Lindsay Automotive Increases PVR by 12% with Virtual F&I

Taking the Time to Get it Right

The plan from the outset was to start slow and grow from there. Paramount to the success of this transformation, in addition to customer satisfaction and the creation of a new avenue for profitability, was ensuring there was buy-in and input at every level of the organization. This approach served two purposes: ensuring consensus and receiving any concerns or feedback early in the process. By circulating the plan with the dealer group’s general managers, then general sales managers, finance directors and on down the line, we could collect input and anticipate any challenges well before it was time for training or implementation. This way, Lindsay’s leadership served as ambassadors as Virtual F&I began rolling out in their stores.

Throughout the process, they also helped to restate expectations, provide positive reinforcement and lead change across the dealerships. At the helm of the change management was our Sr. District Manager for the metro DC area, who was Lindsay Automotive Group’s main point of contact and supported their F&I sales and team training.

Embracing Change and Setting Expectations

Change can be challenging for any business, and the key to success was to set the groundwork at the outset. As partners, the dealership staff, leadership and our Virtual F&I team agreed to work through the change together, stay in communication, have patience and set clear expectations. We took the change step-by-step with each dealership and each person. Once leadership was bought in, it was time to tackle technology. One by one, we worked with them on how their technology platforms could support and integrate with a Virtual F&I process. Through our hands-on training approach, we instilled confidence in the dealerships’ F&I Managers by reinforcing what would be familiar – presenting the menu and selling F&I to customers, while training them on how to run that process in a digital format.

Then, it was time to get practicing. Again, we started with leadership, training and perfecting the process with each store’s finance director to show them how this approach would secure untapped revenue and serve customers from anywhere. From there, each F&I Manager had ample time to train, practice and roleplay sample deals with us serving as the customer. When an F&I Manager did a great job, their finance director was there to celebrate the win and provide positive reinforcement. Once they got it down pat and felt confident, they began taking virtual deals with dealership customers.

Each week we would review sales numbers and details with the teams to keep them on an upward path. Our Virtual F&I team was available to them around the clock to support them through their transition, often taking calls late into the night to help an F&I Manager. It is this level of partnership our associates commit to in working with all our dealer partners. Each of us is a source of steady support, guidance and knowledge with skills to custom tailor solutions to each dealership’s needs and goals.

The Results

In the year since Lindsay Automotive Group began piloting Virtual F&I, in addition to JM&A Group training their team on a successful Virtual F&I sales model, they have seen a 12% increase in PVR as well as 8% growth in products sold per deal. This shows the efficacy of a strong combination of traditional and Virtual F&I offerings in order to serve customers from anywhere and increase revenue opportunities within a dealership.