As powersports dealers struggle to rehash deals and achieve appropriate training from their lender partners, F&I outsource providers like LMG Finance aim to help dealers boost finance volume, Marketing Manager Garret Morrison told Powersports Finance.
“Many in-house F&I managers can be counterproductive and negatively impact the timeframe of a deal, [or even] jeopardize the deal entirely, which reflects poorly on the dealership and leaves all parties sour,” Morrison said.
To that end, LMG Finance is actively pursuing new dealership partners, and boosting marketing efforts to get more dealers to take advantage of the company’s mobile app, which allows dealers to quote a payment and submit a credit application.
Kamloops, B.C., Canada-based LMG Finance is an F&I outsource company that specializes in arranging retail financing and leasing solutions for Canadian powersports dealerships.
Powersports Finance spoke with Morrison about LMG Finance’s top priorities, technology investments, and finance promotions on the roadmap. The following are edited experts from the interview.
Powersports Finance: What are your top priorities for this year?
Garret Morrison: We’re in an opportunistic position of being able to provide our services to many more Canadian dealerships. As such, we’re looking to welcome aboard more dealerships and are actively pursuing them.
Additionally, having the dealership utilize us to the fullest extent, to their own benefit. Not all dealerships utilize all that we have to offer — such as tools like the LMG Finance mobile app.
PF: In what ways are you trying to get more dealerships to utilize the mobile app?
GM: We will often include reminders of our mobile app within our email interactions from time to time, along with the benefits of using it. When it first launched, we conducted a promotion to win a tablet month-by-month to the dealerships that utilized the app the most.
PF: What finance promotions do you have on the roadmap for this year?
GM: We recognize and sympathize with dealerships going through a sales downturn due to extenuating economic circumstances. We do as much as we can to help them move more units. For example, the province of Alberta, Canada, fell on fairly hard times when oil plummeted. Brand new non-current units (new units from a previous model year) start to accumulate at the dealerships, and to help ride out the storm we provided a new non-current finance promotion with no money down, and 12 months of no payments.
We also have a seasonal finance promotion in place for all four seasons which our dealer partners use as a fresh promotional tool throughout the year. It can be that little extra incentive towards someone making their purchase.