A new look for your Deal Summary.
RouteOne is launching several enhancements in April. Your feedback, as well as that of our finance source partners, has helped us to develop a new and improved version of RouteOne’s Deal Summary that includes 50 new fields (provided your finance source supports the changes). This new layout offers your dealership a more attractive display (including separate boxes for new deal structure, finance terms, and collateral).
Pilot dealers have been selected, the Pilot program has begun, and all dealers who participate in the Pilot will have the option to switch back between the “updated” and “classic views” on a deal-by-deal basis.
To Delete or Not to Delete, That is the Question
RouteOne has enabled Dealership System Administrators (DSA) to manage the deal deletion process for their dealership. How does this benefit your dealership? You will have additional security over your portfolio of credit applications, which helps prevent the accidental deletion of deals. This new functionality will help keep a clear audit trail and ensure that you are able to retain any information from a deal, even after it was closed.
This feature can only be accessed by a Dealer System Administrator. DSAs may activate this feature by selecting the ‘Preferences’ link in the ‘Admin’ tab within the main navigation bar in RouteOne. Scroll to the “Delete Deals” section and click on the box labeled “Dealership’s ability to ‘Delete Deals’ is active.” DSAs may add up to three email addresses that they wish to be notified when data settings are changed.
by Marv Eleazer (FI Mgr) at Langdale Ford in Valdosta, GA
Article sourced from www.fi-magazine.com
When His Madness asked his F&I friends to provide some words of wisdom to F&I newbies, he found a few nuggets of advice for grizzled vets as well.
I’ll never forget that late-spring day when I got my “first chair” — dealership jargon for my first F&I gig. I had been gunning for the position for some time, but I was passed over in favor of an outsider. But opportunity came knocking a few weeks later and, well, I answered the door.
It didn’t take long for the newness to wear off and for me to discover that the job required a lot more skill and talent than I had imagined. Man, what I would have done to have someone mentor me during those earlier years. I could have skipped over a lot of bad habits. That’s why I decided to collect some words of advice from some of my F&I buddies to help you avoid the costly mistakes I made.
1. “Don’t take the job for granted.” Great advice from Chris Cochran, a dealer development specialist with Resources Management Group. In 2011, Cochran’s F&I team at Massachusetts-based Haddad Dealerships was named an F&I Pacesetter, an honor the magazine issues annually.
2. “You’re either going to be compliant or you’re not.” Great words from my friend Randy Hartis, an F&I pro from Greensboro, N.C.
3. “F&I can be a lifetime career with massive benefits and a very rewarding future, but they have to learn and master the basics.” Great words from Tom Wilson, who served as F&I director for Michigan’s Riverside Auto Group when it was named the magazine’s F&I Dealer of the Year in 2010. He now serves as a dealership development manager for American Financial & Automotive Services Inc.
4. “F&I is the most important chair in the selling process. Any great dealer principal, general manager or general sales manager has sat in that chair at one time in their career.” That message came from Wendell Hardy, a general sales manager at a Mercedes-Benz store in Florida. Hardy also is a former dealer.
5. “Don’t rely on the ‘We’ve always done it this way’ mentality.” That great advice comes from Jim Radogna, president of California-based Dealer Compliance Consultants. Old-timers offering old-school advice to newbies is like a rite of passage in some stores. The good news is there are plenty of resources online to help you verify those lessons, including the F&I Forum and my Ethical F&I Managers page on Facebook.
6. “Lead by example. Don’t lie, cheat or steal.” This great advice comes from Daniel Kennedy, an F&I pro from Florida. He also recommended that newbies befriend their bankers to learn what niches they serve and how to rehash a deal.
7. “Never let someone push you into doing something you don’t feel comfortable with.” Great words from my friend Heidi William, an F&I pro from Montana. Listen, your role as an F&I manager is to protect the dealership — either from bad deals or legal troubles. That means you have to stand up for what’s right.
8. “Don’t worry about the PVR the first month. Concentrate on your paperwork.” I got these words of wisdom from Walt Dobrowski, a California-based trainer. He also suggested that newbies constantly read and reread all of their contracts and brochures until they fully grasp the information contained in them. Hey, you can’t sell what you don’t know, right?
9. “Treat sales staff like you treated your customer when you were out on the lot, no matter how ridiculous and, yes, stupid they act.” Sound advice from my friend Klay Kelso, a sales trainer with The Plateau Group. Remember, your salespeople will be the ones sending you the business, so treat them accordingly.
10. “Paperwork first. Learn how to sell the products and present the menu and the PRU will come.” Those words were uttered by Dina Wilson, an F&I director from Cumberland, Md., and the 2012 F&Idol winner. Wilson is a big believer in training. Her motto is: “Amateurs practice to get it right. Professionals practice so they don’t get it wrong.”
11. “Don’t overcomplicate things. Stick to the process.” Great words from my friend Steve Sipes, an F&I pro from Florida. Like Wilson, Sipes is a big believer in constant practice. He said the goal should be to practice until the pitch becomes second nature. When that happens, you’ll be able to add your own spin.
12. “Learn the paperwork, master the products, understand your role, and don’t stop practicing.” Leave it to my friend Herb Ray to sum it all up. Ray has only been in the box for a little over a year, but it’s clear he’s picking things up quickly.
There is plenty to learn and absorb when you’re a newbie, so stay green, be honest and keep learning.
Marv Eleazer is a finance manager at Langdale Ford in Valdosta, Ga. E-mail him at firstname.lastname@example.org.
Protecting Your Customer Data
In early 2013, RouteOne will implement enhanced security measures to your RouteOne login process. Why is this necessary? We want to significantly improve the security surrounding your login protocol AND allow you to better protect your non-public personnel information (NPPI) as required by the Gram-Leach Bliley Act. In the near future, RouteOne will require additional information during your password reset process, including three answers to ‘challenge’ questions and a valid email address that only YOU may access. Upon submission of the challenge answers and email address, you will be directed to the dealership selection (if you have more than one dealership) or directly into RouteOne. Sound complicated? If you have used online banking, you should already be quite familiar with the process.
Once you have completed the new password setup requirements, you will be asked at a later date to validate any number of devices to your User ID and Password (e.g. laptop, desktop, smartphone, and tablet). More information on this feature will follow in Q1 and Q2 2013.
The 2013 NADA convention will take place February 8th- 11th in Orlando, FL. RouteOne, along with over 500 exhibitors, will be showcasing both new and familiar products and services to dealers throughout the nation. There will also be over 40 workshops on Managing Dealers, New Internet Solutions, Sales and Finance, and much more! Keynote speakers will include Hyundai CEO John Krafcik, and motivational speaker and Commander of the Space Shuttle Endeavor, Mark Kelly, among others.
RouteOne is pleased to announce that we will introduce the industry’s newest, fully-integrated online retail solution at NADA, in booth #1629! Visit the RouteOne booth to learn more about what will surely become your favorite new RouteOne product! Our safe and secure online solution offers:
- a robust application accompanied by an informative video that guides your customer through the application process
- in-line data validation which prevents errors
- mobile access for both dealers and customers
- integration to your dealership’s CRM and 3rd third party sites; and
- fully customizable to fit your needs.
During NADA, we will offer our valued customers a special promotion. If you can't attend NADA, feel free to contact us directly for more information.
Finally, to kick off this year’s NADA event, on Saturday, February 9th, RouteOne will be hosting a Customer Event at Jimmy Buffet's Margaritaville at the Universal City Walk in Orlando! From a volcano flowing with margaritas to suspended airplanes, Margaritaville is more than a restaurant – it’s a state of mind! If you’re planning on attending NADA and would like more information on our event, please email Suzi Straffon at email@example.com for more information.
We were very excited to launch the Compliance Dashboard at the beginning of the year. Dealers rely on the Compliance Dashboard as a tool to help them monitor their Adverse Action, Risk Based Pricing, IDOne, and OFAC processes/procedures.
Many dealers, both those affiliated with small and large auto groups, asked that we build a Group Compliance Dashboard to meet their group reporting needs. RouteOne’s Group Dashboard allows the designated Group Administrator to monitor compliance activity across multiple dealer rooftops, and drill down to a specific store as needed. Like many of our products, the Group Compliance Dashboard is FREE! There are a few simple steps required to activate your Group Dashboard:
- You must have a Group Dealer Participation Agreement (DPA) for all dealer group dealers
- You must be designated as a Group Administrator
- You must have access to every store in the group
The Group Compliance Dashboard provides aggregated compliance data to a dealer group user. The data on the Group Dashboard will be current as of the previous day, but clicking the hyperlinked dealer name will navigate the user to that dealer’s Compliance Dashboard (which contains real-time data), provided the user has permissions for that store.
For more details, contact customer support at 866.966.0663 or click here for more details https://www.routeone.net/marketingmessage/docs/R1_Release_12.11.pdf
How often are you utilizing the Payoff Quote feature in RouteOne? Did you know RouteOne currently provides access to finance sources such as Bank of America, Chase, Fifth Third Bank, and Wells Fargo? Today, RouteOne is currently working with a number of other finance sources to provide Payoff Quote functionality.
For many Finance Sources, electronic payoff quotes offer lenders a great way to reduce costs and improve communication with Dealer Customers. Both Dealers and Finance Sources can realize increased efficiencies and reduced costs by accessing electronic payoff quotes on RouteOne. Here are a few of the benefits:
- Increases efficiencies with both the Dealer and the Finance Source by eliminating or reducing potential lengthy phone call times
- Provides an audit trail of the Applicant’s Payoff Quote, of which the printed version can be included in the Contract Package
- Eliminates errors or miscommunication between Dealers and Finance Sources
More and more Finance Sources are asking their Dealers to utilize electronic payoffs. If you do not see the Payoff Quote Tab, or you do not see a specific lender with whom you would like to access electronic payoffs, please complete the Payoff Quote form on the right hand column of this newsletter.
Payoff Quote Request
Vehicle sales are booming - but are you taking advantage of the boom at your dealership? There are thousands of independent auto dealers in this country. Many of them are “Buy here, pay here,” many offer financing, and some simply want customers to cut them a check for their vehicles. In which category do you fall?
In my experience as a business development/sales rep in dealerships, I have had the opportunity to meet hundreds of independent dealers looking for ways to increase vehicle sales. Establishing relationships with finance sources is a great start. If your dealership is a cash dealership, or perhaps a dealership with limited finance sources, this blog can provide direction to help establish your dealership and help it become a bigger player in the game.
Here are a few simple suggestions to start:
• Reach out to your local, regional, and national finance sources to notify them of your desire to create an established relationship
• Learn up front about finance sources’ requirements such as number of years in business, sales revenue, etc.
Realistically, your dealership may not yet qualify for a relationship with certain finance sources, but do not stop trying! Once you have a few finance sources established, determine their requirements for submission – do they require the app be submitted by fax, through a custom portal, or are they available on RouteOne?
From RouteOne’s free web-based credit application management system, you may manage your full book of business from a single portal. RouteOne is proudly owned by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services.
RouteOne has been endorsed as the credit application management system of choice by the National Independent Automotive Dealer Association (NIADA). RouteOne is a FREE tool utilized by thousands of franchised and independent dealers. “Route One is a major asset in helping our members grow their F&I business and profitability, enhance access to high quality auto finance companies, and ensure compliance,” said Scott Lilja, VP Member Services, NIADA. “Route One brings an extensive set of F&I tools to the independent auto dealer market and is helping streamline our industry's F&I loan origination process."
Let us show you why we are the portal of choice! Call your local business development representative or our customer support line at 866.933.0663.
Finance Managers ask me: is there a better way to monitor contracts? I have noticed that many Finance Managers track their activity within the Deal Manager and do not use other helpful RouteOne tools to track contracts. If you are looking for an easy way to monitor contracted deals, try clicking on the “Contract Manager” tab located under the “Deals” tab.
The Contract Manager provides a variety of useful features:
- The ability to search by customer name, finance source, or contract status (Booked, Funded, Contract Received, etc.)
- The “Contract Held” tab provides a report that gives a summary of all held contracts with status date, reference number, customer data, finance source, age (in days), finance source contact, transaction type, VIN, and messages specific to the held contract
- A summary of deals, along with total amount financed, reserve amount, net proceeds, and average age