Pushing out the bottom line of your F&I department can feel like the most difficult thing you've ever done, and a lot of dealership decision makers have more trouble with it than any other aspect of the business. But a little bit of advice can go a very long way, and we're hoping that we can offer just enough to give you that boost you need.
The three steps here are the first you'll need to take to improving your sales in the F&I department of your dealership, and possibly the most important.
1. Relationships
Without consumers, there is no business. Getting them to turn from one-time consumers into returning customers is the first step to improving sales in your F&I department by severalfold. More than that, it's likely to have positive results across the board. More returning customers means more people that think positively about your dealership, and that means more positive word of mouth is flowing. Your relationship with your clients can be improved in a myriad of ways, and the best ones will always be dealership specific.
The most important thing to remember about maintaining this kind of returning customer relationship is to keep it going. If the customer lets the dealership slide from their mind, then you won't be making those sales that you need. This can be accomplished in a few ways: newsletters, social media, the right products offered by your business managers, etc. The final choice for which path to go down depends on the dealership involved.
2. Bundle Programs
This is most likely the first thing the customer will see your dealership offering them, and the big chance to make that all important first, and possibly biggest, F&I sale. Making sure that your program covers as much ground as possible on the vehicle while still being reasonable is the key. You want a program that won't leave the customer feeling like they wasted their money when something comes up, but you also don't want to try to ask for more than they're willing to pay.
The key is finding that perfect balance for your dealership. If you can vary it up by the customer, that's even better.
3. Be Yourself: Build Trust
The third and most important step. Never try to be something you're not. Your dealership needs to have a positive and consistent image in the minds of the customers, and to do that you need consistency. Stick to the image you've chosen for your dealership, whatever it may be, and never forget that a happy customer is a customer that wants to come to your dealership again.
If your dealership is the first in their mind when the time comes, then you've done everything right.
If you're interested in our aftermarket services or F&I products, or any of our other services, then please don't hesitate to contact us.
