The finance and insurance (F&I) department plays a very important role in building the revenue streams of an automotive dealership. This department is tasked with the responsibility of directly engaging clients to strike deals and improving customer experience in the process.
With the changes taking place in the automotive industry, F&I product sales could just be the edge that your dealership needs to improve its revenues. We have discussed four ways that can be beneficial to your dealership's F&I processes.
Regular Review of your F&I Products
The first step to ensuring that the F&I products and services you are providing at your dealership are offering real value for the clients and adding to the experience is having your team conduct regular reviews.
These reviews will give you some insight into what F&I products and services align with your marketing strategies, and are doing well, and those that are irrelevant and need discarding.
Role Play
The importance of role-playing in improving your marketing strategies cannot be overstated. Preparing your business managers for all possible situations that could arise at your dealership by role-playing will greatly boost their confidence and improve their productivity.
Train and retrain them through role-playing for maximum effectiveness.
Schedule Review Meetings
Schedule frequent review meetings to evaluate the effectiveness of the strategies you have implemented at your dealership. Review to know which areas require training or retraining for the managers.
In addition, you should conduct stand-up meetings with your team to encourage team building, problem-solving and update the team on their progress and targets set for them by the dealership.
Request for Feedback
Feedback is a very important aspect of improving the quality of F&I products and services you offer.
Most people, including me and you, will settle for a dealership with good reviews when visiting a new place for the first time. Ask for feedback by following up on customers after they have been served and asking them how the overall experience was.
This is important for capturing their point of view and building better reviews for your dealership.
Vanguard Dealer Services is an automotive consulting firm that specializes in F&I processes and aftermarket products. Contact us today for assistance.