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Welcome to the July 11th, 2018 issue of Agent Entrepreneur, a monthly eMagazine dedicated to the interests and concerns of general agents and entrepreneurs in the automotive finance and insurance industry.

Agent Entrepreneur is your source for industry news and updates as well as original feature articles to keep you well-informed of best practices and trends.

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Featured Articles
To F&I and Beyond
Agents who introduce high-mileage service contracts to their franchised dealer clients are repaid with improved F&I production and service retention.

By: Mike Melby

It’s OK to admit it. After a while, it’s easy for agents to let F&I professionals go through the motions when presenting a service contract. They follow the 300% rule (100% of the products, to 100% of the customers, 100% of the time), they showcase ... Read More »
Compliance Isn’t Solely F&I’s Responsibility
Regulatory pitfalls await along every step on the road to the sale, and every department that touches the customer must be aware of their responsibilities.

By: Gil Van Over

Just as many in the industry operate under the mistaken impression that compliance is just an “F&I thing,” many also operate under a similar mistaken impression that agents only help with training and assistance in the F&I office. I know many agents who spend a ... Read More »
Are You a Vendor or a Trusted Partner?
Achieving the goals you have set forth for your agency requires you to transcend the standard vendor-client relationship to become a trusted partner to your dealer clients.

By: John Tabar

This should be the time of year when you start implementing your annual growth plans. Like many agents, you have most likely spent considerable time and treasure over the past couple of months looking ahead, forecasting all areas of your business. I am also certain ... Read More »
Phil Gramm, Jim Leach, Tom Bliley, and You
A clear understanding of the meaning and purpose of the regulations governing the F&I office is critical to protecting consumer data and the dealership itself.

By: Terry O'Loughlin

Would you like to be subjected to a potential fine of $41,484 per day? Or enter into a 20-year consent judgment where you are subject to biannual audits? Would you like to be subjected to as much as a $50,000 statutory penalty per ... Read More »
Compliance Keeps Pace with Technology
Automotive Compliance Educations (ACE)’s Gil Van Over discusses the origins and purposes of the compliance training and certification program he delivered at Agent Summit.

By: Staff Writer

Attendees of the eighth annual Agent Summit found a friend in Gil Van Over III, who pulled double duty for the second year in a row: In his role as the executive director of Automotive Compliance Education (ACE), Van Over led the five-hour review and ... Read More »
F&I Success
Conduct a Monthly F&I Meeting
Regularly scheduled training is critical to agency and dealership success. Top trainer offers a three-part plan.

By: Rick McCormick

One of the key areas that dealers expect an agent to help with is the training of the F&I team. While the dealership may be utilizing training either online or from other sources, the agent who adds to that sets themselves apart from the competition ... Read More »
Hot Tips
Is It Really a Price Objection?
John Tabar of UDS with this week's tip!

Some of the best closers are in your parts department! I was in a dealership recently and watched a transaction between a customer and a parts and accessories counter person. ...

Watch the Tip Here »
AE HOT TIPS
 
Small Business Tips
3 Ways To Focus On Your Work Without Interruption — Backed By Science
An ability to focus and work deeply for an extended period is the holy grail for productivity nerds like me, reports Forbes. It’s a gauntlet Cal Newport threw down for us in his enjoyable book, Deep Work. He defines deep work as: Professional activities performed in a state of distraction-free concentration that push your cognitive capabilities to their limit. ... Read More »
If Your Boss Isn’t Telling You How to Improve, Here’s How You Can Find Out for Yourself
Your boss calls you into his office one afternoon to surprise you with a raise. Wow, you think, I must have done something right! He then proceeds to tell you why he thinks you deserve it. “You’ve been doing a great job. You put a lot of thought into what you do, and it shows. ... Read More »
Social Media Might Be Causing Your Employees to Leave
Social media usually causes one of two different reactions in employers. It’s either seen as a productivity killer that saps an organization’s energy with frivolous time wasting activity or it’s seen as a collaborative tool that can bring employees closer together and lead to greater innovation, reports Inc. A recent study performed by Lorenzo Bizzi, ... Read More »
Why Etiquette Is More Than Saying Please
It’s been said that the test of good manners is the ability to put up pleasantly with bad ones. But in a world where in-your-face behavior is sometimes mistaken as a strength, it’s often hard to understand the rules of etiquette, reports Forbes. Etiquette. It’s a fussy word that almost defies definition. I grew up at a ... Read More »
3 Mistakes That Will Tank Your Marketing Strategy — And How to Fix Them
With so many platforms, channels, audiences and messages to consider, creating a successful marketing strategy can be overwhelming. In fact, the challenges surrounding marketing-strategy development can become so daunting that companies repeat their mistakes, reports Entrepreneur. Earlier this year, MarTech Today noted that there are more than 5,000 platforms available to help businesses achieve their ... Read More »
Do You Make These Non-Obvious Leadership Errors?
Leaders often are so focused on how to grow and improve. They put most of their attention on developing new strategies that will allow the organization to perform better. However, leaders want to also consider the damaging behaviors that are happening right now that keep the culture from its potential — and this includes their ... Read More »
10 Key Principles For Truly Understanding Your Clients
Internet marketing is not conducted from inside a vacuum, much like anything else in life and business. Optimization for conversion becomes a focal point that distracts companies from understanding their clients, reports Forbes. Rather than nurture the user experience, they neglect to get to know their customers. Engagement runs deeper than you know, and getting ... Read More »
How to Prevent Disengaged Employees From Killing Your Bottom Line
Every employer loves the eager spirit that comes with a new employee. The struggle comes later, in the post-honeymoon period. As months go on, even top talent can be at risk of disengagement, a serious — not to mention costly — problem for companies, reports Entrepreneur. A recent Engagement Institute study suggests that workers who ... Read More »
View All Small Business Tips Here
Auto Industry News
CFPB Official Who Sued Trump Resigns, Drops Suit
WASHINGTON, D.C. — Leandra English, who former Consumer Financial Protection Bureau Director Richard Cordray’s picked to succeed him as acting director, is ending her court battle to unseat Mick Mulvaney as acting head of the bureau and her employment with the embattled regulator. On Friday, English’s attorney, ... Read More »
AUL Brings in Assurant’s David Chang as CFO
NAPA, Calif. — Vehicle service contracts administrator AUL Corp. has appointed David Chang to the position of CFO, announced Jimmy Atkinson, the firm’s president and CEO. Chang, who brings more than 20 years of experience in corporate finance, has been recruited to prepare the firm for its next phase of ... Read More »
Edmunds: Stage Set for Market Contraction
SANTA MONICA, Calif. — A week after saying a strong economy is likely masking market factors bubbling just below the service that could start to slow down sales, Edmunds reported that auto loan interest rates in June likely reached their highest level since ... Read More »
ZERO Plan Announces New 36-Month Terms
OAK PARK, Ill. — Universal Lenders LLC, creators of the ZERO Plan and winner of a 2018 Dealers’ Choice Award for F&I Financing, announced enhanced funding guidelines to allow customers to choose up to 36 monthly installments, allowing for more affordable payments. “With credit tightening ... Read More »
DOWC Names Kas Nelson Director of Sales
RINGWOOD, N.J. — Technology-focused F&I product provider and administrator Dealer Owned Warranty Company recently welcomed Kas Nelson as director of sales. Executives said the seasoned professional embodies the company’s spirit of innovation, service, compliance, and continuous improvement. “DOWC is looking forward to Kas’ contributions, the ... Read More »
Digital Air Strike Announces Facebook Integration
SCOTTSDALE, Ariz. — Digital engagement company Digital Air Strike announced it has integrated with Facebook to deploy its artificial intelligence (AI)-powered real-time messaging solution, Response Path, on Facebook Messenger. Response Path allows businesses to deploy “Facebook Assistant” on Messenger to communicate with customers, route leads to ... Read More »
MaximTrak Announces Zurich North America Integration
WAYNE, Pa. — MaximTrak Technologies announced integration of Zurich North America’s F&I product rates and forms into the F&I technology firm’s ETrak platform, a secure solution designed to streamline the contracting process and eliminate the time, cost, and errors associated with paper contracts. With this ... Read More »
EasyCare® Promotes Scott Jacobsen to National Director of Business Performance for SAVY
NORCROSS, Ga. — EasyCare® (div. APCO Holdings) has named Scott Jacobsen as the National Director of Business Performance for SAVY®, the award-winning, dealer-branded mobile app suite designed to bridge the gap between the customer’s digital vehicle shopping experience and the dealership retail experience. Based in ... Read More »
View All Auto Industry News Here
AE Featured Companies
Please click on a company logo to get more information.
American Auto Guardian, Inc. (AAGI) American Guardian Warranty Services, Inc. AUL
Chem Etch Manufacturing Classic Products CNA National
Dealers Assurance Company (DAC) EasyCare EcoProProducts
Endurance Dealer Services Entire Car Protection (ECP) F&I Administration Solutions
GWC Warranty Innovative Aftermarket Systems (IAS) Line 5
MaximTrak Technologies National Auto Care National Automotive Experts / NWAN
Old Republic Insured Automotive Services, Inc. (ORIAS) Over the Edge Portfolio
Protective Asset Protection Reahard & Associates RoadVantage
Simoniz USA SouthwestRe StoneEagle
Universal Lenders ValueShield Vanguard Dealer Services
Warranty Solutions Wise F&I  
 
 
 
 
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