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Monthly Goal = Daily Focus

Have you ever had a month where there seemingly weren’t enough days to hit your target? Can you imagine a professional golfer muttering to himself in frustration “I shot  72 and still have 4 holes to play.”  If you have felt this or can imagine what it must feel like, this article is for you. In today’s competitive, customer friendly environment, setting a goal or having the appropriate expectation is paramount to the profitability of your stores. This naturally leads to an important starting point: how do you set a goal, and how do you ensure that you will reach your goal? While setting a goal may seem simple or unnecessary, it is the daily focus and discipline that having a goal provides that makes goal-setting a valuable tool-it focuses you on the very things that are within your power to control and provides a clear benchmark when you are…

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Are you ready when your phone rings?

You arrive at your dealership.  Your lot looks beautiful.  The inventory stands tall.  Your brand new facility is spectacular.  Your new responsive website is amazing.   You paid top dollars for SEOs and digital presence.   You feel proud.  You walk into the building and hear a receptionist paging the sales department to answer a sales call.  You look over to the bull pen in hopes that your best sales person answers that call but to your disappointment it was answered by someone less talented. Consumers are shopping online at a higher rate than ever before.  In addition, according to Google/Polk studies, the decision time is shrinking with 81% of shoppers deciding to buy within three months of online research.  With 58% of those buyers buying within one month the competition and urgency has never been greater.  With a great focus on the online presence and technology that goes with it, it…

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Five Ways to Turbo Charge Your F&I Team

Imagine your CSI is above your regional average, you capture finance opportunities and your F&I income is taking your profitability to the next level. If you would like to get your F&I team from good to great to awesome, there are five steps to turbo-charge your F&I process which will increase profitability, customer retention and satisfaction. Create great first impressions. The customer interview serves three purposes in the F&I process. Number one, it provides an opportunity to create first positive impressions with your guests. Impressions serve as foundations for rapport and trust. Winning customers over by providing value is critical. What do your business managers do or say to add value? Are they simply selling, or are they consulting and connecting with your customers as professionals? Second, the initial interview resets the clock with a customer. The third and main purpose of the interview is to complete a needs analysis…

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Three Ways to Connect Sales and F&I

In the recent survey of sales and finance managers regarding their challenges, the respondents indicated that the issues between those departments have a big impact on customer experience, specifically in the transaction speed and efficiency areas. In many cases disconnect between two department’s influences the process which in turn has an effect on profitability.  If you find yourself struggling with similar issues, here are three steps to change direction. Establish and communicate the process. Identify what happens before and after customer says “yes” and who does what steps.  This takes a combine effort of both sales and finance managers.  One cannot over emphasize the importance of a well-designed and documented process.  It is one thing to talk about it and another thing to have it in writing.  Your team must take time and outline the process, with all players agreeing on every part.   Once the process is designed and agreed…

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How to improve your MPI process

The Multi-Point Inspection has been around for a very long time.  Ever since its introduction, for various reasons dealerships have been struggling to utilize it as it was intended.  Most simply miss the value it was designed to bring for their customers and employees.  These five basic steps will help your department set the stage for a great MPI process and bring your customer experience to the next level. Less is more When you’re choosing or designing you MPI inspection sheet it’s important that the information is relevant and easy to decipher.  A cumbersome and over embellished inspection sheet makes presentation difficult for your employees and confuses your customers.  Hit the key areas and build value in inspections and other complimentary services you provide.   Be Prepared Have the necessary equipment and forms available. To many times dealerships find themselves out of forms, or cannot print one due to lack…

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How to increase your lease results.

Having trouble making money on lease deals? Perhaps it’s time to change your approach! I remember when I was younger, my father use to get a new car every year. I never really thought too much about it until I became a Business Manager, can you imagine having to deliver to people constantly on a one year trade cycle? Well, in a way we do. Leasing is back but we tend to have the same mind set as cash deals (a topic for another day), bill them and let’s move on. After all, they’re a short term cycle, always under warranty and the factory pays for their maintenance right? I don’t think so. Success starts with a plan so let’s create one for your leases. First things first – be realistic: The goal is to increase our overall PVR; however, selling a service contract and making $1000 is generally not…

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How to leave an effective message

“Is There a Message within Your Message?”   Have you ever received a message from a salesperson? (No, not one from your store.) How effective was the message? Did it raise your curiosity level? Did it prompt you to pick up the phone and call back? Were you confused about the intent of the caller or, worse yet, not even sure who the caller was? Like any consumer of goods, at some point you’ve heard a good and a bad message from a salesperson. When guests leave your store without a set appointment, your salesperson’s job is to follow up with them to schedule one. In the ideal world, this can be done with a single phone call. The reality is a salesperson could make multiple attempts, leaving a voicemail eight out of 10 times. (Of course, getting multiple contact numbers from a guest could improve the odds.) Most salespeople…

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