The F&I Log: Your Dealership Scorecard
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
- GAP
- Service Contract
- Other Aftermarket Products
- New/Used
- Cash
- Lender
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.