25 Oct Graduated F&I Packages Make Selling Much Easier…for Everyone.
When it comes to offering packages in F&I, many dealers stick to one or two at most. Conventional wisdom is that too many packages could confuse the buyer and that the straight ‘up and down’ menu is the better way to go. F&I menus should not be difficult to navigate and there may be a better option when it comes to making sure you have the packages that make it easy to take one versus none.
If you have a large enough F&I product offering, your dealership could simply build out 3 different levels of ancillary packages. Buyers want choice…now there is an easy way to give it to them.
Imagine three different ‘combination’ packages:
3-1 – 3 main products bundled together for one low price.
4-1 – 4 main products…
5-1 – 5 main products…
….you get the picture.
Consumers, when presented with three graduated levels of a service with adjusted pricing to match, will almost always pick the middle or higher package. Why? No one wants to look cheap or like they cannot afford the middle or higher priced package.
Offer the packages or bundles for a price that makes sense to the buyer…not too high, though, as you could make them nervous. After all, buyers are being asked to spend record amounts per unit right now due to the chip shortage. It’s best not to scare them off from an appearance protection package that’s too expensive to be added to the loan.
We all generally react well when given choice and that’s the thing to remember here…it’s not a take-it-or-leave-it proposition. You are presenting them with choices based on the level of protection they want and that can be a powerful way to help sell more product.
And the buyer will appreciate the ease of looking at a well-thought out bundle and being able to quickly see the value without a long, protracted sales pitch. It’s a ‘here they are…pick the one’ scenario that takes a ton of pressure off F&I.
Click here to learn more about how ExoGloss, powered by TruWarranty, can be a part of that package-of-choice strategy in F&I.