F&I and Showroom

NADA 2014

F&I and Showroom, the industry's leading source for F&I, sales and technology

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Management SHOW PLANNER If you're heading out to this year's NADA Convention and Expo, make sure you take the following six steps before you pull the trigger on a new software tool for the dealership. By David Keller I t seems like only yesterday when the industry descended on Orlando, Fla., for the National Automobile Dealers Association's annual convention. But here we are again, preparing our feet and our agenda for this year's event in New Orleans. Dealers attend the NADA Convention and Expo for many reasons. There is training available for every department, vendors lining the aisleways, and parties and meetings to attend. There's so much going on that it's almost impossible to accomplish everything you set out to do. So, to help you make the most of your visit, I thought I'd run through a few steps you need to take before setting foot on the expo foor. Step 1: Create a Priority List Before you can fgure out what you 10 F&I and Showroom NADA 2014 need and who can help, you need to take a hard look at your dealership and list out your priorities for the coming year. Once you have your list and have prioritized it, you can start making a list of the classes and meetings you need to attend, as well as the vendors you need to visit. Step 2: Determine What You Can Afford Almost anything you buy at the convention is going to require some upfront money and maybe ongoing monthly maintenance. So your task is to not only fgure out if you can afford the initial cash investment, but where that money is going to come from. If the product or service your considering requires monthly maintenance, then you need to fgure out if you can afford a new expense on top of the ones you already have. Step 3: Conduct ROI Analysis It's also a good idea to complete an ROI analysis on whatever new tool or technology you are considering. As I mentioned previously, most solutions will require an upfront cost. Hopefully, the solution your targeting will either save you more money than you spend or make you more money than you spend. What you need to determine is the break-even point for whatever solution you're considering. So if there is a monthly maintenance fee involved with the purchase, what is the contract term they want you to sign and agree to? Is the monthly maintenance a fat amount each month? Or does it change based on the number of users or how much you use it? And you thought it was going to be easy. Anytime you spend money, you

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