WAYNE, Pa. - Dealers can generate substantially higher profits per vehicle sold (PVS) with an F&I menu tool to help them customize and organize a more compelling aftermarket products presentation, according to the menu software’s purveyor, MaximTrak Technology.
Powersports dealers using the tool are realizing PVS lifts as high as 33 percent, according to MaximTrak.
A study conducted by MaximTrak, which sought to understand how the use of menu-driven software in the F&I office affected F&I product sales outcomes and per vehicle retail, monitored car sales using at times no menu and at other times MaximTrak F&I e-menu software. When using the software, dealers reported new car vehicle service contract (VSC) penetration lifts of 32 percent and used car VSC lifts of 33 percent.
Furthermore, the dealers also had new-car PVS and used-car PVS boosts of $302 and $203, each, respectively.
Dealerships in the study report gross changes (over no menu use) of as much as $707 per deal, with an average of $210 per deal, on more than 17,000 transactions.
Dealers in the study said menu software helps them observe and manage for peak outcomes, including: F&I department practices, penetration by product, PVS by sale, identifying staff members doing a great job selling in all key categories, and those who need additional training to improve results.
"Only software-based F&I menu systems can help F&I managers achieve repeatable business practices on every transaction," said Jim Maxim, Jr., president of MaximTrak Technologies. "By eliminating manual steps and standardizing the product presentation, this menu system streamlines process flow, speeds up the deal and makes more money for the dealership."
MaximTrak Technologies, Inc. offers F&I menu and reporting systems for the automotive, motorcycle, boat, RV, and powersports industries. For more information, call (800) 282-6308 or visit www.maximtrak.com.
Posted by Holly Wagner