As dealers urge lenders to distribute portfolio performance data to help improve the F&I process, lenders maintain that data is, in fact, being offered upon request, according to panelists at PowerSports Finance 2017 in late October.
“Most of the time there is not any reason why we can’t provide [data], it just depends on data they want,” Kristi Mercier, director of operations at ThunderRoad Financial.
Westlake Financial Services sends a scorecard out to its dealers every month, which shows not just the number of applications and deals booked, but also the performance data, Assistant Vice President of Marketing David Goff told attendees. The data shows where the dealer ranks, what buckets of deals they send Westlake, how each of those buckets are performing, and more.
For American Cycle Finance, the lender provides its dealers with specific pieces of data as requested, said Ben Donnarumma, managing director of American Cycle Finance. “We ask the dealer, what information do you want?” he said. “We can give them 1,000 pieces of information but they don’t use all that information, they use the information they want. So we ask them what they want, and if they want it customized we will do it.”
If a dealer is not requesting performance data from its lender partner, it’s an indication that the dealer is not paying attention or the dealer doesn’t know what data to ask for, Donnarumma added.
Watch the panelists discuss establishing effective lender-dealer relationships and the importance of portfolio performance data in the video below — the third video in a series from PowerSports Finance 2017, held recently in Las Vegas.Like This Article