Wayne, Pa. – MaximTrak Technologies reports in an eBook now available how F&I managers can boost product penetration to increase profitability on every vehicle sold. In a nationwide study that was sponsored by a major domestic manufacturer, MaximTrak reports dealerships like Monroe Dodge-Chrysler-Jeep-Ram reported an average PVR increase of 33% after adopting eMenu technology. “That’s huge money,” said Ralph Mahalak, Jr., dealer principal.
Dealers using MaximTrack's cloud-based application say it also speeds up deals, shaves time for customers in the F&I office and adds simplicity that makes even novice F&I managers more professional and successful. Dealers share their experiences in the report, “How Cloud Based F&I Menu Systems Boost Service Contract Penetration 33% and PVR 27.”
“We undertook this study to verify that eMenu utilization, when compared to using no menu system, can dramatically boost a dealerships’ F&I profitability,” said Jim Maxim, Jr., president, MaximTrak Technologies. “The dealers in this study report new car vehicle service contract penetration lifts of 32% and used car VSC lifts of 33% - and they also had new-car PVR and used-car PVR boosts of $302 and $203, respectively, using the MaximTrak application versus not using the MaximTrak process.”
Mahalak said the F&I menu tool helps his staff focus on presenting solutions and not on the menu process itself. “We actually offer fewer products on the menu now, so more time is available to spend on what we sell best,” he added, “and built-in reporting tools give us daily insight to what our finance managers are accomplishing for the week, month, and year to date, which helps with accountability.”
This sort of structured menu presentation also keeps customers happier by making the F&I process more efficient for them. “We’re shaving off minutes from every F&I presentation, and for customers who don’t want to be in the finance office in the first place, those 10 or 15 minutes are significant,” noted Fred Barabani, F&I manager for Buckeye Chrysler-Jeep-Dodge-Ram, Shelby, Ohio, which participated in the study.
