Hitting Home Runs in F&I
by: goreahard
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Excelling in F&I means you're skilled in several areas. Being a
strong closer may mean more products sold, but having weak needs
discovery skills translates into higher charge-backs and low CSI
scores. The opposite is just as frustrating. You may be gifted in
discovering why a customer needs your products, but without the ability
to close the sale, you will perform at below-average standards.
Throughout my career as a training consultant, I've identified four areas where F&I professionals can and should excel.
So, let's take a run around the bases.
First Base: DEVELOP A CONSISTENT PROCESS
A process that consists of effective and informative steps and is
followed consistently with every customer will produce extraordinary
profits. You cannot just "wing it" when you bring a customer into the F&I office.
You must utilize a process that focuses on discovering what a customer needs, not what will make you the most profit.
Today's consumer is better informed and less tolerant of a pressure
type sales pitch. People hate being "sold" anything. But they will buy
more than you could ever sell them if they realize why they need it.
Selling intangible products demands that we help the customer "see"the
benefit of a vehicle service agreement.
For instance, a father will be much more likely to buy a VSC for his
daughter's car if he can picture her on the side of the road waiting
for assistance because the engine control module failed. The roadside
assistance benefit of the VSC will provide police protection when she
is in an unsafe place until help arrives. Paint a picture with words so
they can see it happening. Develop a process that identifies needs,
projects concern for the customer's situation and then serves the
customer by matching up the two.
Second Base: PRODUCT KNOWLEDGE
Every F&I manager should engage in extensive and ongoing research
into the products he or she offers. The more knowledgeable you are
about a product, the more you will believe in those products, and that
translates into more products sold.
You will never get to second base in F&I
unless you consistently learn everything you possibly can regarding the
products you offer. You must know what your products cover: the
limitations, exclusions, and the benefits to the customer. An F&I
professional should be able to recall 10 or more benefits of each
product he offers. Selling intangible products requires transferring
your own emotion and belief to the customer. You must learn the names
of auto parts that are covered by your VSC, what they do,where they are
on the car, what happens when they fail, and the cost of replacing them.
Third Base: PRODUCTION SKILLS
Roger Clemens, one of just four pitchers to surpass 4,000 strikeouts,
was 42 when he earned his last Cy Young award. His secret to success is
simple. He practices every day and practices harder than anyone else in
the game. An F&I professional spends time every day trying to get
better at what he or she does!
Knowledge of the process and products alone is not enough. You must
also become extraordinary in the needs discovery process. More
importantly, you must know how to apply what you discover in a manner
that motivates customers to buy. Roleplaying the F&I needs
discovery and sales process with others is a great way to improve your
ability to lead customers to a buying decision.
Some managers are so skilled that even after a customer says no to all
the products offered on an F&I menu, they can then sit back with
confidence as they bring the needs they have discovered to the surface,
and help the customer understand why each product is important to him
or her.
Home Plate: DEALERSHIP PROTECTION
These days compliance is a buzzword in a dealer's vocabulary. Simply
put, an untrained F&I manager who refuses to use a consistent
pro-cess puts all the assets of the dealership at risk. The climate in
financial transactions and the multitude of regulations demands that
F&I managers become experts at the rules and regulations of their
craft.
Dealers, GMs and F&I managers are all guilty of focusing on only
one facet of the F&I process-profits.Making profits for the
dealership is a top priority. In todayF&I environment, equally
important is a legally compliant process. Unfortunately, some still
believe you have to choose between profits and compliance. The fact is,
you can have excellent F&I income and remain legally compliant at
the same time. Dealerships around the country are doing it every day.
About the Author
Author Bio
Rick McCormick is senior training consultant for Reahard &
Associates Inc.,which provides customized in-dealership F&I
training, F&I Training, Auto Dealership Training
F&I Products, F&I Sales Menu, Menu Selling F&I Menu Training F&I Class
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Article URL : Hitting Home Runs in F&I Article Category : Affiliate Marketing Articles Article Author : goreahard