Taking the Pressure Out of F&I
How’s your CSI rating in F&I? If customers are giving your store poor marks for using pressure during a sale, you may want to factor in the next four facts:
1) Every time we ask people to open their wallets we place them in a uncomfortable situation. In the F&I process you are asking each customer for more money.
2) Establish value in the products before you discuss dollars. If the product or service does not satisfy a customer need, the cost is not important. Today’s customers want to buy only those items they plan to use. The old adage, “Do not purchase any less than you need or any more than you require,” clearly applies here.
3) Need awareness should begin with the sales process. Review your current trade interview sheets / appraisal forms. Is there a place on your form for the interviewer to ask the customer about the existence of aftermarket items? An example follows.
Do you have on your current vehicle:
Service agreement Yes No
Protective coatings Yes No
Security system Yes No
Factory warranty Yes No
When did you have the last service completed? ________________
May we have a copy of the service records?
4) Customers need to experience the difference. Do you have a vehicle on the showroom floor with a protective coating on half of the deck lid, a box of thin plastic gloves, and a sign identifying the protected and unprotected halves and inviting customers to feel the difference? The sign should refer customers to the financial center for more information on protective coatings.
If you hesitate to implement these suggestions because you think your customers will want the products thrown in on the deal, you’re right about the last part – some will ask. Just remind your sales personnel to respond in a way that does not jeopardize the sale and let their customers know that extra services are just that – extra – which is why they are discussed in the financial center.
The best way to take the pressure out of the F&I process is to ask your customers about products before they arrive in the financial center. With a little assistance during the sales process, your CSI in F&I should gauge quite well.
Dealer Marketing, June 2004, p.30