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.
Dealing with the F&I office can sometimes be a bit of a trial. Efficiency issues run high, and this often leads to unsatisfied customers. When it comes down to it, efficiency and compliance still trump shorter visits to the F&I office. Fortunately those of us at Vanguard Dealer Services have effective programs for dealerships to improve their work flow.
The car buying industry is nothing like it was ten years ago. Mobile phones, and the Internet have completely changed the market. The market is now designed for the quickest and most efficient selling tactic.
We've got a handy way for managing automotive finance and insurance training and we'd love to share it with you. It's really a matter of getting back to the basics. Even successful and experienced finance and insurance staff need to keep up-to-date on training lest they become complacent or, even worse, develop bad habits.