It's no secret that satisfied clients spend more than dissatisfied ones. When it comes to buying a car, arguably the most significant area of frustration and, therefore, an enormous opportunity to increase customer satisfaction is in the F&I process. F&I is a critical component of dealership revenues and profits. As profit margins on new car sales continue to shrink, dealerships must adapt their businesses to include an aggressive focus on F&I product sales.
Here are four ways to improve the F&I Process at your dealership.
- Review of F&I Products
It is common for dealerships to offer various F&I services and products to their customers as part of their marketing strategies. Have your team conduct reviews at specific intervals to ensure that the product offerings are relevant. This will also give you an idea about which products are doing well and which aren't so widespread.
Sales teams that continually engage in role-playing are more likely to outperform their non-role-playing competitors. When business managers are trained and re-trained through activities such as role-play, you can throw any number of situations at them. Role-playing builds confidence in team members that can help them in their day-to-day roles.
- Conduct Frequent Meetings with Your Team
One way to improve your F&I process is by constantly monitoring the strategies you have put in place. Review the techniques and approaches from time to time to point out the effective ones that need retaining and those that need improvement. Please do this by conducting regular stand-up meetings to give them an update about their work.
- Ask for Feedback
Regularly follow up with clients and get their feedback on the overall sale process. Such follow-ups will go a long way when it comes to improving client satisfaction. This will help you get their point of view on what and where could be improved.
Focusing on the customers' needs is the best way to increase satisfaction and boost your bottom line. These techniques can get your dealership to the next level. Enhance your F & I process for more sales. At Vanguard Dealer Services, we can help connect dealerships with F&I specialists and provide training to ensure the whole dealership is set up for success. For more information, contact us. We'd love to hear from you.