PVR has proven to be a pain point for many dealerships, so lets look into a few ways in crease PVR without denying retail sales.
How to Increase PVR without denying retail sales:
- First, set performance goals daily, not weekly/monthly and monitor performance throughout the day. There are several companies that provide a Dealer Management System (DMS) and can track F&I data instantly. Setting these goals will help your F&I manager stay focused regardless of what may be going on in their personal lives.
- Create a bonus system for your F&I managers if you don’t already have one. Bonus systems can be created individually or weekly for the best performing manager and will give your agents something to look forward to.
- Another great way to raise PVR is to offer more products for your F&I managers to sell. You may already offer VSC and GAP (if not, companies like Patriot Automotive Consulting can help you offer these products, even on Pre-Owned inventory), but you should also consider selling a Connected Driver product that includes: Stolen Vehicle Recovery, Family Protection Plans, Vehicle Alerts, Maintenance Reminders, customized messaging, your Branded logo, and more.
Having these will help your customer feel more secure about their purchase regardless of the year, make, or model they chose. It will also provide a better experience, leading to higher customer satisfaction scores and improved customer retention and referrals.
For more ideas on maximizing dealer profit, increasing ROI, and staying connected with your customers by using your own “Dealer Branded” smartphone app, give us a call or fill out the form below to try our products risk free!