Process Map. Pickerings Auto Group. FANDI Module. Process Code: F010 Finance & Insurance

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1 Process Map Pickerings Auto Group FANDI Module Process Code: F010 Finance & Insurance

2 2 Contents High Level Process Definition... 3 Business Policies % F&I Introduction... 4 MyDeal Order Conversion... 4 Third-Party Finance (Brokerage)... 5 Finance Expiry Date... 5 Finance Settlement / Vehicle Release... 5 F&I Reporting Dates... 5 Procedures... 6 F&I Maintenance Setup... 6 MyDeal F&I Maintenance Data Entry... 6 External Finance / Brokerage... 7 Statement of Work... 8 Introduction... 8 MyDeal Order Conversion... 8 Finance Settlement / Vehicle Release... 8 F&I Maintenance - Setup... 9 Finance and Insurance Codes Maintenance... 9 MyDeal F&I Maintenance Data Entry % F&I Introduction Finance Expiry Date External Finance / Brokerage Third-Party Finance (Brokerage) F&I Reporting Dealer Spectrum Dashboard F&I Reporting Dates F&I Logs F&I Reporting Program Parameters... 21

3 3 High Level Process Definition Process Name Process Intent Process Owner Process User Process Starts with Process Ends with Process Customer FINANCE AND INSURANCE Allow the data entry and reporting of Finance and Insurance (F&I) income F&I Business Manager F&I Business Manager F&I written following referral of vehicle sales customers to the Business Manager Vehicle delivered and Finance settled Dealer Principal Financial Controller F&I Business Manager

4 4 Business Policies The following Business Policies are applicable to the execution of the processes defined and referred to in this Process Map. Business Policy F % F&I Introduction All Retail customers must be introduced to the Business Manager. The Business Manager will enter their code in the MyDeal to acknowledge contact with the customer: and classify their payment method in the Payment Method field: Process Owner: F&I Business Manager Business Policy F MyDeal Order Conversion All Retail customers must be pay a deposit to the Business Manager. Once the deposit is taken, it is the Business Manager s responsibility to convert the MyDeal from a Quote to an Order. Process Owner: F&I Business Manager

5 5 Business Policy F Third-Party Finance (Brokerage) Third-Party Finance is only to be done through Finance King. Process Owner: F&I Business Manager Business Policy F Finance Expiry Date All financed deals must have the Expiry Date entered in MyDeal: Process Owner: F&I Business Manager Business Policy F Finance Settlement / Vehicle Release Vehicles must not be delivered/released to customers unless they are either paid for in full with cleared funds (e.g. bank cheque) or with unconditional approval of internal finance, confirmed via a Settlement Notification from the financier. Process Owner: F&I Business Manager, Sales Manager Business Policy F F&I Reporting Dates Written Date will be defined as the MyDeal Creation Date. Settlement Date will be assumed to be reflected by the earlier of a) Delivered Date (as flagged in CDM/MyDeal) or b) the date the vehicle was processed/invoiced by Admin. Process Owner: F&I Business Manager

6 6 Procedures Process Description: F&I Maintenance Setup Process (Major) Steps 1. Prepare DMS for F&I data input Objective: Enter unique F&I codes into the DMS for selection by Business Manager 2. Review F&I product codes and Save Objective: Ensure that input is correct and / or maintained further as required Procedure a. Confirm suite of F&I products b. Define F&I Types and Codes c. Enter codes in F&I Maintenance i. Add Provider/Supplier details if applicable ii. Add Estimated Commission for the product (if known) a. Refer Review tab b. Perform any additional maintenance required c. Save Internal Policy Process Description: MyDeal F&I Maintenance Data Entry Process (Major) Steps 1. Prepare system for entry of F&I Income Objective: Prepare system for data input 2. Enter and Save F&I Income Data Objective: Input data to system Procedure a. Open MyDeal program b. Select MyDeal Order c. Select Finance Salesperson a. Enter required data in MyDeal program b. Select products sold and enter commission information into MyDeal Finance and Insurance Maintenance program c. Save Internal Policy F F010-04

7 7 Process Description: External Finance / Brokerage Process (Major) Steps 1. Prepare system for entry of F&I Income Objective: Prepare system for data input 2. Enter and Save F&I Income Data Objective: Input data to system Procedure a. Open MyDeal program b. Select customer and set to Draft c. Select External New/Used vehicle option d. Select Finance Salesperson a. Enter required data in MyDeal program b. Select products sold and enter commission information into MyDeal Finance and Insurance Maintenance program c. Save Internal Policy F010-03

8 8 Statement of Work Introduction Visibility and accuracy of Finance and Insurance income is paramount to the understanding of dealership profitability. To this end, we have developed a process to ensure that the capabilities of UNITS are maximised in order to collect this information, and then provide a comprehensive reporting suite in the Dealer Spectrum Dashboard. For the output to provide best value, the input must be accurate and timely. In addition to data entry, there are a number of key steps/tasks that must be performed by the dealership Business Manager as part of the vehicle sales process. Business Policy F MyDeal Order Conversion All Retail customers must be pay a deposit to the Business Manager. Once the deposit is taken, it is the Business Manager s responsibility to convert the MyDeal from a Quote to an Order. Process Owner: F&I Business Manager Business Policy F Finance Settlement / Vehicle Release Vehicles must not be delivered/released to customers unless they are either paid for in full with cleared funds (e.g. bank cheque) or with unconditional approval of internal finance, confirmed via a Settlement Notification from the financier. Process Owner: F&I Business Manager, Sales Manager

9 9 F&I Maintenance - Setup Data entry to record Finance and Insurance income includes some items attached to the MyDeal record, plus a selection of specific products in the MyDeal Finance and Insurance Maintenance program. These Finance and Insurance product types and codes are unique to each dealer. Finance and Insurance Codes Maintenance Open the Finance and Insurance Codes Maintenance window. Before specific product codes can be created, there must be one or more Types available. These are created in Type Code Maintenance, using the type code FANDI_types :

10 10 Create and/or modify as desired. We would recommend keeping the F&I Type structure as simple as possible. To add a suite of Finance and Insurance products, select the relevant Type from the drop-down list, and enter a Code and any default information relating to that product. There is an option to add Dependencies if there are pre-requisite products; right-click to add an existing product as a dependency to the code you are creating.

11 11 Once your suite of product codes has been entered, you can review the list on the Review tab: Note that the Default Provider and Estimated Commission fields are not locked down; that is, the supplier code and amounts can be modified by the Business Manager as required. Note also that the Print Sequence will determine the default sorting when the Business Manager opens the MyDeal Finance and Insurance Maintenance program for selecting the products sold to customers. View the list from the Business Manager s perspective by accessing the MyDeal Finance and Insurance Maintenance program, which can be accessed directly via a menu or via the MyDeal screen.

12 12 MyDeal F&I Maintenance Data Entry Information regarding F&I sold takes place both in MyDeal and also within the MyDeal Finance and Insurance Maintenance program. The first step in the F&I sales process is acknowledging contact with the customer, as required by the dealership s F&I Introduction policy. Business Policy F % F&I Introduction All Retail customers must be introduced to the Business Manager. The Business Manager will enter their code in the MyDeal to acknowledge contact with the customer: and classify their payment method in the Payment Method field: Process Owner: F&I Business Manager The Payment Method is critical in order to classify and report on customers who do not choose to finance with the dealer. To best identify the critical fields for data capture, it is recommended to use Language Cloning to highlight required information:

13 13 Note that the data input fields within MyDeal were established well before the introduction of the UNITS F&I Module, hence the need to rename and/or remove fields which may cause confusion. Business Policy F Finance Expiry Date All financed deals must have the Expiry Date entered in MyDeal: Process Owner: F&I Business Manager Enter all information available as soon as the F&I sale is confirmed. Detailed F&I product sales are selected from within the MyDeal Finance and Insurance Maintenance program. Upon selection of your chosen product, the details section at the bottom will appear, allowing certain key fields to be edited.

14 14 If not all fields are showing as available, you may need to review the Salesperson Maintenance details in order to activate the F&I Commission section: Review/update the highlighted fields (again, language cloning is advised). The default provider (and commission amount, if populated) can be edited if required. Sell price is required for insurance (premiums). Continue to select additional F&I product codes and populate the commission and other relevant fields. When complete, select Save.

15 15 External Finance / Brokerage There is a process in place to record External finance (brokerage), if this is relevant in your dealership. Business Policy F Third-Party Finance (Brokerage) Third-Party Finance is only to be done through Finance King. Process Owner: F&I Business Manager Open the MyDeal program. Select a customer, via the people icon, bypassing the Prospect Maintenance screen in order to select or create a customer Contact file first. Select the existing customer or select Cancel to create a new record. A Prospect record will be created automatically.

16 16 In the MyDeal Type field, choose Draft from the drop-down options: Move to the Vehicle tab (as all MyDeals require a vehicle Model or stock unit). In order to enable selling of finance to external customers (brokerage), there needs to be vehicle Model fields created for selection (via the Model Maintenance program). Utilise the SmartSearch to find and select the External finance model: Return to the front of the MyDeal program and enter the F&I details as normal. (Refer to the previous section: MyDeal F&I Maintenance Data Entry)

17 17 F&I Reporting Dealer Spectrum Dashboard The greatest benefit from using the F&I data entry processes described above is the visibility available via the reporting in the Dealer Spectrum Dashboard. Note the following definitions as used in the Dashboard. Business Policy F F&I Reporting Dates Written Date will be defined as the MyDeal Creation Date. Settlement Date will be assumed to be reflected by the earlier of a) Delivered Date (as flagged in CDM/MyDeal) or b) the date the vehicle was processed/invoiced by Admin. Process Owner: F&I Business Manager F&I Logs The F&I Logs tab records current period F&I Income written, along with any carry-over income, that is, written in a prior period and not yet settled. Drill on the current period deals for specific details: And adjust filters as desired.

18 18 If External Finance (Brokerage) is enabled, this will be reported, along with a Risk chart showing any F&I written on MyDeal Quotes. Net Amount Financed (NAF) and Income by Supplier is shown in waterfall format (which can be switched to a table chart by clicking the table icon): Finally, a Log similar to the first is shown combining all Business Managers income, in order to see F&I sold by vehicle Salesperson:

19 19 F&I Reporting F&I Reports can be viewed in terms of income written and income on delivered units. Accordingly, each chart is available depending on the context of your reporting at any given time. Drill via the blue hyperlinks in order to view individual F&I income comprehensive details, and filter as desired. Similar summaries are shown for Finance and Insurance income separately:

20 20 Finally, overall Business Manager reports are available, which drill to a statement showing a Business Manager s total list of deals for the period: Please note that all data reported is driven by dates and other key data in UNITS - if there are any perceived anomalies, please review the MyDeal order/delivered dates and other critical drivers of F&I income reporting. Contact Dealer Spectrum with any further queries.

21 21 Program Parameters The following notes define the parameters applicable to the applications described in this Process Map. AllowedTypes Parameter Name Parameter Function Specify a list of F&I Types that can be selected for the deal. List multiple Types separated with a comma. Default value: ALL (blank)