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.
Every company wants to provide the best customer experience possible. That's why dealerships are always looking for ways to improve their sales process and the F&I process is no exception. The F&I process can be a major point of frustration or confusion for customers, so it's important that you find ways to make it as easy as possible. Here are 5 tips that will help you improve your F&I Process:
Smart business management is preparing for the "What-Ifs." While it's hard to predict sicknesses, it's also hard to predict if an employee will resign. If your dealership is void of F&I staffing, there can be a disruption in your day to day sales operations. Before your dealership stalls out, setting up a "Fill-In" F&I Specialist should be a consideration.
Businesses can prosper when they focus on their sales processes and provide excellent customer experiences. This is especially true for automobile dealerships, where the quality of service provided is crucial to customer retention.
Changed to Speed Up Your F&I Sales Process with 3 Simple Steps
SPEED IS KEY
According to a study done by Autotrader, the average dealership takes 61 minutes (or the time it takes to learn 20 foreign words and phrases) to complete the finance and insurance portion of a sale. The study also concludes that customers are happiest when the entire process, from walking into the dealership to leaving in a new car, takes only 90 minutes total.
Before a customer buys a car from your lot, they want to ensure that they are protected. Protection programs can give car buyers peace of mind as they walk out of your finance and insurance (F&I) office. They can leave worry free. But how important is providing protection for customers?
Running a car dealership is one of the most challenging careers, because you never know whether a customer will go to a competitor in the blink of an eye. You have to know what your customers want ahead of time if you want them coming back after buying or leasing a car, or just thinking about it.
The chances for wear & tear in car leasing is greater than ever as more people depend on their vehicles for everything. Some of your leasing customers are perhaps business travelers or those who just want to travel for leisure. Even local drivers can end up experiencing wear on their cars faster than expected.
Car sales is a competitive business. In any given town in America, you can bet that if there is one car lot, there is always at least one more. Most of the time there are several more. How can you manage to find that niche, that one special thing that your car dealership offers that attracts customers?
The sales team of a dealership is the primary connection between the customer and the location. This means that the sales team needs to be educated on all that is being offered and all that needs to be disclosed to the customer. Mandatory automotive F&I training can take care of this in its entirety.