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F&I Pay Plan Options and Choices

Featuring: Becky Chernek - Chernek Consulting

Air Date: July 21, 2022

1pm Eastern/ 12pm Central / 11am Mountain / 10am Pacific

Program Length: 30 minutes 

SKU DRG3

 

From 2020 thru the current market, Pay Plan formulas, in many cases, produced results that no none could have expected. Unintended consequences included paying F&I Managers way beyond the norm.
 

Since the dealership was likewise performing very well, this was not too much of a problem. However, as the market inches toward something more like normal… problems could arise.
 

Becky Chernek joins us for a Q&A session on current trends in F&I compensation planning and offers some alternatives that may provide the way forward so that huge swings in overall compensation are less likely.
 

Becky will respond to:

  • How has the explosion of new and used car gross profit impacted F&I Pay Plans

  • Can you outline for us the various Pay Plans Formulas in use today and which appear to be working best for all concerned?

  • Some have suggested that “paying for process” rather than financial results may be the way to go. This would reward performance of the steps in the process that are most likely to improve the bottom line… Please comment…