November 14, 2011
Wrap Up 2011 by Strengthening Your Foundation for Success
As we wrap up 2011, have you been paying attention to your foundation? Where is your operation in regards to legal and compliance issues, training and technology?
Legal and Compliance
Now is the time to review your product offerings to make sure that you are offering fully-complaint products. Protect your business and make sure that you have the most comprehensive products possible by offering products that don't cut corners. Also, be careful about some new F&I products in the marketplace. If you are wondering how they can be compliant, they're probably not.
Also, are you doing everything possible to protect your customers' identities? Make sure that you explain your privacy practices to every consumer. Offering Identity Theft Protection right in the F&I Office is another way to offer consumers piece of mind.
It's no secret that training gives you a competitive edge. Staying up to date on the latest trends and best practices in F&I brings in the profits. Make sure you have an F&I partner that believes in the value of training as much as you do. Need to get yourself or your team a refresher course? Holiday downtime is a great opportunity to focus on training.
With smart/touch pad technology, mobile applications and Web 2.0 advancements, it's easy to get overwhelmed with new technology. But, it's not going away. Have you identified one or two areas to focus on that will help your business by cutting costs or creating a competitive advantage? Perhaps it's time to take a serious look at E-Contracting. Or, maybe you want to get your feet wet in social media marketing. Even a small start can have great results down the road.