Issue link: https://read.dmtmag.com/i/360137
FOCUS PSB F&I www.PowersportsBusiness.com Powersports Business • August 11, 2014 • 21 Credit Union. Midwest: Landmark Credit Union. South: Arvest Bank, Lendmark Financial, and A+ CU. West: America First Credit Union, Credit Union West and Warren Federal Credit Union. More information on this study may be obtained from ADP Lightspeed Data Services at Lightspeed.dataservices@adp.com. PSB Hal Ethington has been associated with the powersports industry for more than 40 years. Ethington is a senior analyst at ADP Lightspeed. Contact him at haroldethington@gmail.com. ETHINGTON CONTINUED FROM PAGE 20 five years? CU: Yeah that sounds more like it. BG: OK, so we are back to those two things gone wrong again, that $2,400 that we talked about in our payment discussion. Would you rather pay the $2,400 in big chunks, or would you be willing to pay the $25 per month for the service contract? CU: I'll take it! Nice job, by the way, BG. I guess I never looked at things this way. I never thought I would actually buy one of those. BG: Congratulations, sign here, and let's finish your paperwork. THE UPSELL BG (Halfway through the paperwork or right away on a "yes"): We kept talking about that $2,400 of costs for mechanical repairs; remem- ber that $4,000 you may have to pay in the event of a total loss? (GAP coverage). What if we can get that GAP coverage shown in the preferred package for under the $40 extra when combined with the service contract, would you like to add that as well? CU: Yes, if you can get it in under the $40. BG: Your total payment is $438, sign here. (Full disclosures are provided with actual prices, payments and accept/decline pages). PSB Brian Gallmeier, founder of Income Develop- ment Partners, uses his powersports experience at the retail level to train F&I departments. He can be reached at bgallmeier@charter.net or 612/616-8611. GALLMEIER CONTINUED FROM PAGE 19 Chart D Percent of Unit Sales Financed 573,000 Units by US State 12 months ended 30 June 2014 70% 65% 61% 60% 56% 55% 54% 52% 50% 46% 44% 41% 31% 20% 30% 40% 50% 60% 70% 80% NM NV AL HI CA GA ME AZ SC MS LA NC KY TX WV FL VT MA TN AK VA MD IL MI OH NH CO WA OR PA IA MO KS UT CT IN AR NJ DE ID OK SD NY WY MT WI MN ND NE PERCENT OF UNIT SALES FINANCED 12 months ended June 2014 573,000 Units by U.S. State CHART D "Would you rather pay the $2,400 in big chunks, or ... $25 per month ...?" Source: ADP Lightspeed