Over my 20-plus years in the recreation industry, I’ve rolled through many different dealerships, and let me tell you, the ones with top-notch Finance & Insurance (F&I) processes are cruising smoothly. These dealers offer customers a comfy, consistent, and streamlined buying experience, which leads to happy campers and a more profitable business. According to a study on autonews.com, the average F&I profit per retail unit is less than $800. But the top performers? They’re averaging over $1,100 per unit. Service contracts also see a boost, with top dealers hitting a 54% penetration rate compared to the average 38%. That’s some serious road to success.
So, how do you make sure your dealership is on the fast track? It’s all about having the right tools in place. Buckle up, and let’s dive into how Lightspeed DMS can help your RV dealership cruise at top speed and soothe the pain at each step.
Centralized Customer and Deal Database
One of the biggest potholes I see in dealerships is using multiple systems in the sales process. Many rely on separate CRMs to track leads, different tools for quoting and desking, and varied F&I product providers that all use different systems. It’s like trying to navigate with an outdated map—it slows you down and opens the door to errors.
How Lightspeed DMS Helps: Lightspeed DMS offers an all-in-one solution that centralizes your entire sales process, allowing you to track your customers’ entire buying journey in one place. By eliminating the need for multiple systems, Lightspeed reduces manual data entry, minimizes errors, and ensures a seamless experience for both you and your customers.
Credit Pulls
When it comes to financing, speed is key. Being able to do your credit checks with just the push of a button is a game-changer. Whether it’s a soft pull or a full check, having the ability to automatically transmit customer information to the bureaus will save you time and fuel your efficiency.
How Lightspeed DMS Helps: Lightspeed integrates with industry-leading providers like 700 Credit, allowing you to perform credit checks directly within the system. This integration speeds up the F&I process, ensures accuracy, and provides the security measures needed to protect sensitive customer information. It’s all about making the sales process smoother and more profitable for you.
F&I Menu Software
A smooth and structured F&I process is the heart of the operation, and having the right F&I menu software is essential. With this technology, you can quickly and accurately generate a menu presentation for your customers, whether they prefer to see it onscreen or in print.
How Lightspeed DMS Helps: Lightspeed’s F&I menu software allows you to present product options clearly and consistently, enhancing the customer experience. You can easily showcase product images, descriptions, and benefits, and customers can approve packages or sign declination statements right there. The software’s eSignature capabilities make the process quick and hassle-free, ensuring compliance and customer satisfaction.
F&I Integration
With so many different F&I providers out there, having a system that integrates with them all will save you from a bumpy ride. Once you’ve entered the buyer and unit information, a single click can transmit the details directly to your third-party F&I providers, cutting down on errors and boosting efficiency.
How Lightspeed DMS Helps: Lightspeed DMS seamlessly integrates with a wide range of F&I providers, allowing you to transmit and receive data with ease. This integration eliminates the need for redundant data entry, reduces the risk of errors, and improves your overall F&I performance. With Lightspeed, you’re equipped to handle any F&I provider’s needs without missing a beat.
eSignature Contracting
Today’s customers are always on the go, whether they’re off-grid or just out exploring. With 97% of Americans carrying cell phones and 85% using smartphones, eSignature programs are a must. They let your customers review, sign, and complete paperwork from anywhere, speeding up the F&I process and reducing mistakes.
How Lightspeed DMS Helps: Lightspeed’s eSignature contracting feature allows your customers to sign documents anytime, anywhere, from their mobile devices. This not only speeds up the F&I process but also reduces the risk of missing signatures and errors that could slow down the deal. With access to a large eForms library, you’ll have everything you need to keep your contracts and forms organized and compliant.
The Road to Success
Lightspeed DMS can handle all of these essential F&I functions—centralized customer data, credit pulls, F&I menu software, integration with F&I providers, and eSignature contracting—in one powerful software. By uniting these tools, Lightspeed streamlines your entire F&I process, ensuring a smooth, efficient, and enjoyable experience for both your team and your customers. No detours needed—just a clear path to success!
Brad Lloyd
I’ve been with Lightspeed for over 20 years, and in my role as Sales Account Executive in the RV Division, I get the opportunity to show recreational industry dealerships how Lightspeed can transform their business. I work with hundreds of RV, Trailer, Powersports, and Marine Dealers across the country, guiding them through the process of upgrading to a DMS. It's a complex process, but I find it incredibly rewarding.
An added bonus to my current role, is that I get to travel all over the country. I recently purchased a new 2022 Shadow Cruiser travel trailer, so now I spend most of my time on the road, experiencing the lifestyle that I promote.
Fun facts about me: I'm a US Army Veteran and served for 23 years in the Utah Army National Guard as an Army Musician specializing in Saxophone and Clarinet performance. Music is a huge part of my life, and I even took over my dad's Swing Band after his passing in 2020. When I'm not working or playing music, I love spending time with my five adult kids and one granddaughter, with another one on the way.
