Pub. 14 2015-2016 Issue 2

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S I S S U E N O . 3 , 2 0 1 5 14 new jersey auto retailer Legal & Regulatory Compliance Series and customers are much happier know- ing that they paid the same amount for the products that their friends and neighbors did. Remember, in many areas, custom- ers compare notes on the price of ve- hicle and ancillar y products around campfires and over BBQs. When they discover that they were charged more for a service contract, or a GAP policy than their neighbor they begin to re- think the entire purchase. You want to be seen as having a fair and equitable pricing structure. Increased profits do not always come from higher prices. They most often come from higher take rates. The more policies and products your team sells, the more prof it you will enjoy. Your sales business manager should set production goals. To the right is a standard format for goal setting. Goals should be specific, measurable, attainable, relevant to their scope of business, and progress should be tracked daily! Finally, dealers must review production re- ports, contract-in-transit reports and other information to track how the F&I depart- ment is operating. Not only does it encour- age accountability, it allows the dealer to let their employees know how their level of production impacts the dealership. F&I Center’s Goals: Finance Reserve ____ % VSA ____% Pre-Paid Maintenance ____% Tire & Rim ____% Roadside Assistance ____% Protective Coatings ____% Security System ____% CL/ AH ____% GAP ____% Profit Per Retail Unit ____% Increased profits do not always come from higher prices. They most often come from higher take rates. The more policies and products your team sells, the more profit you will enjoy. SELL MORE  continued from page 13 Jan Kelly is President of Kelly Enterprises. She is an educator and consultant, convention speaker and writes frequently for industry publications. Jan can be contacted at 800.336.4275 or visit www.JLKelly.com .