Make Your F&I Profit Stick

Josh Letsis started in the car business at 18 years old selling cars in 1997. 24 years later, he's still in the business. He's now a partner in 5 stores in Colorado and operates the best training company in retail automotive.   What we discuss in this episode:   You get more out of grooming and helping people grow than anything else. It's important to surround yourself with good people. If you groom people, their loyalty in you grows. If you treat your employees well, and get to know them, it's easier to help them achieve their goals. When leaders make an investment in their people, the likelihood that they stay at the dealership is higher. What gives longevity to your store is paying attention to your customers. Dealers often get in their own heads and try and figure out how to do what makes the most sense for them. It's more important to focus on doing the right thing for the customer. Giving the customer the ability to toggle through vehicle buying options early on is a very important way to advance the sale and let the customer have some fun. You can be a lazy person right now and be successful. Typically if you were lazy before the pandemic you were self-selected out. Things are going to change. Manufacturers are ramping up production which means the eventually things will return to normal. Those that have continued following processes and forming good habits are going to win. Those that haven't are going to lose to people like Josh and his team.   Thank you, Josh Letsis!   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - https://www.ccilearningcenter.com

James Lawrence is the COO & Co-Founder of Sensitive Data Protect (SDP Compliance), a company that specializes in creating a secure environment for dealership data and compliance.   What we discuss in this episode: Traditionally, dealers have done well ensuring that hard copies of consumer private data are kept safe with mechanisms in place like locked filing cabinets and ensuring that no sensitive data is left on printers, fax machines and photocopiers. With the advent of a more digitized process, dealers now face more issues when it comes to keeping private data secure and safe from a very real threat: cyber-attacks. Data silos present a very real risk when it comes to how dealers manage sensitive information. For example, one vendor shares data with another, which creates a barrier between service providers and dealership on how the data is being managed and secured. Data security breaches have a very real impact on dealership operations, not just from the FTC side but also the consumer protection acts and consumer privacy acts. With consolidation happening throughout the industry, dealers considering a merger or acquisition must consider how secure their data is. James explains ransomware and how it's effecting dealership operations today Listen to the full episode for more valuable insights about keeping your dealership data secure and protected.   Thank you, James Lawrence!   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - https://www.ccilearningcenter.com

Ken Luna is the VP of Strategic Partnerships at CreditMiner, LLC and joins the podcast to discuss how dealers can handle and overcome synthetic fraud from their F&I departments.   What we discuss in this episode: Ken explains what synthetic fraud is, and why it's important for dealers to understand so that they can spot it and overcome it. Why pre-screening alone doesn't solve all problems from discovering fraud. There's a reason why CreditMiner includes a synthetic fraud score and that it should be included during a pre-screen so that dealers know who they are dealing with. Ken shares that the industry has over 1 billion in losses due to fraudulent finance and insurance information — sooner or later, the industry needs to pay closer attention to it. It's like a tooth ache and not wanting to go to the dentist. Listen to the full episode for even more insights!   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - https://www.ccilearningcenter.com

Jody DeVere works with automotive retail dealers to become Certified Female Friendly, learning how to create a culture and experience that attracts and retains loyal women customers.   What we discuss in this episode: Why it's important for car dealers to consider the cultural demographics of their service area and ensure that their workforce adapts. Many dealers still speak in ways that attract a more male audience, largely due to the fact that the ratio of men to women in the auto industry is unbalanced. Woman still feel uncomfortable working with dealerships; a problem that could easily be mitigated if we made our dealership environments more female-friendly. The most forward thinking dealership leaders understand the important role that cultural diversity plays on profitability. Listen to the full episode for even more insights!   Thank you, Jody DeVere! If you enjoyed this conversation with Jody DeVere, please let him know by clicking on the links below and sending a message. Click here to thank Jody DeVere on LinkedIn Click here to share your number one takeaway with Becky Chernek   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - https://www.ccilearningcenter.com

Laura Temin, LMFT, LPC, DCC, CGA; is a clinician who is helping individuals unlock their full potential by removing limiting beliefs, self-doubt, worry, and past trauma. She is endorsed by physicians, government, celebrities, businesses and is the founder of her State Authorized professionals hypnosis institute.   What we discuss in this episode: Laura explains that most of the power of the brain comes from the subconscious mind. Most people are driven by the emotion and memory of the subconscious mind. Worry is imagination gone wild about a future event that you're afraid will happen in a certain way. When we want something and we're in a conflict about it, our brain determines the most negative outcome. The conscious and subconscious mind are always at odds. It's possible to access the part of their mind that has all the power so that the conflicts we face get quieter. Listen to the full episode for even more empowering information!   Thank you, Laura Temin!   If you enjoyed this conversation with Laura Temin, please let him know by clicking on the links below and sending a message. Click here to thank Laura Temin on LinkedIn Click here to share your number one takeaway with Becky Chernek   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com

Peter Carusone is the founder and President of VisionAST, the creators of F&I reporting software FinanceVision, which helps car dealers increase profits through their variable operations.   What we discuss in this episode: Pete explains that reporting needs to be easier to understand for variable ops so that teams can take the information and actually leverage it. There is value in being able to make mid-course adjustments to drive profits. The only way to do that is to get your hands on the right reports as quickly as possible. Pete shares that the car deal actually begins from the time the an introduction is made and the sales professional gets involved. Sales pros have a great responsibility to tee up the next phase of the sales process so that the customer follows a natural progression to the delivery of the vehicle. Relationships rule the F&I department. If you're a partner with your customer from the moment they walk through the door, you'll be able to get them the best vehicle, protection and have them as a customer for a lifetime. Listen to the full episode to get even more great information from Pete Carusone.   Thank you, Peter Carusone! If you enjoyed this conversation with Peter Carusone, please let him know by clicking on the links below and sending a message. Click here to thank Peter Carusone on Linkedin Click here to share your number one takeaway with Becky Chernek   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com  

Dave Anderson is a leading international speaker and author on personal and corporate performance improvement. He's a staple within the automotive industry and, after an extensive career in the automotive retail business Dave, along with his wife Rhonda, began LearnToLead.   What we discuss in this episode: Prosperity is wonderful but it's not without it's challenges. With prosperity focus can scatter and intensity can wain; urgency diminishes and people get comfortable with a false sense of lasting success. Ease is a greater threat to achievement than adversity. When things are tough we're motivated to get back to training, processes, to not have margin for error. Prosperity causes us to get soft and abandon the disciplines that got us to enjoy it to begin with. To survive success, you have to get back in the game. Too many dealers are wallowing in the short term success but have gotten away from basic disciplines that will help them in the long-term. Complacency isn't about the hours you put in, it's about what you put in the hours. Our biggest vulnerability is the one we're not aware of. If we don't see complacency as a threat we are never going to fix it. Listen for even more powerful insights from this episode!   Thank you, Dave Anderson! If you enjoyed this conversation with Dave Anderson, please let him know by clicking on the links below and sending a message.   Click here to thank Dave Anderson on LinkedIn Click here to share your number one takeaway with Becky Chernek   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com

Brian Kramer is the General Manager of Germain Toyota of Naples and has been a change agent and advocate for digitizing car dealership experiences and processes. Some dealers are still reluctant to adopt a digital process, but now is the time to embrace the digital transformation.   In this episode we discuss: Brian shares that it's important to take action adopting digital processes, even if it's messy to begin with. With digital adoption comes the importance of displaying F&I numbers earlier on in the customer's purchase journey. Customers who can see numbers earlier on usually end up purchasing more products and services. Brian's team starts with a digital retail tool, and then follows a process that is 100% paperless. When the deposit is received, that's the trigger for a remote interview with the customer. That way the dealership can provide a more accurate "out-the-door" number. Brian can't think of a reason why his team wouldn't conduct an F&I interview prior to creating documents for a customer. Brian's team slogan is "Simple, Fast, and Easy." That's allowed them to get away from price and payments and allows them to focus more on making sure they can always provide an answer to customer questions. Listen for more!   Like this show? Please leave us a rating and review where you're listening right now! Even one sentence helps! Consider leaving your LinkedIn or Instagram handle so we can thank you personally!   Thank you, Brian Kramer! If you enjoyed this conversation with Brian Kramer, please let him know by clicking on the links below and sending a message.   Click here to thank Brian Kramer on Linkedin Click here to share your number one takeaway with Becky Chernek   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com

Ted Ings is the Founder of the popular event series, "Fixed Ops Roundtable," and is a veteran of the retail automotive industry with more than 30 years of experience. Ted joins Becky to discuss the future of EV vehicles and the impact that EVs will have on retail automobile dealers worldwide. What we discuss in this episode: By 2030 they say that EVs will account for 36% of the vehicle market. The government is positioned to spend $7.5 billion into charging stations across the United States. Tom Dall, CEO of Subaru said that "dealerships need to invest in special hoists to be able to service electric vehicles." Dealers must prepare today for the infrastructure changes that are coming and how they will impact how dealerships currently operate. Becky shares that service contracts will change and that there will be other additional products and services required for electric vehicles. Ted shares his belief that F&I is going to be even more important in the future than it is today. Gas combustion vehicles will still be the predominant player in the market for the foreseeable future but it's important to note the rise in EVs as their prominence will continue to grow. There are a lot pain points for consumers in today's "bottleneck" dealership experience. EV customers are more likely to purchase online which means that dealers should focus more on their online experience. The industry is ripe for disruption. Ted's faith in the car business to evolve and make things work is extremely high. The market forces will allow dealership to do so within the next 5 - 10 years.   Like this show? Please leave us a rating and review where you're listening right now! Even one sentence helps! Consider leaving your LinkedIn or Instagram handle so we can thank you personally!   Thank you, Ted Ings! If you enjoyed this conversation with Ted Ings, please let him know by clicking on the links below and sending a message. Click here to thank Ted Ings on Linkedin Click here to share your number one takeaway with Becky Chernek   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com

A recent automotive article suggested that dealers aren't taking advantage of finalizing financing online. You don't have to be an F&I veteran to know that this is an issue. Dealers want their customers captive at the dealership so that they can do whatever possible to close a deal. The pandemic has pushed digital retailing to the forefront of consumers mind. Car shoppers like having the flexibility of seeing financing options during their online browsing well in advance of making a purchase decision.   What we discuss in this episode: Becky explains why consumers like digital retailing options During the height of the pandemic, dealers were doing whatever they could to stay afloat. This included adopting some digital retailing solutions to keep their business moving. As things slowly return to normal, many dealers are sinking back to their old ways. Today the business is in a different ball game and it's more important than ever to do what is needed to attract customers on their terms. In an effort to put the customer first, Becky encourages car dealers to be as transparent with financing options upfront, and to adapt to the new and evolved consumer demands. It's all about giving car shoppers the options they are looking for, when and how they are looking for them. F&I can either enhance or detract from the excitement of buying a new or used car. Becky shares some of the software solutions that will help you improve your F&I process Providing upfront financing options doesn't mean you won't be able to offer additional after-market products. Becky shares some simple word tracks to help introduce after-market products like performance tires, repairs and replacements. If your tire and wheel penetration is lower than 40%, tune into future episodes of the podcast where we'll discuss how to gain more customers, repeat business and more — all from tire and wheel sales.   Like the show? Subscribe and leave a rating and review. Even one sentence helps!   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com

2021 has been both an interesting and exciting year within the retail automotive business. Despite the pandemic, civil unrest, and shortages of every kind, dealers have been making more profit with less inventory. In this episode, Becky Chernek shares her advice about how to Break F&I Records in 2022 and beyond so that car dealers are better prepared with a dialed-in process from first pencil to closed deal.   What we discuss in this episode: Becky explains why 2022 is going to be like the Chinese year of the tiger — how many car dealers are blinded by how well they performed in 2021 despite there being a pandemic and shortages. Can dealers sustain the same or more profit in 2022? Can dealers reduce charge backs? If dealers aren't doing everything they can to deliver massive results for customers, things are about to get real. Winning deals starts at the desk — we all know that deal starts with the first pencil. Why it's much better to have a customer close on a base payment than not Are paper F&I menus better than digital menus? Some seem to think so, but it really comes down to whether or not you are presenting the menu for the right reasons or not. Compliance is a big issue to watch out for not just in 2022 but in years to come. It's important to be on the lookout for poor behavior and to look for those deals that just seem too good to be true. Compliance issues will cause problems for your dealership and create blockers to your success moving forward. The first step to creating a solid F&I process is to write it out. Define how deals will get into the office. Define what's allowed and what isn't so that you never have to wonder how deals make it from the desk to your office. In the retail car business, there are actually more people who can mess up a deal than those who can make one. Shot-gunning deals generally does not put more deals together. Getting a deal should never be about shot-gunning to see what lender will pick it up first. Every deal counts today. There's not time to get complacent, not for you or your customers. Verify every deal, make sure it checks out, so that you can maximize the deal on the front and back-end. It is critical that the F&I manager meet with customers before bringing them into the office. Not just an introductory handshake, rather, verifying the deal for accuracy and going over the credit app line by line. Darwin provides a great digital menu, but relying wholly upon it and nothing else leaves many gaps in your F&I process. Think about it, nothing can replace the importance of building a relationship of trust with the customer and clearly articulating the menu in a way that shows you understand who you are speaking with. Becky suggests looking up Jeffrey Gitomer, who is as authentic as they come. He's written several books on sales, and Becky praises his down-to-earth, human approach to sales. Check out his information about objection prevention and objection cure. It's your job to make lenders want to buy your deal, and the best way to do that is to provide enough compelling information that makes them look past the credit score. If you want to increase F&I profit, you need to think about developing strong lender relationships. You might need to do a better job to justify the rate, the a lender relationship is about the bigger picture. If you don't have a written strategy, it is going to be impossible to execute the way you know you want to in 2022. It won't happen on a whim and prayer. Regardless of whether your hands are tied by a desk manager or old-school management, there are things you can do to assume control in F&I.   Like the show? Subscribe and leave a rating and review. Even one sentence helps!   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com

Welcome to the newest car dealer podcast, "Make Your F&I Profit Stick" by Rebecca Chernek. The automotive industry is changing faster than ever, and now is the time to take your career in automotive to the next level. Whether you're seeking to be the best in F&I or maybe you're an account rep and you want to learn what goes on behind dealer doors so that you can serve your customers better, Make Your F&I Profit stick is for you. But who is Rebecca Chernek and why should you listen to this podcast? In this episode, Rebecca (Becky) shares how she got her start in the industry, and what has led her to creating this podcast as a way to help retail automotive dealers gain practical insights from her years of experience in the business.   What we discuss in this episode: Rebecca's father owned a dealership, but never anticipated that she would want to work in a "man's business." She proved him wrong by cutting against the grain and claiming her stake as a powerful, record-setting woman in automotive. As a Saturn sales person, Becky learned the importance of selling value over price and how customers want to get the most value for their money. During her time at JM&A Group, Becky spent time across the United States working with dealerships of every size. This experience helped her understand the varying needs of each dealership based on size, culture, demographics, and so much more. She also witnessed first-hand that dealers who implemented a solid in-store process sold more vehicles, preserved more margin on the front and back-end of a car deal, and maintained long-term client relationships over those who were merely chasing numbers. A dealer who has some sort of a process will fair better than those who don't. That is more relevant in today's automotive industry climate than ever before and will continue to grow in relevancy with time. When Becky was made responsible for a large AutoNation store overseeing their F&I process, she was responsible for implementing a process and way of selling F&I that had never been done before. It was that innovation before it's time that led Becky to begin consulting dealers on F&I process and helping dealers from coast to coast implement a process that helps them drive significant performance. Being upfront with customers doesn't have to mean generating less profits. It can mean the exact opposite. Becky's experience working as the F&I director for a 14-rooftop dealer group brought her to a whole new level and was one of the best professional experiences of her life. She learned valuable lessons that have stuck with her and have helped others perform at an accelerated pace.   Subscribe to the show so that you never miss an episode!   Each week we'll release expert interviews, conversations and training on the topics below. Why the rich get richer and how you can too Which loyalty programs to stick with and which ones to ditch How to win and influence people to get results that stick Are tracks a thing of the past? Is your F&I manager breaking laws Overcoming objections in today's market How to win at digital retailing Breaking bad habits that cost you customers Why tracking performance is critical to your success How to protect your store against cyber attacks How to present the menu The best products to put on your menu How to keep the menu simple Time for a makeover Strengthening broken relationships Re-hashing isn't dead and why you should do it Getting better support form your account rep And so much more!   Connect with Becky Chernek: LinkedIn - https://www.linkedin.com/in/beckychernek/ Facebook - https://www.facebook.com/rebecca.chernek.1/ F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461 Website - www.chernekconsulting.com