These are the top 6 areas where some F&I salespeople find themselves slipping. Read through the advice topics and carefully see where you and your staff can improve upon.
Customer objections must be wrote down. You must keep track of the mistakes that ruined a sale. Get a sheet and fill out the products that sold and what products were declined. Find the objection for the products that were declined. Write down what went wrong. When you do this, you can recall what happened the next time and know how to overcome it.
F&I managers understand how to sell aftermarket products, which takes a little more finesse than a straightforward car sale. While many salespeople might not have much direct F&I sales, managers should try to distinguish employees who have solid sales experience. After all sales is about people and conversation.
F&I salespeople sometimes try to up-sell the particular products that their company are trying to push. While people may have some success with this method, a more transparent and down-to-earth approach will help avoid sounding too salesy to a customer. Simply, mention that your company is promoting those products currently, or those products are being promoted because they are beneficial and say how. Through this method you can help establish some trust within your potential customer.
Give F&I products suggested retail prices and keep them if possible. However, it is sometimes impossible as your customer’s needs sometimes don’t match your sales pitch. Instead of losing a sale, let someone take the risk. Every F&I sales manager must choose a matrix and should not deviate. Be sure to check with your manager about the prices of products, as discounting is not allowed in most companies.
Learn From Others At Your Dealership
It helps to look at things from other’s perspectives.
To grow as a finance manager, you must grow as a team member. Many F&I managers arrive in the morning and don’t leave their office, except for lunch. An exceptional manager learns what others do at the dealership. Learn as much as you can from your colleagues, especially those that have earned years of experience in sales.
Make sure that you and your staff are up-to-date with the latest sales training and techniques. This will not only work to keep you and your team informed, but will also give your company a competitive edge. Periodic training, whether in industry conferences or internal training, will keep your sales team refreshed and prepared for every sales scenario. in addition, if you’ve just hired a new salesperson or your whole staff is young and inexperienced, take some time to go over training and ensure they understand the material.