06 Oct 4 Tips to Being Your Best ‘F&I Self’
When looking at how to increase the two biggest benchmarks in F&I, PVR and CSI, it’s sometimes helpful to look at the performance of your staff in broader terms.
It’s not just one or two things…it can be many different strategies but for now we’ll focus on 4 unique habits of successful F&I managers. All are easy to incorporate and can help show immediate results.
1) Be Professional: Whether your store is a highline franchise store or a more relaxed used car lot, there is no excuse not to present yourself as a true management professional. Carry yourself as the important part of the dealership that you are. Dress the part, make sure your office is well organized and clear of clutter.
Communicate in a manner that you would want to hear if it were you on the other side of the desk. Keep conversations professional and never let the buyer hear otherwise.
2) Respect Goes A Long Way: Treating buyers with respect never means giving away your chances to achieve a higher gross but rather it helps you garner the trust it can take to help them understand the situation they are in. Actively listen, show empathy and respect, and let them know you are there to help, period. The money will follow.
3) ‘No’ is Not the End: Any good sales trainer will tell you that hearing ‘No’ from a prospect is simply the beginning of the process, not the end of the sale. ‘No’ can help you keep the conversation going and forces you to ask better, more probing questions to uncover the real concerns. ‘No’ can help you focus on the benefits of the products you are offering, and help you paint the picture of their value based on the information you have gathered about the buyer such as driving habits or financial status.
4) Sales is Not the Enemy: F&I and the Sales Team should always strive to work together but many times this is difficult. If you have the time, offer to help the salesperson on the floor if they are struggling with a buyer on payment or rate. Step in and be a helpful voice to move the sale along. Each week or month offer to be a part of the sales meetings to review new products or to teach the salespeople how to set-up product presentations for you . Get to know all the salespeople and do your best to form good relationships with them. Show appreciation where you can and if there are conflicts, handle them quickly and professionally.