More is revealed during the weeks of a crisis than through all the years of business as usual.
From the ides of March onward, U.S. dealerships have experienced unprecedented setback after unprecedented setback. This past week saw the growth of the latest setback — sales have plummeted and thousands of jobs have been shed. And for those communities where the worst is yet to come, the dark clouds of closures, lost sales and safety concerns loom on the horizon.
For dealers who weathered the Great Recession, the aftermath of 9/11 and are now enduring the coronavirus emergency, these trying times reveal the best and worse in business partners. This is especially true in the finance and insurance office, where relationships with lenders, vendors and even dealership management are key to staying in business. It is in this type of stressful atmosphere that dealership employees quickly learn who will rise to the occasion.
Let’s start with vendors. Many companies in the F&I space are offering free educational webinars, tutorials, consultations and courses. Others are offering discounts, payment relief and assistance.
Brandon Younger, president of the four-store Younger Automotive Group in Hagerstown, Md., said he was pleased by the quick action of many of his technology and lender partners to reduce dealership costs, saying that these gestures reveal the symbiotic nature of the dealership-vendor connection.
“That’s a positive message in the middle of a crisis,” Younger said. “For every dollar that we save is a dollar we can invest in our business so we can keep jobs and keep people employed.”
Next is lender partners. In the states that allow auto sales, acquiring funding for customers remains crucial. F&I managers will be keeping score of the banks that assisted them during this time and noting those that weren’t as flexible.
Finally, the pandemic is changing relationships even inside the dealership. Just as in other businesses, dealership employees will be categorized essential or nonessential. F&I managers should take note of how management is approaching this crisis, how your position is being handled and consider how safety is being addressed at the store. It might be the best indication of the kind of place you work.
Stay positive. Stay healthy. And take care of yourself.
