Newsreleases

  • 04-15-16 – Can F&I Outsourcing Make Money for Your Dealership?
    Your F&I department should represent one of the purest profit centers in your dealership, but many dealers simply refer their customers to a local bank. Theyíre missing out on a potential 20 percent increase in gross on every unit sold.Read More »
  • 07-28-15 – 4 Myths of Recreational Financing
    Many consumers donít understand how recreational financing works or have heard myths about recreational financing that just arenít true. Your dealershipís F&I manager is responsible for educating your customers and being their advocate to the various challenges that can be faced with recreational financing. Below are some common myths consumers may believe in and how an F&I manager can explain why the myths are incorrect.Read More »
  • 04-28-15 – 4 Reasons to Implement a Commercial Finance Program
    Though it may seem easy for a customer who is making a purchase for their business to place a loan on the standard revolving programs or promotions that are available in the marketplace, this actually limits their ability to finance future purchases and could limit sales opportunities down the road. Here are 4 reasons why your dealership should implement a commercial finance program for your customers.Read More »
  • 05-29-14 – Techniques to Improve 5 F&I Sales Skills
    F&I professionals have a challenging job - they have to be good in both operations and sales. In operations, an F&I professional must coordinate the retail finance functions of your dealership. To stay effective they need to utilize the most current detailed knowledge on funding requirements, lenders' guidelines and the laws that govern the industry. Equally important, F&I professionals spend a lot of time selling. They are selling your dealership's financing as a value added feature, selling the customer's deal profile to a lender to obtain an approval, selling the terms of a loan to the customer, and selling payment protection features to assist the customer in times of need. This article is going to highlight familiar skills identified by sales professionals everywhere and focuses on specific techniques that can be used to make a good F&I professional into a great one as well as increase your dealerships' profits, loan approvals, deliveries, and customer service.Read More »
  • 03-07-14 – Recruitment, Recognition and Retention of Talented F&I Managers
    You canít pinch pennies when it comes to finding F&I talent. A professional, experienced F&I manager or outsource company is worth every penny. To hire a skilled, competent F&I professional or outsource company, the candidate should have several years experience or training and references in F&I. JM&A (Jim Morgan & Associates) and AFIP (Association of Finance and Industry Professionals) are the standards of training and dealerships should look for individuals with these certifications or companies with their own thorough training program in place. You also want candidates that are trustworthy, discreet and honest since F&I involves the delicate discussions of a customerís credit. An F&I manager has to be detail-oriented, an exemplary communicator, possess excellent computer and phone skills and love sales.Read More »
  • 01-09-14 – Increase Your Customer Credit Applications through Simple Marketing Strategies
    Retailers spend significant time and marketing dollars to get customers to walk through their doors and purchase their products. But for RV dealers like you, for whom the sale of your products greatly depends on the availability of financing, your marketing efforts canít be aimed at just getting them in the door. Marketing the availability of financing to ensure the customer drives off the lot with one of your units is equally important. But all too often, dealerships forget to focus on this important area of marketing. In this article, Iíll show you a few ways to promote financing in order to increase customer presence at your dealership, increase your chances of securing the sale and increase income generated through your F&I department.Read More »
  • 11-15-13 – Set your Dealership up to Succeed
    Coming off of the grind of busy season is the perfect time to tune up your business and revisit what worked and what didnít. The last quarter of the year should be used to step away from the routines of your dealership and reflect on what you are after and where you are going. Most everybody wants and expects improvement but how far did you go to actually make sure you got it. Without a thorough plan your chances for success are random with low probability. If your dealership saw revenue increases of say 15% and youíre not sure exactly what caused the increase, you probably wonít be able to duplicate it. Your business plan should be your road map of what you expect and how you will get there.Read More »
  • 04-07-13 – F&I Technology is a Must for a Successful Dealership
    This year will mark my tenth anniversary with Priority One, and I have seen many changes in technology in this industry since I started. It wasnít that long ago that loan contracts were printed on oversized impact forms and hand fed through a painfully slow dot-matrix printer. What a time-consuming hassle it was making sure the alignment was just right to avoid having to start over and reprint the documents. There was no such thing as making a quick revision on the fly. One tiny change you were back to the drawing board, reloading, realigning and impatiently waiting for new documents to print. And who can forget pulling credit reports at a snailís pace over a dial up connection? Today, credit reports are obtained at speeds that could only be dreamed of a decade ago. Nowadays, our culture moves at lightning speed. Attention spans are shorter and our schedules are increasingly fuller. From sales to finance to delivery, if your dealershipís processes arenít fast and efficient, you will be left in the dust. Incorporating the latest technology in your dealership will simplify office procedures, help ensure you remain compliant with federal financial regulations and sharpen your dealershipís competitive edge, all of which will improve your bottom line and help you capture more sales.Read More »
  • 02-20-13 – REAP THE REWARDS OF SUBPRIME FINANCING
    When most people hear the words ďsubprime financingĒ they immediately groan. Iíve been shocked over the years by the negative terms that Iíve heard used by F&I ďprofessionalsĒ when describing the subprime customer. When it comes to the subprime market, I believe many in our industry are in need of an attitude adjustment. Because letís face it, nearly 35% - 40% of customers fall into this category and this number is steadily increasing. Signs of a slow economic recovery and a decrease in lendersí losses have allowed some of the strict guidelines of the past to loosen up a bit and have created more opportunities for loans for people with less than ideal credit. There is no time like the present to focus on this extremely important part of your business. Even if you are aware of the many benefits of serving the subprime customer, you may not be approaching these loans in the most efficient and effective way possible, leaving time and money on the table. With the right people, processes and partners, subprime financing will increase your dealershipís F&I income, build customer loyalty, save you from hidden liabilities and save valuable time in the sales process. Use the tips below to build or evaluate your subprime department and soon youíll be reaping the rewards.Read More »
  • 07-06-12 – F&I Steps to Help Credit Challenged Customers
    Itís showtime! Sales has turned over a customer looking to finance the RV he and his family have purchased. As an F&I manager, you love the moment a new customerís application crosses your desk. Itís time to put together a competitive finance package, generate F&I profit for the dealership and help ensure the unit is delivered. But for many F&I managers, once they pull credit and discover the customer has a few credit challenges, the wind is taken out of their sails. Sure, subprime deals can be challenging but they make up 35% of the marketplace and you must be prepared to serve these customers. There are a few simple steps, if implemented consistently with all subprime customers, that can help you secure more approvals, sell more product and increase sales.Read More »
  • 04-06-12 – 4 Reasons Your Customer Didnít Accept Financing from Your Dealer
    Savvy dealers know that the F&I department can be one of the most profitable departments in a dealership. Additionally, keeping the customer under the dealershipís umbrella throughout the entire purchase process helps protect sales from outside influences, helps ensure a consistent, positive customer experience and increases profitability. Dealers must seek ways to move as many customers as possible through their business office. But with countless online funding sources and competition from local banks and credit unions, capturing this business is not always easy. Small oversights can lead to lost opportunities. By taking the time to evaluate the sales process, dealers can create simple steps to ensure no profit is left on the table.Read More »
  • 11-21-11 – REVOLVING CREDIT CARDS - A Win-Win Financing Option for Your Customers and Your Dealership
    Recently I was at the movie theater and noticed the parking lot was full. I wondered why the news kept talking about all the economic doom and gloom. Sure, some things are financially tougher today, but it was obvious that people were still spending money. Did I mention I was at the budget theater where my ticket was two dollars? Consumers, myself included, still go out but are smarter and more cost conscious these days. Your dealership might be experiencing a similar phenomenon. People are still making purchases but are being smarter about spending, seeking flexible financing and researching their options.Read More »
  • 08-22-11 – How Co-Buyers Help Secure Recreational Loan Approvals
    Credit scores are not what they used to be. Just a few years ago, many considered a good credit score 680 and above, but today that same 680 score would be an automatic decline from most recreational lenders. You owe it to your customer, as well as to your dealership, to obtain the most complete credit information available before submitting the loan to your lender partners. This means your F&I department needs to have available all three major credit bureausí reports. Read More »
  • 08-03-11 – 4 Responsibilities of an F&I Manager
    Co-buyers arenít the solution for every credit challenged customer you see, but savvy F&I managers know when a co-buyer will help secure a recreational loan approval and when they wonít. Of course, a lot of this depends on your lendersí guidelines as well as the amount financed, but knowing when to seek a co-buyer and when not to can help save you and your customer precious time when working on an approval.Read More »
  • 02-06-11 – Secure More Approvals
    Credit scores are not what they used to be. Just a few years ago, many considered a good credit score 680 and above, but today that same 680 score would be an automatic decline from most recreational lenders. You owe it to your customer, as well as to your dealership, to obtain the most complete credit information available before submitting the loan to your lender partners. This means your F&I department needs to have available all three major credit bureausí reports. Read More »
  • 12-1-10 – Red Flag Compliance
    The Red Flags Rule, very simply put, was designed by the Federal Trade Commission (FTC) to help organizations detect and prevent identity theft that may arise during the lending process. Your dealership is required by law, to establish a formal, written identity theft detection and response program to protect your dealership and your customers. As your business office, Priority One has created and implemented a program in accordance with the Red Flag Rules and if you do not already have a program in place at your dealership, you may find it helpful to follow the steps that we used when designing our program. Read More »
  • 09-09-10 – RV Dealerships Can Make Money on Finance and Cash Deals
    When a customer is ready to purchase his RV he has the option of paying cash or financing the unit. More than likely you are hoping he is going to finance with your dealership because you have the opportunity to make additional profit through finance reserve and products such as extended service contracts, credit life and GAP protection. However, if the customer says he is going to pay with cash, there are still opportunities to generate additional revenue. Read More »
  • 09-09-10 – Marine Dealerships Can Make Money on Finance and Cash Deals
    When a customer is ready to purchase his boat he has the option of paying cash or financing the unit. More than likely you are hoping he is going to finance with your dealership because you have the opportunity to make additional profit through finance reserve and products such as extended service contracts, credit life and GAP protection. However, if the customer says he is going to pay with cash, there are still opportunities to generate additional revenue. Read More »
  • 06-16-10 – Recreational Financing: Understanding & Expediting the Process
    We’ve all heard the saying time is money. And this is so true in our industry. When you have a customer ready to buy, you want to get them approved, closed and out the door. But let’s face it, not every deal is a slam dunk. In fact, when it comes to recreational loans most deals take time and skill. A good F&I manager knows how to use his time wisely, expertly submit complete and correct paperwork, allow for unforeseen delays and give him ample time to negotiate with the lenders on behalf of the customer. Read More »
  • 04-07-10 – Open Your Door to Non-prime Lenders and Increase Profits
    Many dealers are skeptical about using non-prime lenders to finance their customers’ boats and RVs, but if you don’t offer non-prime financing, you are leaving money on the table. For those who don’t qualify for traditional loans, non-prime loans might be the answer for those customers with lower credit scores, insufficient or comparable credit, bankruptcy and other unique credit situations. Read More »
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