Profit Drivers Blog

Attend an HST Info Session for BC Businesses

cathy@profitdrivers.ca (ProfitDrivers) — 2010-03-08T05:23:00Z

Worth the time to attend!
The Canada Revenue Agency is hosting FREE seminars in various cities and towns throughout BC to help ensure that businesses receive the information they need for the transition to the federal administration of the harmonized sales tax in BritishColumbia. Registration is required as seating is limited. Refer to the city listings for dates, times and locations available in your area.

If you have a customer that is considering to purchase a warranty "later", remind them that you can save them 7% if they purchase it today...after July 1, 2010, that same warranty will be subject to 12% HST rather than only 5% GST today!

An important note for motor vehicle dealerships: Although HST is officially in full effect on July 1, 2010, there is a transition period that begins May 1, 2010. For example, "goods" purchased, such as a vehicle, after May 1, 2010 but not taken delivery/possession of until after July 1, 2010 (a factory order for example), are subject to the 12% HST. This makes no difference to the customer but it will affect internal accounting applications. The transitioning phase from May 1, 2010 to July 1, 2010 has many caveats to be aware of and your questions about how HST affects the various aspects of an automotive dealership will be addressed at these information sessions.

What's YOUR Willingness to be a Top Performer?

Increase F&I Sales

cathy@profitdrivers.ca (ProfitDrivers) — 2010-02-06T22:06:00Z

With more and more automotive professionals setting-up online blogs, the value of information out there from other experts in our field is increasing. The one element of the Business Manager profession that I have always believed is missing is the opportunity to chat with several others who understand and appreciate our frustrations and triumphs. The wealth of information is in the field with those that live and breathe the auto business every single day as much as it is with a professional presenter or facilitator at the front of a room during a workshop.

Each of your customers is the equivalent of a golden nugget in a treasure chest. One of our American F&I Manager neighbors believes this too and expresses his thoughts about how to turn those nuggets into future sales long after the vehicle purchase has been made. His article also makes reference to the importance of building relationships with your internal customers as much as your external customers...internal customers being other staff at your dealership. For a direct link to Jay Samson's article, Click Here.

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Warranty Sales Increase while Vehicles Sales Drop

cathy@profitdrivers.ca (ProfitDrivers) — 2010-02-06T21:16:00Z

Here is another online article I stumbled across that has some valuable commentary about the affects the past year-and-a-half has had on warranty sales. Statistics are offered and suggestions are made about the increase of penetration rates on warranty sales when the North American auto market suffered a massive drop in sales from 16.1 million units in 2007 to a mere 10.4million units sold in 2009. It's a longer article and well worth the read, grab a coffee and enjoy!

For link to article, Click Here

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The Psychology of Buying and Selling F&I Products

cathy@profitdrivers.ca (ProfitDrivers) — 2010-02-02T05:23:00Z

Reference is made below to an excellent article about the psychology of buying and selling F&I products based on several years of research. Thank you to George Angus of Team One Research and Training for sharing this valuable information. This is a MUST read for all F&I Managers/Business Managers!

For link to Article, Click Here

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ORGANIZED CRIME INVOLVED in AUTO THEFT

cathy@profitdrivers.ca (ProfitDrivers) — 2009-12-16T20:36:00Z

We refer here to an excellent article that outlines how organized crime is increasing it's involvement in auto theft! Just when the public was feeling confident that the RCMP and ICBC efforts to reduce auto theft were achieving good results, we have a new development to concern ourselves with:

...“We’re seeing two very different forms of auto theft,” said Rick Dubin,Vice-President, Investigations, IBC. “One type of thief is just looking for a car that’s easy to steal, with no approved anti-theft electronic immobilizer, which can be used for transportation, stripped for parts or used to commit other crimes. The other type of thief goes afternewer, high-end vehicles. Although these are harder to steal,sophisticated organized crime rings can make a strong profit by shipping them overseas, chopping them for parts, or changing their vehicle identification numbers (VINs) and selling them to unsuspecting consumers.”...To read the full article, click here.

The etching or anti-theft systems offered in the business office are a practical means to help subsidize your customer's loss in the event of being victimized by auto theft. These programs typically have a lump sum payout to the client if the vehicle is stolen and not recovered within a certain time frame. That in itself may not be enough to get the customer excited about purchasing the anti-theft program. However, once you personalize the presentation so the benefits are specific to their circumstances, your sales will soar. Watch for our article next week with tips on HOW to personalize your presentation. In the meantime, print out the list of the TOP 10 STOLEN VEHICLES in CANADA as featured in the referred article....if your manufacturer is represented on this list, it should be displayed for all your customers to see in your office and your sales staff should be informed. Doing small things consistently produce impressive, lasting results!

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Tips to get tough Finance deals APPROVED!

cathy@profitdrivers.ca (ProfitDrivers) — 2009-11-24T06:00:00Z

Do you ever get stuck when trying to get your finance deal approved?

Sometimes it's the deal structure

Sometimes a co-applicant will help

Sometimes more cash into the car will work

Sometimes you need to move them to a new vehicle with manufacturer cash incentives to help reduce the risk OR if they came in on a used car, they may think that's all they can afford. Sometimes a new vehicle is easier to finance.

Always follow-up with the credit analyst on a declined credit application. Before you make that call, know what the strengths of the deal are and what the story behind their impaired credit is.

If you are stuck, sometimes an objective perspective will help trigger an idea you hadn't thought of. Stay connected with others in your community. Our Profit Drivers Facebook Group is open to Automotive and RV Business Managers and serves as a platform to connect with other professionals like yourself! Click Here to connect with your community!

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Fundraiser Event

cathy@profitdrivers.ca (ProfitDrivers) — 2009-11-13T16:26:00Z

MEET and GREET the AUTO PROS

off the SHOWROOM FLOOR!

FUNDRAISER EVENT for BABY MATHEWS

Presented by Profit Drivers

in Association with Victoria Auto Dealerships

Join us to support a good cause

& socialize with the auto professionals during a fun evening!

click here for details

Is Leasing the Best Solution for Your Customer?

cathy@profitdrivers.ca (ProfitDrivers) — 2009-10-13T16:51:00Z

Article courtesy of Maria Kirley, Leasing Expert with Dominion Lending

For those of you with clients whose fiscal year end is coming soon, now is the time for them to consider leasing equipment for their upcoming year. Leasing conserves capital, and can be a way to reduce the tax bite, as leasing can be listed as an operating expense each month.

Leasing company vehicles - from compact cars to big rigs - is a great way to control the cost of doing business. Rather than buying a vehicle that depreciates in value the moment it leaves the lot, leasing it gives the business-owner the capability of listing the vehicle as an expense the moment the ink is dry on the contract. Most businesses will write off 100% of their lease expenses. For automotive service companies, leasing the service equipment makes sense - with today's rapidly moving technology, some equipment can become obsolete relatively quickly. Leasing frequently enables you to acquire the new equipment you need without having to keep costly equipment working years beyond its profitable time.

Almost anything used to operate your business or generate revenue including machine tools, construction equipment, copiers, computers, software, office furniture, manufacturing equipment, can be leased. From the vehicle you use to get to work, to the phone system you use for customer service; from the diagnostics equipment you use to serve your client to the point of sale system you use to ring in an order... leasing can service the needs of your day, while conserving precious capital you have set up for expansion.

I'm happy to meet with you to determine how leasing can work for your specific situation. Call or email me, Maria Kirley, Dominion Lending (Victoria, BC area) - 250.656.2222 mariakirley@shaw.ca

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Are you Stuck in the old or INSPIRED by the new?

cathy@profitdrivers.ca (ProfitDrivers) — 2009-09-30T03:55:00Z

Learn a new way to embrace the ever-frightening experience of CHANGE!

To help face change in life, this is a MUST read:

WHO MOVED MY CHEESE by Spencer Johnson.

It's funny, a quick read & written lightly like a children's book!

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It's Easy to Convert miles to kms

cathy@profitdrivers.ca (ProfitDrivers) — 2009-09-08T14:47:00Z

C O N V E R T M I L E S to K I L O M E T E R S

C O N V E R T K I L O M E T E R S to M I L E S

This calculator is super simple and easy to use! Converts miles to kilometers and kilometers to miles. Keep it in your Favourites for quick access any time you need it!

Conversion Calculator

If you have any other tools for Business Managers, Finance Managers, Financial Services Managers, F&I Managers that will make their job at a motor vehilce dealership easier, please share it with the rest of us! Simply click "Add Comment" below and follow the default boxes. The more we help one another, the faster our skills, techniques and sales improve! Remember, "What goes around, Comes around".

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Be Your Own BEST Customer

cathy@profitdrivers.ca (ProfitDrivers) — 2009-08-29T17:43:00Z

If you believe in yourself

Chances are that everybody else will too

The same principal applies,

If you believe in your products or services,

Chances are that everybody else will too!

To be an expert salesperson, you MUST believe in your products. The most effective means to believe whole-heartedly in your products is to own or use the products or services you offer. If you sell extended warranties, credit insurance, undercoating, paint protection and other value-added treatments for vehicles, you must be a consumer of those products too. The best testimonial you can reiterate to a customer is one from your own experience. Today selling is an educational event wherein you provide information that reveals the features and benefits of your product(s) or service(s) and reflect how that would apply to your customer based on what you learned during your rapport building stage, regardless of the industry you are in. Speaking of events and experiences that affected you and your life as a result of your products or services is that unique step beyond selling. It becomes a conversation. In the end your trial close, "Can you see how this will benefit you when... (use an example from information you learned during the rapport building stage)" will fall into place with few, if any, objections. If necessary, once you overcome the objections that arise, you simply ask for the sale. The close should be easy if the proper steps have been followed to that point. Usually a simple payment option choice is all that's needed to finalize the sale.

For Business Managers, Finance Managers, Financial Services Managers and F&I Managers, my advice to you is to own or use the products and services you offer your customers. For any other industry, I offer the same advice. This is a universal principal. Try it and let us know by "Add Comment" below what successes it rewards you with. If you have already mastered the BELIEF in your products by owning or using them, we would like to hear your story too!

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Look for SOLUTIONS

cathy@profitdrivers.ca (ProfitDrivers) — 2009-08-16T07:13:00Z

Find the Missing Piece!

Focus on Solutions

Problems will arise during the course of your career as a Business Manager/F&I Manager, that`s inevitable. Your response to those situations will make all the difference to the outcome and to how quickly you will be able to turn a difficult or troublesome situation into a positive one. Every problem or challenge is really a disguise to a learning opportunity. In some way or another that`s the case. When you have a problem in front of you, begin a retraining process for yourself and pause for a moment, reframe your typical thoughts and ask yourself what learning opportunity this will offer you? As with any change, you must be patient with yourself and allow some time to transition into this new thought mold. Rather than allow problems to create a weight, turn them inside out and utilize them to increase sales and make more profits. The most effective means to remedy any problem, regardless what it is, is to FOCUS ON THE SOLUTIONS!

If you have troubles to move on to solutions when a problem arises, get help! Ask someone you admire to mentor you or hire a coach to help you during troubled times or have a trusted friend or relative on standby to lend a listening ear. The sooner you move beyond the problem and towards a solution, the better you will feel, the more respect you will get from your colleagues and peers and the sooner the perfect solution will show up!

We would like to hear your stories, any recent problems that you managed to overcome with a great solution! Simply click Add Comment below and complete the information requested in the default boxes.

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Learning & Resource Materials for Auto & RV Business Managers

cathy@profitdrivers.ca (ProfitDrivers) — 2009-08-11T18:52:00Z

FREE 7-Day Test Drive

For those of you who are interested to increase profits in your business office/financial services office, we have the perfect opportunity for you to browse through the premium content materials in our membership website for a 7-day FREE test drive. Our resources are quick and easy to access, view the rich video, audio and text learning materials online at your fingertips! While you are visiting, check out our Resources library and preview the Forms we have there to help make your job easier and help the paperwork flow, look over the Employment pages for Positions Available and for reference to those Seeking Employment , Tax, Insurance & Legal section for one-click access to current Bulletins, Publications and Forms on topics that affect motor vehicle transactions and so, so much more!

Click Here to visit Profit Drivers website

Email us today at cathy@profitdrivers.ca to get your personal temporary login.

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Overcome Three Common Mistakes that Cost You Sales

cathy@profitdrivers.ca (ProfitDrivers) — 2009-07-28T06:16:00Z

If you are in any sales position, these three common mistakes will cost you sales. As we say in the automotive business, you will "leave money on the table". We have suggestions following each topic to help you overcome these challenges and accelerate your profits!

1/ You have preconceived ideas about your customers wants or needs

This happens because you've had some experiences that developed certain negative beliefs about your product or service OR you have bought into someone else's beliefs. START FRESH! Practise turning off the little annoying voice in your head and meet with each client like there is no reason in the world that they wouldn't want absolutely EVERYTHING you have to offer!

2/ Handling objections is done by chance rather than by a science!

How on earth do you overcome objections using a science? First of all, you make objection handling a science. Every time you get an objection, write it down. Come up with 2 or 3 excellent ways to handle those objections . Ask your colleagues for help with this, do some research online or attend a training. Invest time into your research, use compelling examples and stories from your own experiences or from others you know. Finally, commit these to memory like they are part of your being. The science of gathering this information will then become a part of your core and you will be in charge of your sales!

3/ You MUST have a powerful driving force!

The energy you have towards making sales is in direct relationship to the amount of sales you will make. For example, if you have HUGE overhead that you are responsible for, you will have a HUGE drive to make sales. Sometimes we refer to this as our measuring stick! Our own needs determine how high we aim. If you believe that the sky is the limit, you will constantly shoot there. If your averages are $500 per unit and you are comfortable there, that is what you will achieve every month. If you believe your averages should be $1500 per unit or $3000 per unit, that is what you are programmed for and that is what you will achieve. MOVE YOUR MEASURING STICK a notch or two every month and watch your sales grow!

What's YOUR Willingness to be a Top Performer?

RIFCO: Non-Traditional Financing Solutions for the Automotive Industry!

cathy@profitdrivers.ca (ProfitDrivers) — 2009-07-14T16:52:00Z

Learn more about RIFCO, a financing alternative for non-prime or non-traditional credit approvals.

Recorded Interview Friday, July 3, 2009

with Doug Decksheimer, Vice-President of Marketing
and Carol Hanson, Credit Manager
of RIFCO

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How to Run Your Office Efficiently!

cathy@profitdrivers.ca (ProfitDrivers) — 2009-07-01T19:45:00Z

Systems will result in a complete process, executed correctly every time!

Missing pieces are disruptive and waste valuable time! For every action there needs to be a step-by-step process AND that process needs to be written down. One of my beliefs is that your office should be so well run that someone can be parachuted into your job and be able to pick-up where you left off without too much difficulty. It takes work to make this happen because it requires lots of written description and who in this world wants that boring job? YOU DO! Imagine having days off without a long string of telephone calls from your part-time fill-in person or, imagine returning from holidays without a mountain of incomplete tasks to face!

Have a SYSTEM for everything you do. Here are some examples of processes you will follow as a Business Manager/Financial Services Manager in an automotive or RV dealership:

PHONE LISTINGS: Keep ALL important contact names and numbers in an easy-to-access place
LOGINS and PASSWORDS: Keep ALL logins and passwords in one place, in close proximity to the Phone Listings
SOFTWARE: What is each program used for; Who can help if problems are encountered; What training is available for the programs; phone contacts, logins and passwords will already be recorded as above
NEW DEALS: Take a few minutes with the salesperson to review the deal; Are the clients brought to you or do you go to get them; What information do you need with each new deal; Who arranges the appointment to pick-up the new vehicle if it's not delivered that day; Where are appointments for the Business Manager/Financial Services Manager recorded - they should be visible to everyone; Mark notes on each deal cover to identify it's current status
TRADE-INS: What happens to a trade-in from the moment it hits the dealership; What paperwork is required; Who is responsible for each step; What happens to wholesale units, what is the process for those
RDR (Retail Delivery Report): Who is responsible to register vehicles; What is the cut-off hour at month-end; What complications may arise during registration and what are the solutions to those
SALES: What log system is used to record sales; Where is the cost information stored; What targets are you reaching for; What strategies do you have in place to reach your targets
FUNDING: Use a checklist and detail any quirks about lenders you frequently use; What is the turn-around policy at your dealership for funding once a vehicle has been delivered

If you would like to improve the systems and create processes in your office, tackle just one at a time, write the steps from beginning to end, once completed, start on another system. If you have any other suggestions for tasks or responsibilities in your office that need a SYSTEM, let us know by clicking on Add Comment below. Over time our membership website will have a complete list of SYSTEMS with suggested processes to help you develop and maintain a very well run finance office!

What's YOUR Willingness to be a Top Performer?

Peeling the Onion!

cathy@profitdrivers.ca (ProfitDrivers) — 2009-06-20T21:00:00Z

Has she lost her mind? What on earth does peeling an onion have to do with sales or a Finance Manager at an automotive or RV dealership? It has to do with... being REAL...being HONEST...being YOU
PEELING THE ONION is an expression used to describe the process ofstripping away the layers of our personality to get to the core of whowe are! This message has been so loud and clear this week that I haveto bring it up. Here's the most important part...when you speak toothers with pure honesty, you develop deep relationships lighteningfast! The protective shields that we build around ourselves are SHATTERED when face-to-face with real, honest people!
How does this apply in a professional setting? Internal orexternal clients, it's all about THEM! LISTENto their wants, needs and fears. Present your products to fulfilltheir wants and needs and dissolve their fears! If your client isbudget-minded, they are perfectly suited to build budget-protectiveproducts into their payment, like extended warranty upgrades oraccident and health coverage - to name only a couple. MONEY is theroot of the evil that gets in our way! Remove ALL thoughts offinancial gain from your conscious and subconscious mind. To do this,I challenge you for the next 30-days, to practice being the very bestfinance manager in your city, your province, your nation. Practice listening and fulfilling wants, needs, and dissolving fears. Each time you aretempted to check your own (financial) gains, ignore it! Train yourselfto do this and this practice alone will increase your sales.
I am fortunate to get to know some of the best finance managers in theindustry. I will tell you that the best of the best have masteredtheir craft by focusing on their clients first and concerningthemselves with their own financial gains m u c h later. We are allmotivated by money on some level, there is no doubt to that. How you allow MONEY tocontrol your actions and reactions is key here. Peel your onion and speak to your clients from your core rather than your pocketbook! Practice the 30-daychallenge and let me know your results!
What's YOUR Willingness to be a Top Performer?

A Happy Life

cathy@profitdrivers.ca (ProfitDrivers) — 2009-05-28T15:57:00Z

This 3-minute movie is a must for anyone who is looking for a happy jolt to their day.
Terrific quotes from brilliant people will surely speak loudly to you, they certainly did for me!

Turn up your speakers, sit back in your chair and

ENJOY...click on the image to play

What's YOUR Willingness to be a Top Performer?

The Secret to Explode Your Sales!

cathy@profitdrivers.ca (ProfitDrivers) — 2009-05-25T03:38:00Z

You must have a Strong and Powerful WHY!

Your WHY is YOUR driving force! It's like your transmission, it will keep you traveling casually along at a cruising pace or it will turbocharge you ahead, it all depends on how BIG and how important your WHY is to you. Improving your sales for your own reasons is far more motivating than it is to improve your sales because your boss tells you to. Some people are fortunate that their WHY is HUGE, it's in their face every day, maybe they have a big family with hefty responsibilities, maybe they are saving to buy a bigger home, a big boat, a family vacation-of-a-lifetime, the car of their dreams, or maybe they have a dedicated retirement plan they are saving diligently for. It's important to have pride about your performance and to feel respected by your peers because of your exceptional sales skills. It's comforting to know that as a top-performer you have less chance of being let-go should the economic times require a cut in staff members. Above all this, your own personal driving forces are the powerful motivators that will catapult you forward! Most importantly:

KNOW YOUR WHY!
Be certain your WHY is HUGE, it must be a stretch for you!
Have crystal clear time and dollar targets for your WHY.
Once you have achieved your WHY, make a NEW one.

If you aren't sure what your WHY is, we need to find it. As a Profit Drivers member, we will find your motivators through one-on-one sessions. For further information about that program, email me (Cathy) directly or call #250-888-6883 (Victoria, BC).

What's YOUR Willingness to be a Top Performer?

CASH BUYERS to FINANCE BUYERS

cathy@profitdrivers.ca (ProfitDrivers) — 2009-05-18T18:40:00Z

Join us for our WEBINAR!

Topic: HOW to CONVERT CASH BUYERS to FINANCE BUYERS
When: Tuesday, May 19, 2009
Where: WEBINAR, at your Desktop!

At this exciting, interactive event you will learn:

What tools to use to overcome low mortgage and line of credit rates
How to move customers attention away from higher loan rates
Why a collateral loan is preferred to mortgage or line of credit financing

Registration for Profit Drivers Members $19.00 +gst
Registration for Non-Members $29.00 + gst

To register and make payment online, click here

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