Presenting By The Book
A presentation book speeds up any process. It helps to keep the presentation moving and on target. Now, I am the first to state no customer will buy until he or she believes the presenter cares about him or her. Building rapport is the foundation of any sale. But sometimes F&I professionals spend too many critical minutes building rapport, and not enough time building value. When this happens, the only thing left is price. When all you have left is price your gross profit shrinks.
In a meeting with F&I professionals recently, a manager told me that she did not have time to do 40 seconds of math to try to turn a customer’s price objection into a sale. My response was to ask her what other things she was spending her time on.
F&I products must be demonstrated as solutions to a customer’s needs. How does your F&I manager keep the presentation on track? Yes, companies provide brochures that help to explain coverage. However, these do not identify a customer’s need.
As the New Year approaches, assess your process. How many fact-finding questions does your F&I manager have available to use without sounding like an inquisitor? Targeted questions will lead to Bull’s eye customer issues. Once F&I professionals know their customers’ concerns, they can save time by using a presentation book to stay on task, while still yielding the maximum to the bottom line.
When you look ahead, be sure you set an adequate training budget. Every F&I professional should get out of the store at least once every 18 months to gain from a comprehensive educational experience. If you have not assigned a specific amount for training, use this guide: Match every dollar you designate for advertising with an equal dollar earmarked for education. When your customers show up on the lot, you want everyone on their best game to make the buying experience produce the maximum effect on the bottom line.
Dealer Marketing Magazine, January 2005, p. 16