If it wasn’t already obvious to you by now, I am a fan of money. In fact, my love of money has inspired all of my sales and presentation strategies. And every one of them also insures that I can prevent losing my money whenever possible. I’m referring to abiding by government regulations. They’re there for a reason.
We all know that many F&I professionals became professionals because of our fabulous sales ability on the showroom floor. Others became F&I managers because they appeared to be organized and could use a computer. Next came those that landed the job due to the fact that they just happened to be standing in the right spot when the job came along. Lastly, there are those that got the position because they had red blood flowing through their veins. Any one of these types of managers is able to make a ton of money in F&I if he or she is only willing to do what it takes. It’s sort of like all of the fitness programs on TV that you can purchase. Most of them really will work, but it’s just a matter of the purchaser actually doing what the video says to do. Most people are just too lazy to do it.
We all want customers, right? And we want money, right?
(If your answer is “no,” you’ve wandered into the wrong career.)
A lot of dealerships struggle to make enough money by focusing on the wrong sales processes, using fancy rewards programs, inviting customers to insider’s clubs and giving out coupons like Halloween candy.
But the real answer is actually a lot simpler than that. The true key to customer loyalty is reducing customer effort. Make your customers’ lives easier, and they’ll reward you with their continued business.
A huge part of reducing customer effort — one that comes into play every single time you get a new phone or Internet customer — is to make it easy for them to buy. It’s even in a book that I have laying around here somewhere where the late Ed Lemco wrote about needing to make it easy to buy.
There are many F&I managers out there right now that seem to struggle with picking up the phone whether it’s to rehash a deal with a lender or to talk to a customer.
Today, I’m sharing 2 ways that you can make an immediate impact on your F&I income.
1) Pick up the phone
A lot of F&I managers think they should be able to just sit in their office, like in the old days, and wait for a salesperson to bring a hot and ready customer to them.
But, times have changed. We’ve always had the phone, but now if you want to be an F&I superstar you’ve got to deal with the Internet, and that means using the phone and email. Remember just a few years ago when dotcom companies came out and told you that things would change because of the Internet? It’s happening again but right now it’s F&I that’s getting ready to see the greatest changes. The problem is that there are very few F&I managers taking notice or willing to do anything about it.
What have we learned about the phone?
An F&I manager that won’t pick up the phone to speak to a customer who has already secured their own financing more than likely will not convert to their own lending source and they’re very unlikely to sell them any protection products.
Not only does refusing to pick up the phone make it hard to convert customers but it also makes you broke.
Pick up the phone.
2) Use email to send PDF’s to present your protection products. (Pick up the phone again)
If this sounds similar to my last blog, it’s because it is similar and it is because it worked for so many of you but there was a little confusion. Some people thought that because of email they wouldn’t have to pick up the phone. False! You still have to.
There is no room to list this step-by-step but first call your customer once you find out that someone is coming in to buy something. On that phone call, just introduce yourself and what it is you do. Don’t try selling anything. Tell the customer that you need to email a disclosure to them but they need to be on the phone with you when it comes over.
Now send your menu and present it to them over the phone. Easy? It is so easy you’ll never believe you didn’t do this before. And it’s profitable. Very profitable.
If it’s still unclear then make sure you watch some of the videos I’ve posted on this. Just don’t ignore them like the workout videos everyone buys.
Tommy Ady is a powersports sales expert with more than 25 years in powersports retail business. He founded The WriteBack in 2013, which has become the #1 performing sales tool in the North America. Top 100-ranked dealers use his programs, along with the highest performing F&I managers in the country. His entertaining training shows are broadcast via YouTube to dealers every week.