Your customer is buying a new car. They’re excited. All that’s left is a visit to the Financial Services Office to finalize the paperwork – but more importantly, to make sure they have everything they need to enjoy a long and happy life with their new purchase.
This next part of the transaction is crucial, and the part that customers will often remember the most. With customer satisfaction decreasing as the time in a dealership increases, it’s integral that you fine tune your F&I presentation for maximum efficiency. Instead of guessing what steps you can take to enhance your presentation, use the following five tips in this article to guide you in the right direction.
1. Create a comfortable environment for your customer
Before you start thinking about giving your F&I presentation, take a look at the environment in which you’re presenting. It should be comfortable for you both. Keep your office clutter-free and welcoming. When your customer enters your office, offer them water or coffee to put them at ease.
You may also want to try taking on the role of the customer to see how they perceive the environment. Sit on the other side of the desk and if your surroundings are making you feel uncomfortable, chances are your customers are feeling that way too.
2. Position yourself as a consultant
Consider what protection products the customer would find value in purchasing based on suitability to their lifestyle. Take the time to get to know your customer, understand who they are and how your products can meet their requirements. Take a needs-based approach to selling, evaluating exactly what your customer needs and tailor your sales process to better explain how your products will specifically benefit them.
3. Help the customer see the value versus the cost
An important part of successful selling is to help the customer discover the value of F&I product offerings on their own. Leading a customer to draw their own conclusions about the value of your product is much more effective than simply listing a number of reasons why they need it. Show diagrams and drawings and explain scenarios that demonstrate why they might need a service contract, loan protection or lease end products.
4. Make sure to use F&I training resources
It can be difficult to keep up with the top F&I presentation best practices if you aren’t constantly learning. That is why it is critical for you to train your entire F&I sales team on the latest, greatest and best ways to present your F&I products to customers. Commit to having your team members attend regular training and workshops to brush up on their presentation skills.
5. Streamline your F&I presentation with a more efficient selling process
The more efficiently you can deliver information to a customer, the more effective you will be at helping them see the value in your F&I products. Consider moving away from step selling and try menu based selling.
Menu selling allows you to offer a personalised customer solution that will increase your customer satisfaction and loyalty. It can also help reduce the customer’s time spent in the Financial Services Office by streamlining the selling process, and only presenting the products that suit the customer’s needs.
By following the five tips in this article, you can add value to your F&I products that will help you close the deal.