Why Your Dealership Should Outsource Finance and Insurance
Large car and powersports dealerships are absolutely able to take care of their own finance and insurance department and this is something which customers enjoy. When it comes to a smaller operation however this is something which should always be outsourced. Contrary to what many dealerships believe, to outsource motorcycle powersports f&i is actually far easier than they believe and it can make a real difference to the way in which they operate.
If this is something which you and your dealership are struggling with, here is why it makes sense to outsource this area of your business.
Freeing Up Staff
Most dealerships do not count on a wealth of resources and if you have committed what few resources you have to both sales and to covering the f&i, then you are going to have an issue regarding availability. Let’s say that you have two sales executives on the floor, the last thing you need is for one of them to be tied up for over an hour arranging the f&i. This is certainly one of the most compelling reasons as to why you should use a trusted 3rd party company.
Training and Knowledge
Not only will you be freeing up your staff when you outsource, but you will also be removing the burden which comes with having to train up staff on how to sell finance and insurance, and how to process it. Ask yourself how much knowledge the dealership currently has around this, would it have to start from scratch? You are far better off letting professionals handle this aspect of the business and the sale.
It is not just on the day of the sale that you will have to go through this process, but you will have clients coming back to you each time that there is an issue or a query. Going back to your sales execs, they are on the floor to sell vehicles, and they will already be having a tough time doing that, do you really want to give them the added responsibility of having to deal with follow up problems and complaints?
Those companies to which you can outsource your f&i are in this every single day, and that means that they are able to offer a swift and professional service to your customers. This ultimately will speak volumes about your business too and they will come away from the deal feeling confident that you were able to look after their needs. This could be vitally important in both that customer spreading the word about your business, and in them coming back in the future.
There are some aspects of a business like this which shouldn’t be outsourced and much of it should be managed and handled in house. With this being said, when it comes to the finance and insurance aspect of the sale, there really is only one way to go and that is definitely to outsource.