Tag Archive | "F&I"

Wise F&I now Delivers Easy Access to its Products through a Reynolds and Reynolds DMS


ST. LOUIS – Wise F&I, which offers a full suite of finance and insurance products for the automotive market, is pleased to announce that its products are now available to automotive retailers operating on a Reynolds dealership management system (DMS) through the Product Rating and Booking (PRB) tool within a Reynolds DMS. This seamless access includes Wise F&I’s full suite of branded protection products, including GAPWise, WiseCARE, TIREWise, WiseTVP, THEFTWise and KEYWise. With online capabilities, such as eRating and eContracting, this new access will provide accuracy and efficiency for the dealer and additional customer support for the car buyer.

“Throughout 25 years in the automotive industry, Wise F&I has focused on providing the best automotive finance and insurance protection products to our clients and consumers,” said Matt Croak, president of Wise F&I. “We’re pleased to be working more closely with Reynolds and Reynolds and expect this new enhancement between Wise F&I and the Reynolds Product Rating and Booking tool will enable our mutual dealership clients to more easily, efficiently, and accurately offer our branded protection products to their customers.”

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GWC Warranty Releases Fourth Video In Award-Winning Behind The Wheel Dealer Story Series


WILKES-BARRE, Penn. – GWC Warranty, the best-in-class provider of used vehicle service contracts and related finance and insurance products sold through automotive dealers, has released the fourth video in the award-winning Behind The Wheel dealer story series.

The latest release in the Behind The Wheel series features Texas Cars Direct, a destination for luxury used cars in Dallas, Texas. Texas Cars Direct’s story is one entrepreneurship and a unique zero-frills approach to buying high-end used vehicles that is complemented by a quality VSC product provided by GWC Warranty. Owner Pete Bulban opened the dealership more than 35 years ago, and has been making luxury vehicle ownership affordable ever since.

Behind The Wheel continues to uncover and document impactful stories of dealers and their personal visions for success,” said GWC CEO and President Rob Glander. “The story of Texas Cars Direct is truly unique while also bringing to life the entrepreneurial spirit that so many dealers share. These types of businesses are a natural fit for GWC’s commitment to provide a best-in-class vehicle service contract experience.”

Behind The Wheel, winner of a 2015 Automotive Communication Award, pulls back the curtain to unveil the people and communities that make dealers successful. Each dealership’s story also delves into how GWC Warranty’s best-in-class service, products, training and technology align with dealers’ missions to operate reputable, successful businesses.

To view the story of Texas Cars Direct, as well as past Behind The Wheel videos, visit the GWC Warranty website at www.GWCwarranty.com/BehindTheWheel.

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EFG Predicts Tighter Credit, Continued Focus on Compliance for F&I in 2017


DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced its 2017 predictions and recommendations for the automotive and powersports F&I market today. These insights, formed through thousands of conversations with the nation’s leading dealership principals and lenders, reflect an air of cautiousness for 2017. However, there are many options for retail automotive/powersport dealers, lenders, and F&I agents to successfully navigate an uncertain business climate for a prosperous 2017. For more information, visit http://bit.ly/EFGIntel

“Even though the election is over, we continue to see a murky forecast for the F&I market moving forward,” said John Pappanastos, President and CEO, EFG Companies. “Consumers clearly want a new – and at least partially online-buying process. This trend has significant impact for the F&I industry across retail and lending channels. We also expect to see credit tightening on the consumer side and a foreshadowing of reduced auto manufacturer incentives for dealers, which will impact their margins. Finally, we don’t believe federal regulatory oversight will diminish to the level that is being hyped. So, we strongly believe compliance will continue to challenge dealers and lenders. All that being said, we believe that the changes transforming the auto industry will create unique opportunities for dealers and lenders to leverage as they look to expand their business.”

Utilizing its 40-year history in the F&I industry, EFG Companies offers the following predictions for 2017:

Flat Volumes, Compliance, and Customer Retention for Retail Automotive

While the Consumer Financial Protection Bureau (CFPB) authority may be up in the air, dealers will need to stay the course on compliance for 2017. Remember, the Federal Trade Commission (FTC) has jurisdiction over dealers and its operations are not impacted by any potential changes within the CFPB. Analysts are predicting flat unit sales volumes, pushing dealers to maximize their investment by squeezing more profitability out of their F&I operations. Customer retention efforts will increase, prompting dealers to shore up their service drive and fixed operations to deliver the “luxury car” level of service. In addition, an influx of off-lease vehicles will increase used car inventory while putting pressure on pricing. Whether purchasing new or used, the customer will be king in 2017. John Stephens, Executive Vice President, Dealer Services

Return on Investment and Shorter Transaction Times Key for F&I Agents

With retail automotive dealerships feeling increased pressure, F&I agents will also experience a trickle-down effect to clearly demonstrate a return on investment for the F&I products they place at a dealership. Agents will also feel pressure to help dealers shorten transaction time and pivot their operations to support online transactions. Agents will closely monitor their own businesses to keep production levels high and begin focusing more on acquiring new dealership business. Adam Ouart, Vice President, Agency Services

Rising Interest Rates and Portfolio Evaluations Will Challenge Lenders  

Regardless of what happens with the CFPB, lenders will also need to stay the course. You don’t stop treating customers right on the off chance that the government might not see your good behavior. Increasing interest rates will pressure lenders to tighten lending standards and evaluate other options to protect their loan portfolio outside of APR and loan terms. The same can be said for credit unions and other lenders that offer auto loans directly to consumers. I expect more lenders to evaluate how consumer protection products can benefit them from the standpoint of differentiating their institutions from the competition, protecting their loan portfolio, increasing loan volume, and controlling compliance. In addition, dealers will re-evaluate their lender roster, confirming a broad spectrum of partners that specialize in different credit tiers, and help dealers meet their profitability goals. This will put pressure on lenders to evaluate their service model for dealerships and make adjustments to tackle mutual dealer and lender challenges.
Brien Joyce, Vice President, Specialty Services

Growth and Lender Challenges Continue for Powersports Dealers

Although unit sales fell in the second half of 2016, we anticipate volume will pick up in February when early income tax refunds arrive. There will be a slight growth in the powersports market overall in 2017, with dealers putting greater emphasis on increasing aftermarket income through the sale of F&I products. Lenders that remain in the powersports market will want to insulate their loans and may look to offering their own complimentary F&I products. As powersports dealers continue to be starved for lenders, up-to-date technology resources, and committed employees, they will pressure their vendors and product administrators to provide outside the box solutions for these obstacles, such as digital F&I services. Glenice Wilder, Vice President, Powersports

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Spireon Unveils Kahu at NADA 2017


IRVINE, Calif. — Spireon Inc., the leader in aftermarket telematics solutions for risk management and business optimization, will introduce its latest connected car solution – Kahu™ – at the National Automobile Dealers Association (NADA) Convention & Expo in New Orleans. Kahu is designed for dealers, providing streamlined lot management while delivering a new finance and insurance (F&I) profit center by offering consumers a modern location tracking and stolen vehicle recovery service. Additionally, Kahu empowers dealers to grow service retention with car buyers by providing accurate vehicle data for proactive maintenance reminders that can improve vehicle health and keep vehicles within warranty.

“New car dealer margins have been flat for several years, driving a need to create new revenue and profit opportunities,” said Kevin Weiss, CEO at Spireon. “Connected cars are changing the industry, but dealers are receiving little value from this shift. Kahu changes that dynamic, giving dealers the tools they need before, during and after the sale to grow profits and benefit from the connected car revolution.”

Kahu includes an aftermarket GPS device and mobile apps for both dealers and their customers. The solution provides these features and benefits to dealers:

· Lot Management — Dealers can easily manage inventory, track specific vehicle location, and see low battery indicators using a mobile phone or tablet, streamlining operations and creating a better buying experience for consumers. Virtual geofences and after-hours alerts allow dealers to identify and recover stolen vehicles within minutes.

· F&I Profit Center — Kahu offers dealers a high value add-on for consumers who seek peace of mind with a next generation vehicle recovery service and an arsenal of easy-to-use mobile features. From 24/7 vehicle location visibility, so consumers can track their vehicle and family at all times, to smart alerts for speeding and low battery, Kahu is an attractive add-on that safeguards consumers while driving dealer profit.
· Customer Loyalty — Kahu uses GPS-based mileage tracking to improve the accuracy of service reminders and increase service retention. Consumers benefit by being able to maximize warranty protection and ensure recommended service intervals are maintained.

“Our partnership with Spireon has paid for itself tenfold,” stated Spireon customer Jon Hansen, General Sales Manager, Burien Nissan. “Being able to offer a product that I find value in to our customers and making it a revenue generator for the dealership is really big for us. I would absolutely recommend Spireon to other dealerships.”

Spireon’s aftermarket GPS devices are installed on more than 3.5 million vehicles and offered by 14,000 dealerships across North America. With Kahu, car dealers and consumers now have access to state-of-the-art mobile location services, which protect their vehicle assets and can lead to reduced insurance premiums.

Kahu is already installed with a select group of early adopter customers, and will be generally available in the second quarter of 2017.

To learn more about Kahu at NADA please visit Spireon’s booth, #4309 in Hall E, or schedule a meeting at http://www.spireon.com/nada2017/.

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RoadVantage Takes Dealer Training to the Next Level with Program Optimized for Web-Savvy Consumers


AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the launch of a cutting-edge dealership training program that has been optimized to help dealerships sell to today’s Internet-educated shoppers.

“Today’s dealership customers are a new breed of savvy – their shopping habits have evolved radically in the last decade,” said Garret Lacour, founder and CEO of RoadVantage. “Dealership practices must evolve accordingly.”

RoadVantage is offering F&I and sales operations training in partnership with The Academy, an Austin-based training center that has developed a curriculum specifically designed with today’s Internet-educated consumer in mind.

“The Academy’s uniquely developed process recognizes that a shift in mentality and focus is necessary in the face of today’s more informed customers,” said Tony Dupaquier, Director of The Academy. “Post-training surveys indicate that students who attend The Academy experience higher closing ratios, profit margins and CSI scores.”

The RoadVantage Dealer Training Program includes workshops for personnel at all levels within F&I and sales operations. The comprehensive training covers a wide range of topics and can take place onsite at the dealership, or at The Academy’s state-of-the-art training facility in Austin, Texas. Self-paced online training modules are also offered.

“Everyone knows consumers are researching and shopping online, so it’s time we equip dealers with the tools they need to effectively reach them,” continued Lacour. “This is a big initiative of ours. Last fall we created free online videos, available to all dealers nationwide, to drive consumer awareness of F&I programs before they go into the dealership to purchase their vehicle. Alongside our free online dealer videos, our new dealer training program is another example of how we are working to help dealers provide a better customer experience.”

The free dealer videos are available on the RoadVantage YouTube channel at http://bit.ly/2fWigrR. More information on the RoadVantage Training Program can be found at http://roadvantage.com/training.

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Quantech Software Inc Rebrands its F&I Product Line; Announces Q-DMS


Quantech Software Inc’s has dropped the word “Online” from its flagship products Q-F&I (Online) and Q-Menus (Online), and announced a new version of its software called Q-DMS. “For a few years there was a certain cache around being able to say your software was web-based so when we migrated our  Windows based menu and F&I products to the Web we added the word Online to them”, according to Mike Martin, Quantech General Manager. “Now that most everything is web based, we have dropped the word “Online”, Martin.  The entire Quantech software suite of products, Q-F&I, Q-Menus, and Q-GPS are now web-based. Quantech offers continued support for its Windows versions.

In addition to dropping the word Online, Quantech has added a new brand, “Q-DMS” to its line-up. “We are seeing more and more customers using our software to manage their dealership; “Q” is their DMS”, explains Martin. Q-DMS includes all of our integrations, inventory mgmt, deal mgmt, forms printing, as well as deal exports for accounting purposes. A fully integrated DMS solution with accounting, parts & service, purchasing, payroll, and ILM/CRM Lead management is handled thru its integration partnerships with Blue Skies Business Solutions (Peartree)DealerSocket, and others.

Dealerships using F&I tools only will continue using the Q-F&I branded product. “A significant number of our customers have elected to use our F&I tools over the ones in their DMS systems”, according to Martin, “they like how easy Q-F&I is to use, our support, and our many integrations”.

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