Over the last few years, we’ve seen a lot of talk in the industry about the importance of business intelligence and analytics. That’s why a lot of dealers are hiring third-party agencies to do reporting. But running a report will only get you so far—you need to know what to do with the data. For example, dealers need to know months in advance how many units they’ll sell for the year, so they can place their order and forecast what they may need. Many dealers think gauging those numbers is more of an art than a science. But there are real limits to this approach. To make more accurate, informed decisions, dealers need to look at real data and ask the right questions. RV dealers have more data resources at their fingertips than ever before—at the industry level and the departmental level within their dealership. Dealers who leverage data analytics to maximize efficiency and identify sales opportunities are at a huge advantage.
EFFICIENCY BENCHMARKING Measuring your dealership’s performance against others in the region will help you identify areas for improvement. RECT reporting helps you compare your dealership locations and Service Advisor performance. Now, to predict how your dealership will perform in the future, you need to work with a dealer management solution that can help you leverage the data effectively.
FINANCE & INSURANCE KPIS NewRV buyers present dealers with an opportunity to offer more F&I products. The younger generations entering the market tend to be more interested in investing peace of mind, making F&I not just a “nice to have” for many dealers, but an essential revenue stream.
With more dealers focusing on F&I, they will need to track the right F&I KPIs:
1. Units Retailed per F&I Employee
5. Finance Income per Contract
2. F&I Income per F&I Employee
6. F&I Income per Vehicle Retailed
3. Finance Contracts (New & Used) per F&I Employee
7. All the above comparing each F&I Employee
4. Finance Penetration (New & Used)
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