20 Nov Data Analysis in F&I – Valuable but Don’t Forget the Human Element
When dealerships use data to take a more granular look at how the different departments are performing, it all comes down to the numbers. How much of a margin is held in sales? What is the average RO in service? Are parts personnel pricing for proper margins vs. local suppliers?
Data is critical to getting a snapshot of what’s working and what’s not. But there is one department where you have to temper the objective and cold effect of data with the real-world expectations of human behavior…F&I.
Your F&I staff has arguably the most intense level of pressure to deliver every day for the dealership. They are tasked with bringing in the highest profit in the dealership behind service and with that pressure, people can struggle. They are only human after all.
Now imagine how much the expectations have increased in 2020 with F&I departments having to make a radical shift to a more digital experience and losing some of that face-to-face human connection they thrive on to sell products and services. For some, it’s tougher than ever to deliver.
The data you gather on the effectiveness of your F&I department should be tempered by and seen through the filter of a changing selling process. There are a multitude of concerns and challenges now that weren’t present before March of this year.
F&I managers could be worried about their own health with customers in the office with them. Some may have lost friends or family members to COVID-19. The political climate, the pandemic, and a seemingly constant economic worry can affect the very best of all of us at work.
Data analysis can let you know who needs help in their selling skills and in some cases, who needs to go altogether. But when interpreting that data, keep in mind the very real struggles your F&I team may be dealing with. Walk them through the numbers privately and use the data as a jumping-off point to help them be the best performers they can be for your store and themselves.
Click here to learn more about how TruReports, offered as a free 90-day trial, can give you the insights your F&I department needs to be their best. It’s a small but powerful step to take and we can help.