One of the most frequently asked questions is how do we increase F&I sales, while providing customers with top quality products they need? The value of traditional F&I products is indisputable, and those products are part of the sales process for many dealers. There are, however, other products that hold high value for consumers, that are also in high demand, that some dealers never present as options. Including these in your mix will certainly provide a quick and easy increase in your overall F&I sales numbers and dealership growth.
Great options include:
GPS which offers you protection and fleet management, including location and dead battery notification. This preload is transferrable to your customers and provides them with a real-time GPS system connecting them to their vehicle via a smartphone. Your customers will appreciate the real-time location, 24/7 roadside assistance, stolen vehicle recovery assistance, service reminders, geofenced boundary alerts, excessive speed alerts, insurance discounts and more.
The Rear-End Deterrent Brake Light is another great product that is inspired by safety and protects vehicles and passengers. It dramatically improves the chances of getting the attention of distracted drivers. These can be installed on most any car, truck, or SUV. With studies to back up the effectiveness, this is a product that your customers will truly value.
Post-Sale Vehicle Service Contract turnkey sales programs are a zero cost and virtually risk-free way to keep your customers engaged, drive brand awareness, and build loyalty. These programs will afford you free marketing by selling (on your dealership’s behalf) vehicle service contracts that were not purchased at the dealership at time of sale. Utilizing your dealership’s branding elements, customers who purchase will continue to feed your service drive, so there is a two-prong profit building element. Why let third-party robo-callers sell your customers inferior contracts when they could be purchasing yours?
Dashcams continue to gain popularity among both commercial and passenger vehicles. Sales are expected to continue to increase annually. Yet another product that will provide your customers with peace of mind by recording the road and surrounding area while they drive. Plug and play installation and integration with GPS makes this an easy sale at the dealership.
Lift kits that provide suspension and a high-profile appearance also increase performance and ground clearance. For many SUV, truck, and Jeep customers this is a sought-after aftermarket purchase that can increase your F&I bottom line.
Rideshare VSC’s will benefit your customers who are driving passengers to put some extra income in their wallets. While a typical person will drive over 12,000 miles per year, full-time rideshare drivers can easily drive over 25,000 miles per year. Their vehicles should never be comprised, and you can offer coverage options that are designed to give them peace of mind and keep them moving.
Lifetime Battery Replacement Programs are a good way to increase sales penetration in F&I profits while providing your customers with protection for the most common expense incurred over the course of ownership. These are available for all types of vehicles including powersports.
Key Protection wherein you can help protect your customers from the stress and expense of losing their car keys. Through Bluetooth technology and a smartphone app, the product can be attached to a driver’s key fob to help locate misplaced keys. If the keys are lost, stolen, or no longer function, the cost for replacing the key fob is covered.
Stand Alone Cosmetic Wheel Coverage will cover curbed rims, wheel repair of damage or replacement caused by scrapes and curb rash. A great add on that will help both your profits and building customer loyalty through an affordable vehicle protection benefit.
For more information on offering unconventional F&I products, reach out to Ed Cave via LinkedIn or email at ecave@insuredservices.com.
