What's Next in Credit Compliance

by John Stevens

Wards Auto
June 22, 2015

As the Consumer Financial Protection Bureau continues to increase pressure on compliance regulation, the market is wondering what will come next. Will more lenders implement flat rates? Will the CFPB find a way to extend its influence into the F&I space? Will Congress step in and impose restrictions on the CFPB?

With so much up in the air, both dealerships and lenders are waiting to see what is in store.

Excel-erate the Experience

by Gerry Gould
June 2015
F&I  and Showroom

There’s no doubt that the greatest obstacle to success in F&I and CSI is the time it takes to complete the F&I portion of the car-buying process. From relying on technology to experimenting with hybrid sales/F&I managers, there have been endless suggestions, discussions and debates on how to meet this ongoing challenge.

After all the trial and error, the end result is often the same: Customers still complain that it takes too long to complete a vehicle purchase. In fact, according to a 2014 customer-experience study conducted by Autotrader, customers spend an average of 61 minutes in the F&I office — more than two-thirds of the ideal 90-minute transaction time consumers desire. But the blame shouldn’t fall squarely on F&I, as the sales team can disrupt the flow to F&I by failing to follow a specific set of steps that lead to a successful handoff.

Keeping Top Performers

by John Stephensfor Wards AutoMay 29, 2015

Dealership employment grew 3.4% and topped 1 million people last year, with median weekly earnings of $976, according to the National Automobile Dealers Assn.’s 2014 Dealership Workforce Industry Report. However, turnover is still taking a toll on dealership overhead, with an average rate of 36%.

So, how do you address dealership turnover? What can you do to avoid losing employees?