We are ramping up for (continued) domination of F&I e-contracting. PEN is looking for a Project Manager, a System Administrator, and two Software Developers. Here is the link to our postings on Career Builder.
F&I experience is a plus, of course, maybe with a provider or a relevant software vendor.
We made a good showing at NADA. I met with every F&I provider, and now have a long list of contacts to follow up. Most are already using PEN, and they were excited to learn that ADP and Reynolds will soon join the network. To those who could not attend, I will send materials today. Here is that link again for the press release, and here is the fact sheet. Anyone I missed, please feel free to contact me directly.
I am heading up to Orlando to represent Provider Exchange Network. PEN will soon have direct integration with ADP Drive, ERA, and POWER – in addition to the dealers already using PEN through MenuVantage. I have spoken with a number of F&I providers, and all agree this is an exciting prospect for the industry.
To learn more about PEN, please contact me. Click here for the press release. I will be splitting my time between the Reynolds booth and the ADP booth. You can also check out a brilliant demonstration of web rating and e-contracting by MenuVantage.
My first senior management job was CIO for the startup BMW Finance. This was an education in why auto makers need captive finance. I fondly recall Vic Doolan wrapping himself in the Bavarian flag (figuratively) and demanding we raise our residuals on the X5.
Captive finance converts the ups and downs of auto retail into a steady stream of finance payments. This creates the illusion that the finance arm is somehow a better business, and managers lose sight of the special relationship. The finance arm also develops a better-looking balance sheet. Without proper discipline, the finance arm will wander off and start writing mortgages. Meanwhile, the parent company turns to deals with banks. Sound familiar?
This is the background against which I observed the recent travails of GMAC. I had the privilege of working at GMAC in autumn 2008, when things started to go bad.
“The stability that Ford Credit has provided us through this turn has been huge,” said dealer Skip Davenport “It’s so important for the manufacturer to have a captive finance arm.”
Ford Credit, by contrast, stepped into the breach and did exactly what a captive lender should do. They supported their dealers, of course, with wholesale and retail finance – but they did some non-obvious things, too. They provided consulting support, to help dealers review their finances, and they helped with advertising. They also pulled back on lending for non-Ford vehicles.
Ford dealers observed that financing brought in customers new to the brand, which means new customers – and potentially repeat customers – for both entities. Now, that’s teamwork.