Measuring Commercial F&I Performance
Top performing commercial equipment dealerships measure what matters, and use those measures to drive their business to higher performance standards. Finance and insurance products are core products offered by top performing dealerships. Dealerships can gauge the performance of their F&I teams by asking the best questions and establishing metrics that provide fact-based answers. (Note: Metrics presented below are not an all inclusive list of metrics that your dealership should track and report.)
Is the F&I team adding value to every equipment sales opportunity?
Metrics to track:
- F&I products presented per equipment sales opportunity
- Credit applications per equipment sale opportunity
- The number of sales leads provided by the F&I team to the equipment sales team
Does our dealership have the right F&I partners?
Metrics to track: (Your finance and insurance sources can regularly provide you with these measures)
- Credit response time by finance source
- For each finance source: Credit approval /declines rates by commercial credit score band
- Claim satisfaction scores by insurance provider and product provided
Is the F&I team efficient and productive?
Metrics to track:
- Total dollars financed by F&I team as a percent of total value of whole goods sold
- Total F&I expense per credit application
- Total F&I products presented to customers (in a given period of time…weekly, monthly….)
- Total “decisioned” credit applications divided by total F&I hours worked
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DealerBahn provides commercial equipment dealers with outsourced F&I services and web-based workflow management tools that facilitate the sale of commercial finance, insurance and associated services. Contact Thomas Ball at thomas.ball@dealerbahn.com