving. For that reason, annual re-certification is part of the program. ACE certified F&I professionals will be responsible for maintaining this new standard by taking an annual review module and exam. This process includes any significant regulatory changes that may have occurred in the previous year. Like other professional licenses, such as an insurance license, this certificate will recognize automotive professionals and their adherence to ethics, industry education, and professionalism on an ongoing basis.

American Financial & Automotive Services, Inc. has partnered with ACE to provide the ACE certification through its award-winning F&I University (FIU). As the Dealers’ Choice Diamond Level winner in Compliance Training and the Platinum Level winner in F&I Training, American Financial believed this unique opportunity with ACE was a natural partnership. Aligning compliance certification and F&I training creates an even stronger program for F&I professionals that will take their career to the next level. FIU already provides an industry-leading F&I curriculum and online continuing education to provide dealerships increased opportunities and revenue. By implementing ACE certification into the current curriculum, FIU has solidified their commitment to compliance and F&I training to the industry. Not only will business managers walk away from the intensive F&I school with innovative techniques to take back to the business office, they will also walk away with an ACE F&I compliance certificate that will set them apart as professional leaders in ethics and compliance.

FIU is the only F&I school to offer ACE certification in an instructor-led format. When business managers leave the five-day F&I school being ACE certified, they will bring back assurance to the dealership and its customers. Prove your dealership’s commitment to compliance and F&I by getting your team ACE certified today!

Please visit www.AFASinc.com for more information about FIU and to register for the F&I school.

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RoadVantage Continues Strong Momentum with Office Expansions, Hiring Surge


AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the third expansion of its Austin headquarters and the addition of a new west coast office, as well as new hires across all departments.

These latest expansions enable RoadVantage to further broaden its sales and customer service operations in order to accommodate the company’s record contract volume and accelerated revenue growth.

“The momentum behind RoadVantage is exciting, but we have an eye to the future and are ensuring that even with our rapid growth, we remain a step ahead,” said Garret Lacour, CEO of RoadVantage. “We’ve made these investments in our business and our people in order to ensure we continue to provide the best customer experience in the industry.”

In Q1 of 2017, the company hired new employees across all departments, including the addition of a new sales office on the west coast. RoadVantage will further expand its Austin office this summer when it absorbs an adjacent space in the same building. These expansions will double the footprint of its Austin headquarters.

“By putting these resources in place, we are ready to take our business to the next level,” said Reese Hillard, Senior Vice President at RoadVantage. “The expansions to our team and our offices support our growth strategy.”

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