F&I products and wealth-building programs present a valuable opportunity for dealerships to diversify revenue streams and mitigate the impact of market fluctuations.
Auto retailers frequently create siloed business practices by defining boundaries between professionals in sales, service and F&I. But interdepartmental cooperation is crucial to a dealership’s overall success.
F&I profits haven’t been hard to come by since the start of the pandemic. Total F&I revenue for some of the largest dealership groups in the U.S. jumped 4.5% in 2020 compared with 2019.
With so much emphasis on used cars today, auto retailers must ensure their F&I product portfolio matches the various needs of their customers looking for used instead of new.
F&I products are offering some hope in the battlefield for profits. According to Wards Intelligence, new light-vehicle sales in the U.S. fell 1.9% to 17.1 million in 2017. But dealerships earned an average of $1,412...