LGM Post Event Review: Optimizing F&I in the Age of Factory Orders
AutoSphere (March 2022) – LGM Webinar discussed critical factors needed to succeed in the current new vehicle sales environment.
On March 10, Autosphere.ca in conjunction with LGM Financial Services, hosted a webinar entitled Optimizing F&I in the Age of Factory Orders.
Presented by Jake Stacey, Executive Vice President, Sales, LGM Financial Services, the webinar covered ways in which dealers can navigate the current landscape, where, due to supply shortages it can take months to order vehicles.
Norm, not the exception
Additionally, with demand at an all-time high, this means that factory orders are now the norm, not the exception as they once were. Stacey mentioned that with lead time to possession of a new vehicle being anywhere from 6-12 months, traditional sales processes are colliding with the expectations of customers.
The results are missed opportunities for sales, as well as the chance to generate rapport and long-term retention among dealers’ client bases.
And, given that supply shortages remain ongoing, with geopolitical tensions adding further to the issue, this “new normal” operating environment of factory orders isn’t likely to change any time soon.
So, what can be done? In the webinar, Stacey referred to the need for dealers to shift traditional sales processes in order to accommodate the needs of their customers.
And a key part of that is being able to create a personalized, bespoke experience for each client. As a result, dealers need to have in place, processes that are adaptable for different types of buyers.
Stacey also mentioned that with the longer timelines becoming the norm for purchase processes and customers more apt to start their journey through digital and virtual channels, dealers need to be able to cultivate their clients from the get-go.
“Just because it’s a digital experience, doesn’t mean it is any less important,” said Stacey. “Knowing your buyer in their preference is a critical piece of being able to manage [that] optimized process properly.”
The issue sometimes is that dealers might not know which solutions to use or how to train their staff to maximize their potential, particularly if they, traditionally, have tended to still focus on a face-to-face process.
LGM Financial Services has made some very significant steps into providing processes and solutions to help dealers with their digital and virtual assets, enabling them to create a seamless and frictionless experience for customers.
As Stacey mentioned during the webinar, LGM has a team of dedicated Dealer Development Managers to help stores leverage the power of digital and virtual solutions available to them, for the specific automotive brands each dealer works with.
In addition to this, as well as hosting digital roundtables and peer learning opportunities, LGM has also released a Digital Toolbox for dealers. In essence, this acts as a blueprint that allows dealers to build a tailored and effective digital experience for each customer, built around the core concepts of customer needs assessment and a driving analysis worksheet.
Stacey noted that a huge benefit for dealers in using a tool like this, particularly in a factory order environment, is the ability to tailor the Digital Toolbox to each and every customer—creating a win-win scenario for the client and dealer when it comes to the sales process.
About LGM Financial Services
LGM Financial Services (LGM) is a leader in Canada’s automotive space, focused on revolutionizing the consumer automotive experience through technology, transparency, and sustainability. Since 1998, LGM has been providing branded Finance and Insurance (F&I) products to distinguished automotive manufacturers and dealers across the country. LGM works to maximize dealership performance and customer satisfaction through products that are backed by an elite F&I sales and training program, and a comprehensive claims and dealer support network. For future information visit www.LGM.ca.