When 15 Minutes Is an Hour
Fifteen minutes, a quarter of an hour – not much time, really. Unless of course you’re spending 15 minutes:
- Waiting while police run your plates
- On hold with your internet provider
- Waiting for the doctor
- Idling at a railroad crossing when in a rush
Depending on where you are and what you are doing, 15 minutes can be a long time.
Apparently, car buyers think so too. For them, shortening their time in F&I by even 10 to 15 minutes pays dividends. Speedier, yet thorough, F&I processes sell buyers and get them on their way faster (and more happily).
Furthermore, when an F&I manager has more planning time between customers those valuable minutes can be used to better prepare for the next presentation.
A study by MaximTrak shows that shaving just 15 minutes off the typical F&I process is significant. For a dealer who retails 100 units a month, the savings is 300 hours a year. A dealer who retails 250 a month gains 750 hours a year, and a retailer moving 600 vehicles a month adds 1,800 hours to the clock!
Dealers and their customers experiencing this time advantage are using cloud-based F&I e-menu tools to eliminate process waste, redundancies and outdated techniques. Menu software like this helps the F&I manager better customize and organize the F&I presentation and then deliver a compliant and thorough products presentation that customers will easily understand, making their selections more certain.
Trials comparing dealers’ menu software use and no menu use show how potent the right F&I tools can be. The trial showed that service contract sales when presented using an e-menu tool led to a 27% increase in per vehicle retail and 33% increase in penetration.
Not only does e-menu software use boost dealer profitability and save customers time, it creates blocks of valuable time, for which the F&I manager can use to:
- Prepare effectively for the next buyer’s presentation
- Organize paperwork and secure deal jackets
- Review deal profitability prior to the turnover to F&I
- Help a sales associate work more collaboratively with F&I
- Calculate how much better PVR and penetration will be and it’s gain to their pay
For more facts on this topic, click for the new report, “How Cloud-Based F&I Menu Software Systems Boost Service Contract Penetration and PVR.”