Finance Office

USEA to Pay Bonuses to F&I Managers

May 03, 2018

ORLANDO, Fla. — US Equity Advantage (USEA) has launched a new performance-based rewards program that offers finance managers at partner dealerships the opportunity to make bonus income in addition to their standard commissions. The program includes a “QuickStart” incentive program for new finance managers to accelerate their introduction to the program.

The goal of the program is to create greater sustained engagement among F&I managers to offer USEA’s AutoPayPlus biweekly loan service that can help customers better afford their loan payment, purchase additional F&I products, trade out earlier and return to the dealer in a positive equity position.

“AutoPayPlus is an unconventional F&I service that provides unique customer benefits. It takes some outside-the-box thinking for finance managers to realize we are not a standard F&I product, but rather a service that acts as an accelerator for F&I product sales,” explained Robert Steenbergh, CEO of US Equity Advantage. “Recognizing this challenge, we have introduced a start-up incentive and ongoing rewards program designed to strengthen understanding and adoption of AutoPayPlus and reward sustained engagement.”

The Quarterly Partner Rewards Program is available to all finance managers who have passed USEA’s online exam to become certified AutoPayPlus partners. Managers are initially placed in one of three tiers — Intermediate, Advanced or Elite — determined by their average monthly enrollments (AME). The quarterly awards range from $350 for the Intermediate tier to $1,250 for the Elite tier. To qualify for a quarterly monetary reward, finance managers must reach or exceed their designated tier’s milestone number of enrollments. Managers can advance to a higher tier and reward amount by increasing their monthly AME, all according to the announcement.

The QuickStart Incentive Program is designed for finance managers who are new to AutoPayPlus. It is intended to incentivize their adoption of the F&I service and understanding about how it benefits customers. For eight weeks, new F&I managers will earn $25 for every two AutoPayPlus enrollments they submit to the USEA partner portal. The cash awards will be paid on a weekly basis and are over and above their standard commission and any quarterly reward they may receive.

Results of the first two quarters since the program was introduced were significant. The company reported a 54% increase in engagement among certified AutoPayPlus partners and an increased deal volume of 105%.

Comments

  1. 1. Michael Jardina [ May 03, 2018 @ 01:17PM ]

    The question I have is: "If an outside vendor pays your dealership employee's, who do they work for?" The dealer should NOT allow this!

  2. 2. Jeff [ May 06, 2018 @ 06:05AM ]

    Michael, the answer is: The outside vendor is only contributing to their pay, a supplement if you will. The key is obviously to be aware of and track it. This can be a way of off setting your F&I compensation, there by retaining and recruiting strong Finance people, and not effecting your comp. ratio.
    Try to see the vendor as a Dealer partner that helps improve your store, not work against you.

  3. 3. Michael Jardina [ May 12, 2018 @ 07:52AM ]

    Jeff,
    I appreciate your answer, but a payplan is not just how an F&I manager gets paid. It is designed to steer an employee in selling products that make sense to both the customer and the dealer. An outside vendor paying directly points that employee to sell what the vendor wants them to sell.
    Compensation or bonuses should be played to the dealership and then the dealer decides how or if it is paid out. They are HIS employees not yours!

 

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