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3 Simple Steps to a Frictionless F&I Sale

3 Simple Steps to a Frictionless F&I Sale Featured Image

How F&I can be a Frictionless Sales Process

Team DealerVERO Blog Author Photo Team DealerVERO - Mar 25, 2018

Let's walk through a traditional F&I sales experience at an average dealership. The customer has been at the store for hours and has just finished waiting to get into the F&I office. They are walked through a process and asked to review a print-out of some packages of F&I products that the manager believes are a good fit for the customer (friction). When the customer doesn't see the value in the entire package (friction) they ask questions that are brushed over by the F&I manager (friction) and they opt not to purchase anything (which causes friction now for the F&I manager who relies on these product sales to earn a living). Does this sound like your store? If so, here are 3 simple steps to reduce friction during the product presentation portion of your dealership F&I process. 

1: Don't Make your Customers Wait. 

This simple step can easily set-up your F&I product presentation for success. On average, customers who spend more than 60 minutes waiting for F&I rate the experience 3 points lower on a 10 point scale. Schedule an appointment with the F&I office, take the deposit to hold the vehicle and have a well-prepared process when they return to finish the sale. (This process will also help with buyers who complete their paperwork online). 

2: Put the Customer in the Drivers Seat. 

Is a well-known fact that consumers who are empowered during the sales process will be more receptive to purchasing products. Explaining how the F&I process works upfront with your consumer and then allowing them to walk through it at their own pace will give you the ability to educate your customers and be an expert. You will be uniquely positioned to help the customer understand the benefits of the F&I products that you present, as well as the opportunities they have to protect their new vehicle purchase. Putting the customer in the driver's seat will down the barriers of fear and enable clear educational communication.

3: Build a Package with your Customer.

Today's modern dealership technology makes it easy for you to walk through all of the protection products and build a package that fits your customer. Involving your customer in the process of putting together a protection package will not only engage the customer but will also contribute to lower cancellations. If your presentation software doesn't allow you to quickly review all products available to a consumer, provide a recommendation based on their feedback and select the best option for the customer; this is the area you should be focusing on in 2018. 

How is your dealership working to create a frictionless process in F&I in 2018? We would love to hear more about your plans, so drop us a line

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    At DealerVero, we build smart technology for every part of the vehicle purchase cycle: research, sale, and ownership. Our F&I solutions are utilized by dealerships in the automotive, RV, power sports, and motorcycle industries.

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