The Intentional F&I Manager-Part 1
Author: Rick McCormick
Category: Business
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Practice "Intentional Selling"
In most dealerships, the primary reason the F&I Manager position exists is to sell additional products and generate additional revenue. The selling portion of the F&I presentation is no place for "winging it". We don't need word tracks. What we do need is intentional questions that we ask customers to identify their particular needs. A question such as, "What brought you in to buy a car today" will always give us information that is useful in the selling process.
When reviewing the trade-in Odometer Statement, we can ask "Did you buy this car new or used?" If it was bought used, ask "How many miles did it have on it when you bought it?" You just discovered how many miles the customer typically drives each year without asking that all too common resistance-building question, "How many miles do you drive each year?" That question tells a customer he is being set up for a sale! Intentional selling requires that you develop 30 questions you will intentionally ask every customer. There are three things we should do with intentional questions; uWrite 'em, vLearn 'em, wUse 'em!
An effective F&I presentation should also include intentional statements. Intentional statements that are effective in moving customers to a positive buying decision include:
" "Many times the lowest payment is not the best payment."
" "The Bank knows you can afford the $350 payment, because they have already approved you for that payment."
" "Wouldn't it be great if the 3 years / 36,000 miles factory warranty coverage was the 3 years /36,000 miles of your choice?"
A perfect example is the way many F&I managers still try and sell Vehicle Service Agreements. For most customers, the primary motivation to buy a VSA is no longer the concern of an engine or transmission failure. In fact, they often will state that vehicles are better built now than ever. And they are right! In the past, we attempted to create fear that every vehicle will have a bad transmission or engine sooner or later.
Many service contract companies even have laminated marketing pieces to use in the F&I schools to show the customer how much an engine or transmission repair will cost. Stop using it! Stop it right now! The power train components of vehicles today are much more reliable than in previous years, and customers know it. That's why many manufacturers now cover the power train for up to 100,000 miles. Instead of trying to ignore that fact, agree with the customer. "We don't expect problems with the major components on your vehicle. While it can and does happen, it is much less likely than before." That's an intentional statement you should use!
Then continue, "We have also added more computer technology each year and it has greatly improved the quality of our vehicles performance. The computers warn us of problems much earlier than before and some adjustments the computer even makes on its own! Unfortunately, computers fail, and when they do, we can't fix them. We simply replace them. If your Engine Control Module fails on your new Impala it will cost $1055 to replace." (You would know the exact cost, since you have intentionally trained and learned the cost of parts on the cars you sell and the cost of replacing them.)
Now you can make an intentional statement "That's why even a minor repair can be a major expense." This statement is powerful in moving the customer to buy the solution to that problem- a Vehicle Service Contract. There are three things we should also do with intentional statements: uWrite 'em, vLearn 'em, wUse 'em!
Provide "Intentional Service"
The F&I process should be Purpose Driven not Profit Driven. The purpose should be to serve the customer, not sell the customer. A Profit Driven F&I products will be filled with a desire to sell, and the customer will recognize it right away and resistance will build immediately.
If the customer feels we are trying to help them, they will listen to what we have to say, and the likelihood of selling products will increase exponentially. Intentionally providing customer service that will "Wow" them will make customers feel comfortable and like us. Customers only buy from people that they like and feel comfortable with!
Money follows service wherever it goes! The more committed we are to serving customers the more money we will make. The ultimate test is providing the customer with information that enables them to make a wise and informed choice as to what is best for them. Selling customers the products they need, instead of what makes us the most money, is the epitome of intentional service.
I have never met an F&I professional who consistently produces at a high level that is not intentional in how he or she prepares for and leads customers through the F&I process. Set goals, prepare intentional questions and statements to ask every customer. Be a "Risk-Taker" and start your journey down the intentional path and get ready to see record months ahead!
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Keywords: F&I Training, Auto Dealership Training, F&I Products, F&I Sales, Menu Selling, F&I Menu Training, In-Dealership Training, F&I Classes, F&I Manager Training, F&
View Count: 43
Date Submitted: 8/23/2008
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