WANADA conducts timely lease training session

WANADA conducts timely lease training session

A number of WANADA dealerships took advantage of a special Leasing 101 training workshop held at association headquarters this week. Produced by WANADAs Automotive Dealer Education Institute (ADEI), the seminar was conducted by Michael Canan of JM&A Group, which specializes in lease training. The all-day education session focused on the fundamentals of new leasing and how to market and sell leasing to consumers.

The session proved particularly timely as Automotive News reported this week that F&I revenues rose at all six publicly traded dealership groups in the third quarter as their ongoing efforts to sell more F&I products, especially extended-service contracts, paid off.

The trade publication said all six topped revenues of $1,000 per vehicle, with AutoNation leading the way with revenue of $1,213 per vehicle retailed, up 7.3 percent.

Of interest, Asbury Automotive Group Inc., reported its F&I revenues per vehicle were up 15.2 percent from the year-ago quarter to $1,172 as the result of investments it had made in F&I training, including extra training for F&I managers who don’t hit their sales targets.

Leasing, of course, is a significant tool in the dealership F&I options package and the topics covered in the WANADA lease seminar hit all the basics:

Background of Leasing & Lease Terminology

Pros & Cons of Leasing

Normal Wear & Tear vs. Excess Wear & Tear

Benefits of Leasing

The 100% Rule

Common Leasing Questions and Objections, and

How to Calculate a Lease

The session also included extensive role playing for the dozen sales representatives and managers that attended the session.