Due to a multitude of factors, including vehicle sales, household debt and unemployment, automotive lenders will be affected differently depending on their market segment and their loan origination process.
Understanding the differences in target audiences, their feelings about brand, loyalty, preferences, and shopping habits is vital for success.
Gina Cocking was recently appointed CEO of Colonnade Advisors, a mergers and acquisitions investment bank with expertise in the automotive F&I industry. Cocking has a storied professional background that includes high-profile positions in investment banking and as CFO at major financial institutions.
As vehicle margins continue to compress, dealers need to differentiate themselves beyond vehicle prices and offer consumers a premium experience. An excellent reputation and finding the right vendor to manage it are vital first steps.
Developing a new product in the retail automotive F&I industry requires special attention to the steps that must be completed and what ‘ingredients’ go into the mix. Find an administrator that has the secret recipe!
Data breaches are on the rise across all industries. So, what can you do to be prepared? Start with education and staying up to date with the most common methods used to gain access to a company’s systems.
An unspoken truth is that sometimes a drastic, calamitic action has to sideswipe a process to speed up the evolutionary process. The calamity known as COVID-19 is acting as an agent of revolutionary change in dealer’s sales processes.
Instead of simply asking, telling, or yelling at your team to get you what you need – show them why it matters, and what happens when you don’t have what you need when you need it.
Dealers today have a choice of F&I technologies to sell to Gen Z buyers. Use yours to educate this audience about what your products do and how they will benefit from their purchase.
The dynamics of the auto retail industry have dramatically shifted over the past few weeks. The good news here, is that while the backdrop has changed, many dealers still have the capability to work deals remotely.