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.
Why RouteOne? We are a management tool that will help you to navigate the challenges you face. How can you optimize your business to be the most profitable? Take advantage of these eight easy steps:
- The core RouteOne system is FREE to your dealership. More than 22,000 dealerships have chosen to use RouteOne as their credit application platform. We’re contracted with more than 550 lenders – 98% of them non-captive, including prime and subprime lenders and banks. So it’s highly likely that the finance sources you currently conduct business with are connected to RouteOne.
- Credit reports. RouteOne will allow you to run credit bureau requests and view reports and scores directly within the system. Why is this significant? Because it makes for a quicker process. Running bureaus directly within RouteOne pre-populates the credit application, saving you data entry time.
- We’re available on just about every mobile device, including the iPhone, Android, and iPad. So you can manage your deals anywhere, in the dealership or out to lunch!
- We employ a talented team of business development managers nationwide whose job it is to serve YOU and your dealership. Additionally, our in-house customer support teams are on call, ready to answer questions and assist you with training. We have hired only the best business development managers to support you. They have been able to help dealers find ways to save money and grow profits.
- We provide a robust suite of subscription-based and FREE compliance products and services that are designed to help you meet regulatory requirements and stay within the law. These include credit score disclosure notices, adverse action notices, identify verification and electronic storage services, and user reports that help you keep an eye on activity within the dealership.
- We integrate with more than 60 dealer service providers. Our integration to these systems can help you reduce this data entry time tremendously!
- We offer some other tools to help build your brand and strengthen loyalty to the manufacturer. We provide exclusive access to several Credit Cards with special RouteOne programs.
- We issue no long-term contracts. You can cancel subscriptions at any time with no harsh penalties or fees!
This is the time to take action! Learn more by contacting our customer support center at 866.933.0663 or email email@example.com. Thank you for allowing us to serve your dealership!