Finance & insurance are the cornerstone of a strong dealership. Only if you handle F&I properly can you maximize the sales available with each customer. But when dealing with such a variety of people day after day, it can be hard to decide what the best overall approach is.
With that in mind, here are great tips to discuss with your Business Manager to improve your F&I services.
1. Make certain to offer the full menu to customers, or as close to it as possible. A customer may turn down option after option, but it may well be that something farther down the list is what will interest them most. Only refrain from offering certain financial options if you believe it could damage your efforts, not just because you've heard too many 'no' responses.
2. Related to #1, know what options you have to offer and ask questions related to those options before the menu ever comes into play. Then you know what options to offer early, and when customers start saying no, you don't have to be concerned that they'll turn down services they might want just because they're saying no reflexively.
3. And related to #2, treat your customers as though you're advising them rather than trying to sell anything to them. Most people walk in the door without much of an idea how the system of buying a car works, and can become uncomfortable if they sense you're more interested in taking their money than giving them good service.
4. Double-check your customer's information before printing out any paperwork. It seems like a small thing, but every appearance that you're on top of things helps a customer's confidence when the time comes to discuss financing options. Likewise, overlooking things can only make them less likely to trust your competence.
5. Never assume you have no more to learn. It's important to be confident in your sales ability, but there's always someone who does something related to the job better than you do. Keep your eyes open and learn whenever you can.
6. Set a lofty goal. How much can you bring into the dealership per unit? Look at your past performance, and the performance of those around you if you can. What are the highest numbers? How were they achieved? If there was a measure of good fortune involved, what did that good fortune include? Can it be replicated?
With these ideas in play, your F&I services will noticeably ramp up your profits. Interested in finding out more about improving your dealership? Contact us for more details.
