W elcome to the first newsletter edition of F&I 20/20. At first glance, the title would imply the year or millennia in which we live. Well, sort of. Actually, it refers to having an excellent 20/20 vision of what F&I should be about from an advanced professional’s point of view. Our focus-if you will-should be to reach the highest rung of the ladder in F&I. Now, I’m not talking about PVR/PPR or any other numeric metric associated with the job. For some people, that’s enough and their only focus. True professionals-on the other hand-know that they’re judged by a much higher calling which includes a deep understanding of compliance and responsibility to not only their employers but also the customer’s buying experience. It is to this end we’ve structured the newsletter a little differently. Editorial Team Leaders will be responsible for working with various writers and professionals to bring you fresh up-to-date closing ideas and the latest from the regulatory front lines. Now, when I say “closing ideas”, I don’t want to be misunderstood. I’m not talking about issuing hammers to beat customers over the head until they submit. We all know what that looks like. I’m talking about advanced learning and application to help customers get what they want and enjoy the F&I process-not loathe it. So, welcome aboard, and let’s have some fun while we learn! Marv Eleazer Bits & Pieces………. An Automotive Journalistic Legend Retires. After nearly five decades of ink and paper, Steve Finlay of WardsAuto hangs up his keyboard. He signs off with a farewell article giving thanks to so many and paying homage to his most influential mentor. Congratulations, Steve! Enjoy your retirement. Ouch! JDSupra recently published a follow up report on action taken against Tate Automotive Group in Arizona and New Mexico for living on the edge. A first for the government enforcement agency, the full brunt of the FTC’s power was on display. Three Cheers! Ford Motor Co. says U.S. Ford and Lincoln dealers “overwhelmingly” gave back to their communities last year, with 30% of respondents giving more than $50,000 per year. Thirty-five percent committed between 10 and 20 hours each month to charitable giving, according to Ford Motor Co.’s annual survey on dealer giving. The survey coincides with the 20th annual Salute to Dealers awards that took place at NADA Show 2020 over the weekend in Las Vegas. One particular lady’s dealer group is featured in this terrific article about the ways they give back to their community. Rick-Road Warrior-McCormick He has something to offer up about indecisive customers. “Attempting to sell products in excess without knowing the exact needs of the customer is F&I malpractice! The mantra of today’s customer is “nothing extra.” To convert the customer from No to Yes, we must utilize a customer-focused process.” Shifting Gears U.S. demand for light vehicles has roared back since the sudden precipitous decline caused by COVID-19 that started in March and bottomed out at an annualized rate of 8.7 million in April – a 50-year low - with volume declining 46% year-over-year to 717,000 units. 3 Gregory Arroyo garroyo@dealersocket.com Tony Dupaquier tonyd@theacademylive.com Shannon Robertson shannon.robertson@afip.com G.P. Anderson gp.anderson724@gmail.com F&I 20/20© is a bi-monthly Newsletter for the professional F&I Practitioner. This publication is a division of Ethical F&I Managers (EFI™) and is copyrighted. All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher at: Marv Eleazer 4043 Liska Circle Valdosta, GA 31605 fordpantera@yahoo.com (229)460-3310 Editorial Board
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