Undoubtedly, F&I managers are essential to the success of the dealership. While their primary task is to get deals financed, they must also diligently work to maximize profitability and ensure all of the practices are in compliance.
In the midst of offering all of these services, they must also make sure their customers are happy. Needless to say, the responsibilities of an F&I manager can be overwhelming.
One of the best ways for F&I managers to be successful is to sell more extended service contracts by offering IPP (Installment Payment Plan) solutions to their customers.
What Do Your Customers Want?
Sounds cliche, but customers want it all, and they want it their way. F&I managers often lose two different types of customers when selling service contracts:
- Customers who do not know about all of the purchase options available
- Customers who are not willing or are unable to make the full payment
IPPs solve both of these problems by offering payment options for Vehicle Service Contracts (VSCs), with flexible terms based on the customer’s individual needs.
Any of your dealership’s customers can be eligible for an IPP. And best of all, a concierge assists the customer following the sale and follows through on each and every transaction. F&I managers will be freed up for other tasks and administrative costs are cut—all of which increase your dealership’s bottom line.
Convenience Saves Time, Increases Revenue
In today’s tech-savvy world, a growing number of customers are wired with digital devices. An IPP is the ideal solution to satisfying your customers in this environment, offering them the ability to pay for extended service contracts through Budco Financial’s quick and easy web-based system. Your customers will be empowered to easily, quickly and seamlessly access their account information via their mobile devices.
Offering installment payment plans can help you take your dealership to the next level through increased revenue, increased brand loyalty and improved customer retention. Simply put, it’s a win-win situation.
It’s important to use every possible tool to increase the profitability of your dealership. With Budco Financial’s financing services, you can do so by offering fast, easy, flexible options for your customers.