Consider an F&I Workflow to Improve Your Bottom Line
Posted on Monday, November 18, 2019
What is a Workflow?
An F&I process designed around a workflow can be more efficient, transparent, and profitable. BusinessDictionary.com defines workflow as a progression of steps, tasks, events, or interactions that make a work process and that adds or creates value to an organization. Our days consist of workflows, especially at our vocation, where we produce some work product at the end of a series of tasks.
Correctly followed, an activity designed around a workflow can be more efficient, transparent, and profitable for your dealership. In addition, building a streamlined workflow can help you create a competitive advantage and improve the customer experience.
A structured workflow moves items, processes, and people in such a way that almost every time, B follows A before the work moves to C. Each step of the workflow can be monitored and measured, so you know with certainty what is working well and where bottlenecks and delays might be causing problems and loss of opportunities.
A Dealership F&I Process
The most engaging F&I process has a workflow to it. When the steps in this process are done sequentially (an order you define) and none are missed, the F&I manager increases his or her chances of delivering a more thorough, consistent, and compelling presentation that helps with compliance. When this happens, buyers also purchase more aftermarket products—and report having a more engaging experience.
We see flexible, customized workflows built into online car-buying platforms: a series of defined actions that move consumers from shopper to prospect to purchaser. Online F&I platforms, which can be part of such an online workflow, or engage customers for the first time in the showroom, utilize workflow structures as well.
For instance, online tools connect consumers and dealership F&I departments earlier in the buying cycle when embedded into OEM, dealer, and third-party websites. They engage and capture consumers through their shopping journey via mobile or showroom experiences to deliver a complete, transparent, and efficient digital buying solution. An ideal F&I workflow also provides real-time reporting. The metrics validate the benefit of using the F&I workflow strategies to improve aftermarket product sales and penetration while also increasing Profits per Vehicle Retailed (PVR)
An F&I workflow system helps ensure that every F&I presentation includes everything your dealership has to sell and lets the process do its work. Another benefit of an F&I workflow is the delivery of a quicker in-store F&I experience. Perhaps the best example of this is the e-menu, which takes the aftermarket products presentation, organizes it into a single flow of the various products you sell, and automatically adjusts the buyer’s payment based on the products selected or deleted.
Take Advantage of Our Years of F&I Experience
Need help creating a solid workflow the whole team can follow? Don’t go it alone. Dealerships like yours are using MaximTrak’s leading F&I menu technology to increase profits, reduce friction, and transform the customer experience. Let us walk you through our process and come up with a solution that’s best for you. Click here to get started today.