Make Your F&I Profit Stick Becky Chernek

Josh Letsis started in the car business at 18 years old selling cars in 1997. 24 years later, he's still in the business. He's now a partner in 5 stores in Colorado and operates the best training company in retail automotive.
 
What we discuss in this episode:
 

You get more out of grooming and helping people grow than anything else. It's important to surround yourself with good people.


If you groom people, their loyalty in you grows. If you treat your employees well, and get to know them, it's easier to help them achieve their goals.


When leaders make an investment in their people, the likelihood that they stay at the dealership is higher.


What gives longevity to your store is paying attention to your customers. Dealers often get in their own heads and try and figure out how to do what makes the most sense for them. It's more important to focus on doing the right thing for the customer.


Giving the customer the ability to toggle through vehicle buying options early on is a very important way to advance the sale and let the customer have some fun.


You can be a lazy person right now and be successful. Typically if you were lazy before the pandemic you were self-selected out.


Things are going to change. Manufacturers are ramping up production which means the eventually things will return to normal.


Those that have continued following processes and forming good habits are going to win. Those that haven't are going to lose to people like Josh and his team.

 
Thank you, Josh Letsis!
 
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Website - https://www.ccilearningcenter.com

James Lawrence is the COO & Co-Founder of Sensitive Data Protect (SDP Compliance), a company that specializes in creating a secure environment for dealership data and compliance.
 
What we discuss in this episode:

Traditionally, dealers have done well ensuring that hard copies of consumer private data are kept safe with mechanisms in place like locked filing cabinets and ensuring that no sensitive data is left on printers, fax machines and photocopiers.


With the advent of a more digitized process, dealers now face more issues when it comes to keeping private data secure and safe from a very real threat: cyber-attacks.


Data silos present a very real risk when it comes to how dealers manage sensitive information. For example, one vendor shares data with another, which creates a barrier between service providers and dealership on how the data is being managed and secured.


Data security breaches have a very real impact on dealership operations, not just from the FTC side but also the consumer protection acts and consumer privacy acts.


With consolidation happening throughout the industry, dealers considering a merger or acquisition must consider how secure their data is.


James explains ransomware and how it's effecting dealership operations today


Listen to the full episode for more valuable insights about keeping your dealership data secure and protected.

 
Thank you, James Lawrence!
 
Connect with Becky Chernek:

LinkedIn - https://www.linkedin.com/in/beckychernek/


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F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461


Website - https://www.ccilearningcenter.com

Ken Luna is the VP of Strategic Partnerships at CreditMiner, LLC and joins the podcast to discuss how dealers can handle and overcome synthetic fraud from their F&I departments.
 
What we discuss in this episode:

Ken explains what synthetic fraud is, and why it's important for dealers to understand so that they can spot it and overcome it.


Why pre-screening alone doesn't solve all problems from discovering fraud.


There's a reason why CreditMiner includes a synthetic fraud score and that it should be included during a pre-screen so that dealers know who they are dealing with.


Ken shares that the industry has over 1 billion in losses due to fraudulent finance and insurance information — sooner or later, the industry needs to pay closer attention to it.


It's like a tooth ache and not wanting to go to the dentist.


Listen to the full episode for even more insights!

 
Connect with Becky Chernek:

LinkedIn - https://www.linkedin.com/in/beckychernek/


Facebook - https://www.facebook.com/rebecca.chernek.1/


F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461


Website - https://www.ccilearningcenter.com

Jody DeVere works with automotive retail dealers to become Certified Female Friendly, learning how to create a culture and experience that attracts and retains loyal women customers.
 
What we discuss in this episode:

Why it's important for car dealers to consider the cultural demographics of their service area and ensure that their workforce adapts.


Many dealers still speak in ways that attract a more male audience, largely due to the fact that the ratio of men to women in the auto industry is unbalanced.


Woman still feel uncomfortable working with dealerships; a problem that could easily be mitigated if we made our dealership environments more female-friendly.


The most forward thinking dealership leaders understand the important role that cultural diversity plays on profitability.


Listen to the full episode for even more insights!

 
Thank you, Jody DeVere!
If you enjoyed this conversation with Jody DeVere, please let him know by clicking on the links below and sending a message.

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Connect with Becky Chernek:

LinkedIn - https://www.linkedin.com/in/beckychernek/


Facebook - https://www.facebook.com/rebecca.chernek.1/


F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461


Website - https://www.ccilearningcenter.com

Laura Temin, LMFT, LPC, DCC, CGA; is a clinician who is helping individuals unlock their full potential by removing limiting beliefs, self-doubt, worry, and past trauma. She is endorsed by physicians, government, celebrities, businesses and is the founder of her State Authorized professionals hypnosis institute.
 
What we discuss in this episode:

Laura explains that most of the power of the brain comes from the subconscious mind.


Most people are driven by the emotion and memory of the subconscious mind.


Worry is imagination gone wild about a future event that you’re afraid will happen in a certain way. When we want something and we’re in a conflict about it, our brain determines the most negative outcome.


The conscious and subconscious mind are always at odds.


It’s possible to access the part of their mind that has all the power so that the conflicts we face get quieter.


Listen to the full episode for even more empowering information!

 
Thank you, Laura Temin!
 
If you enjoyed this conversation with Laura Temin, please let him know by clicking on the links below and sending a message.

Click here to thank Laura Temin on LinkedIn


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Connect with Becky Chernek:

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Facebook - https://www.facebook.com/rebecca.chernek.1/


F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461


Website - www.chernekconsulting.com

Peter Carusone is the founder and President of VisionAST, the creators of F&I reporting software FinanceVision, which helps car dealers increase profits through their variable operations.
 
What we discuss in this episode:

Pete explains that reporting needs to be easier to understand for variable ops so that teams can take the information and actually leverage it.


There is value in being able to make mid-course adjustments to drive profits. The only way to do that is to get your hands on the right reports as quickly as possible.


Pete shares that the car deal actually begins from the time the an introduction is made and the sales professional gets involved. Sales pros have a great responsibility to tee up the next phase of the sales process so that the customer follows a natural progression to the delivery of the vehicle.


Relationships rule the F&I department.


If you're a partner with your customer from the moment they walk through the door, you'll be able to get them the best vehicle, protection and have them as a customer for a lifetime.


Listen to the full episode to get even more great information from Pete Carusone.

 
Thank you, Peter Carusone!
If you enjoyed this conversation with Peter Carusone, please let him know by clicking on the links below and sending a message.

Click here to thank Peter Carusone on Linkedin


Click here to share your number one takeaway with Becky Chernek

 
Connect with Becky Chernek:

LinkedIn - https://www.linkedin.com/in/beckychernek/


Facebook - https://www.facebook.com/rebecca.chernek.1/


F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461


Website - www.chernekconsulting.com