29 Nov Tips for Selling Millennials in F&I. Hint…Be Real.
If there was any age group in America that gets a bad ‘rap’, it’s Millennials. It seems like everyone has an opinion about the 25-40 year-olds and unfortunately much of it is negative. Lazy, unmotivated, and still living at home with Mom & Dad are all patently unfair stereotypes of a demographic that is numbering close to 60-80 million strong in the US.
Couple that number with the fact that 63% of car buyers are in this age range and every dealer will be forced to rethink not only how they sell cars, but also how they make a profitable connection with this buyer in F&I as well.
Here are 4 tips to help your F&I department ‘wow’ Millennial buyers…
- Don’t Overdo the Digital – Yes, most dealerships have digital tools at their disposal to menu-sell and present aftermarket products and yes, Millennials have grown up with this technology. However, don’t assume they will just look at the screen and understand the actual need for some of those products. These buyers still need to be educated and it’s important to paint the picture of how these products can help protect their new purchase.
- Educate First – A survey of Millennials buyers found that 25% found the F&I process the most negative part of the car buying experience. You cannot approach these buyers with the pushy, slick sales tactics of yesterday.Answer their questions openly and honestly because remember – this generation researches EVERYTHING online. A consultative approach with relatable stories and good interview questions will give you all the profit you need.
- Authenticity Matters – Millennials have grown up making social connections online. They tweet, they ‘like’, they post, they Pin. But it doesn’t mean that they DON’T want to make face-to-face connections as well. Be casual, be fun to talk to. Don’t just present yourself as the next person trying to take their money. You are there to help them make the best decision, not sell.
- Streamline the Process – Millennial buyers are used to getting their information instantly with a tap or click. Streamline the process before they come into the F&I office. Make it easy and quick to go through financing options, menus for product, and execution of paperwork.