The question is: Are your F&I services fully developed across your business? Are you reaping the full financial benefits of your F&I program?
Though F&I services are important, many boat dealerships don’t have the resources to employ a full-time F&I person. The process can be complicated and time-consuming.
Here are some important ways that your dealership can add, simplify, and improve its F&I services while taking advantage of the important benefits.
Why should you offer F&I services?
When you provide F&I services, your dealership is increasing and diversifying its revenue streams. You’ll make money off of finance agreements, insurance policies, and other customer service products. This increases your overall bottom line and provides a safety net when you don’t sell as many boats during your slow season.
It’s also quicker and more convenient for both you and your customers when they can set up financing and insurance all at once. You’re more likely to close the sale when you can move customers seamlessly through these important steps in the purchase process, answering questions and offering personal guidance. You’ll also have greater control over the finance process and reduce the time it takes to receive payment.
Add F&I Services
The easiest and most cost-effective way to add F&I services for your dealership customers is to contact a third party that can manage these services for you. This way, you still receive the important benefits that come with offering these services, but you don’t have to hire a full-time F&I employee. You also won’t have to worry about licensing, government regulations, or the other complexities associated with F&I services.
Depending on your platform, it can be quick and easy to add an F&I module to your dealership management system (DMS). For example, our DMS, Dealership Advantage, has an F&I module built in. It takes as little as a week to implement these services to your dealership offerings.
And once these services are added, your F&I provider will take care of the details, including credit applications, rate comparisons, customer communication, finance terms, and more.
Improve Your F&I Services
It’s also important to consider the ways that you can improve the F&I services that you offer. If you use a local bank or credit union to provide F&I, you’re losing out on significant revenue. You’re also jeopardizing the relationship with a new customer if your F&I partner doesn’t give prompt, excellent service.
Fortunately, you can improve your F&I services by partnering with Dealership Advantage. In just a few minutes, we can help you make improvements through a) our white label F&I services or b) our DMS platform, which includes a module dedicated to F&I.
The Advantage for Your Dealership
Whether you’re looking to add, simplify, or enhance your F&I services, Dealership Advantage can help. We provide excellent dealer communication, world-class technology, and superior customer service.