The Road to ROI with F&I

On Speaking Terms: The Sales Desk, F&I, and You

Posted by Vanguard Dealer Services on Aug 31, 2020 9:30:00 AM

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Every word shared between salespeople, sales managers and the F&I Department carries with it the power to affect the bottom line. Details are crucial and as one sales manager once wisely suggested to his salesperson, "Land the plane!" 

If this phrase is new to you, it means that you need to get to the point. Get the crucial information out there as succinctly and effectively as possible. Everything flows smoothly when crucial information is shared between salespeople, sales managers and F&I. 

People, Processes, and Pain Points

There is a need for process so that each person at your dealership understands what is expected of them. When everyone knows what a job well-done looks like, guesswork is taken out of the equation. Common ways to implement process includes a sales methodology, delivery checklist, word tracks that garner trust and increase comfort. This is all translatable to higher overall grosses. Encourage open and honest discussion about real pain points that your staff and your customers experience. Pain is healthy in that it is a signal that something may be wrong and that something must be done in order to address it. 

Feedback Loops Serve Your Troops

Knowledge is power. Having a feedback process for collecting and providing information is essential. For a feedback cycle to be effective, it needs to be implemented across every touch point, every department, every title. There is no role too small or too large to be exempt from this feedback practice. The sales desk bears the  onus to implement effective communication with the customers. Not only are they holders of key information, but they are also often the ones handing off to F&I. Arming everyone with information educates your team, establishes them all as invaluable members of your organization and makes for a more effective sales process and more profits.

The Morale of the Story

We said it before, learn to 'Land the Plane'. Oftentimes, the urge is strong to try and beat around the bush by flowering up your language rather than simply landing the plane. Once communication becomes straightforward it becomes a healthy, direct and honest exchange. This healthy dialog is something that you can foster between your staff and toward customers. 

Team-building exercises are a great way to develop your staff members. During this time of dealing with safety and the pandemic, using tools like Zoom and other video conferencing tools can help execute great brainstorm sessions while staying safe. Work with the team on proper communication as well as other problem solving exercises.

Communication is the blood of your organization. It must be natural, real and galvanized. Take charge and lead a wonderful sea of change that includes encouraging sharing details. At every hand-off, there are but a few precious moments that can be leveraged to maximize what comes next. Be sure to teach, rally and model effective communication skills at each opportunity. Like a chain with no weak link, your dealership will shine once communication becomes central.

Contact Vanguard Dealer Services for additional assistance in implementing improved communication at your store as well as other effective training for your team. You won't regret it.

 

Topics: F&I, F&I Specialist, Communication, Dealership Sales, F&I Business Manager

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