June '18

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88 • RV PRO • June 2018 rv-pro.com B U S I N E S S L ike many things in life, the path of least resistance is usually the wrong road. Allowing your people and processes in critical departments to become complacent will be costly. Unfortunately, the facts and perspective never serve themselves up without specific direction. Virtually any dealer, large or small, knows what to expect from their sales department based on what products they decided to carry. Dealers know what they want to sell them for and how often they want to turn their inventory. As a dealer, if you don't know and don't impose your belief and expectations, you'll get whatever your people and processes want to give you. Consider your F&I department, your service company, or the single person handling it all, and how well you impose your expectations. What is your profit center up to and what made it win or what made it lose? Maybe the harder question for some dealers is what does a win or lose look like? You have to know that before you will ever understand how to improve. In the remainder of this article, I'll explain common F&I pitfalls and how to move forward and understand what the drivers are and how to improve. Ignoring a profit center is one of the biggest mistakes a dealer can make. By Jeff Wyatt Jeff Wyatt is a principal at DLR Financial and has owned and operated multiple companies with focuses on financial services and fundamental business manage- ment. For more than 20 years, he also served as CFO for some of the country's largest corporations in the construction and F&I industries. Wyatt has worked with RV and marine dealers nationwide for several years. For more information, visit www.dlrfinancial. com or call 800-447-2946. Avoiding the Seven Costly F&I Sins Committing any of these errors of commission or omission can negatively impact your dealership's earnings potential.

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