Being an F&I Manager has never been easy—and the younger generations are making it more difficult than ever. Dealerships are becoming a last resort for Generation Z, who grew up through the recession of the late 2000s. Burdened by student loan debt and inflation, these younger customers often feel that dealerships are a relic of a previous era. Here's 5 ways to get them engaged and interested in the car buying and F&I process.
1. A Strong Mobile Website
No two ways about it. If they can't visit your website and check out some of the F&I products on their smartphone, they're not going to come in. Nobody wants to feel ambushed in the car buying process. If potential buyers can see what they'll be offered and "meet" the people that will be selling them, you'll have a foot in the door when they finally come to the office.
2. Word of Mouth
Millennials and Gen Z are incredibly social. If you can provide a great experience, they'll be talking about it on Messenger and Instagram and Snapchat in no time. Unfortunately, the opposite is also true. When you do go through the F&I Process with one of these younger buyers, it's important to do everything you can to make them comfortable and happy.
3. Tech-Savvy F&I Managers
Millennials and Gen Z are difficult to fool. They've grown jaded by the entire process of capitalism and late-2000s bailouts, and they're going to come into the finance office with questions that border on accusations. They'll want to know every detail of potential warranties and maintenance offerings. But being able to confidently explain what's available can help gain their trust and make back-end sales easier.
4. Offer Flexibility
The younger generations are unique and take pride in their own specific situations. If they balk at a 100k mile warranty, work with them. 80k? 75k? Maybe 42 months instead of 36? Dealership Management software should be able to easily calculate these situations and provide updated pricing. Feel free to contact us for information about how to optimize this.
5. They're Regular People!
As much as both the younger and older generations want to list the difference between them, all customers want a car that works for them at a price that works for them. F&I is part of this process. Make sure they're comfortable in the process and they might surprise you with how much business they're willing to give.