Many finance departments maintain a Finance and Insurance (F&I) Log. The F&I Log can serve as a high-level ‘score card’ for finance managers, as it stores important information about each vehicle transaction. The most common categories in an F&I Log can include:
- Sales Gross per unit
- Finance Reserve per unit
- Life Insurance
- Disability Insurance
- Service Contract
- Other Aftermarket Products
Maintaining an accurate F&I log is helpful when auditing pay plans, reviewing lender performance, and reviewing performance with F&I trainers.
Preferences for storage of these logs vary – some are kept on paper, in an Excel worksheet, within a web-based system or within the dealership’s DMS. If your dealership utilizes RouteOne and the DMS integration we offer, you can enjoy automated data population of your F&I Log, as the system will populate this report directly from accounting on all finalized deals. The automated F&I Log and Performance Report provides insight into a dealership’s profit (average profit per contract and profit per vehicle retailed) and penetration for each F&I Department, F&I product, F&I Manager, and/or salesperson. Dealers may compare segment performance between new/used/car/truck or retail/lease/balloon/payment call.
A free manual utility is provided for those dealers not utilizing DMS integration. Try using the F&I log within RouteOne to keep score of your Finance Department.
What is a dealership management system and why should it connect to RouteOne? A dealership management system (DMS) is an information system created specifically for automotive dealerships to capture information relating to Sales, Parts, Service, Finance, and Administration. Integration between RouteOne and the DMS creates more efficiency within a dealership’s sales process.
RouteOne has developed a true dealer choice model, providing open access to multiple dealer management systems, allowing dealers the option to select which service providers best meet the needs of their business. It is the most comprehensive in the industry.
Benefits of integrating your automotive management system to RouteOne include:
- Eliminate duplicate entry into multiple systems
- Exchange credit application and decision information between your dealership management system (DMS) and finance sources in near-real time, simplifying and improving the credit application process
- Send the application from your automotive dealer management system to RouteOne for finance source submission
- Return the credit decision received from the finance source from RouteOne to your automotive dealer management system
- Originate an application in RouteOne, send it to the automotive dealer management system to populate customer screens, and work the deal further
- Get a concise yet comprehensive view of your dealership’s finance department and lender performance to pinpoint new opportunities for growth and profit
Download the list of integrated dealership management systems (DMS) by selecting the button below. Don’t see your DMS listed? Contact us at 866-933-0663.