If you are in the auto industry, you have undoubtedly heard of the Red Flags Rule—a program designed to prevent identity theft. This regulation began in January of 2011 and is enforced by the Federal Trade Commission (FTC). There are certain steps that are required in order to implement this program into your dealership in an effective manner. If you are found to be in violation, the FTC can seek $3,500 per each citation.
Topics: red flags rule
As with any industry that relies primarily on sales for its livelihood, you may find that your customers come to you with a certain degree of skepticism. Often times, clients will arrive in defense mode prepared to ward off any attempts to sell them anything they think they don't need. It is for this reason that automotive finance and insurance training is so vitally important to your business.
Though car dealerships can appreciate short-term financial benefits by pushing finance and insurance services, using a hard-sell approach, any dealership interested in serving a community and enjoying repeat business understands the nuances of quality customer service. Through high-quality automotive management training, dealerships can ensure they build a reputation for having customers' needs at the center of their business model--and this is what brings customers back, year after year.
Topics: Automotive Management Training
According to an article in Money, out of the 10,000 respondents to an Accenture survey, 75%, if given the choice of coming into the dealership to purchase a car or doing it online, would take the internet route. Although the study didn't specifically delve into the reasons for this, a smaller survey, Autotrader polled 4,002 individuals and found that only 17 said they like the dealership experience. The overwhelming majority view the face-to-face encounter as confusing, high pressure, and when they take into account, the time spent selecting a car, negotiating a price, deciding on financing, and dealing with all the paperwork, way too long and too important to be done in one sitting.
Today's auto dealerships are evolving as customers demand a more seamless and interactive experience. They are fairly vocal in saying that they prefer to handle their entire transaction with the same person or set of people from start to finish. Some industry "experts" are even calling for doing away with finance managers and embracing a totally hybrid transaction where there is no line between sales and finance. This would seem to preclude the F & I manager in the back office waiting for sales people to hand the customers over to them. Or does it? Fresh ideas, different types of automotive finance and insurance training and newer sales models make finance professionals a bigger part of the transaction right from the start and increase customer satisfaction along the way.
Topics: Automotive Management Training
Have you ever met a really successful salesperson, perhaps you were even on the other end as the purchaser? Remember that confidence in their smile, that look of certainty in their eyes? It wasn't an arrogance, but just that - confidence. It was as if you were almost obligated to buy because their confidence said so. So how do those successful people have confidence when closing and where does it come from?
A new automobile is a serious investment for customers and dealerships alike, with legal rights and responsibilities. Do your dealers have the knowledge they need to know in order to close the deal and ensure that customers drive away satisfied and covered? You invest in sales training, you take time to make sure dealers are familiar with the latest models. Do you invest in automotive finance and insurance training as well? Here are just a couple of automotive finance and insurance options you should consider:
When it comes to purchasing a vehicle, today's automotive customers are more sophisticated than ever before. Thanks in part to the internet, mobile apps, and a much more competitive industry, most customers walk into dealerships with more leverage than they ever had before.
When you don't take the sale of vehicle service agreements seriously, you're missing out on a lot of money. Unfortunately, if you're like most dealerships, when a customer calls asking about an extended warranty they're directed to voice mail. About 80% of the time these phone calls are never returned so these customers buy their coverage elsewhere.
Topics: service agreements