Everyone knows that F&I products can significantly increase your margin, but when was the last time you evaluated your selling approach? Savvy customers want to be in control in the Finance Office. Customers visit franchise dealers an average of 14 times in their lifetime and currently spend 15-16 hours online researching their vehicle purchase. Are you prepared?
Do Your Research, Too. Know what customer knows. Spend time on the Internet in customer chat rooms and vehicle research sites to see what is being said about F&I products. This will help you prepare for customers’ questions and objections.
Practice Makes Perfect. Know the products you are offering; study the menu; and review the marketing collateral.
Present 100 Percent of Your Products 100 Percent of the Time. But, be smart about it. Make sure the customer knows the value of the products with concise product descriptions on your menu and marketing collateral to support the products.
Let the Customer Lead the Dialogue. A customer who feels in control will ask questions. This gives you the opportunity to make a case for products and packages on the menu.
Give Your Endorsement. Make sure you express your and your dealership’s endorsement of the product, especially if the customer is unfamiliar with a product. This is also an opportunity to present statistics, cautionary information and anecdotes.
Make Sure the Customer Realizes the Value of the Products. Have you fully reviewed the out-of-pocket expenses the customer will occur in the event of an incident? Have you broken down the cost into monthly payments so the customer can see the small increase in their payments relative to the value of the products?
Prepare for Objections. In a perfect world, you would think of every possible objection that could come up and figure out your response to each. However, with the myriad of products available for your menu, Safe-Guard Products has created a quick-reference guide. Be sure to check out the Guide to Handling Objections every month in F&I Insight. This month’s guide features Tire & Wheel Road Hazard Protection.