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How to Sell F&I Products in the Dealership Service Drive?

How to Sell F&I Products in the Dealership Service Drive? Featured Image

It is One of the Best Place to Sell F&I Products.

Team DealerVERO Blog Author Photo Team DealerVERO - Mar 01, 2019

 

 

Selling F&I product in the service drive is an important part of your 2018 profitability. With a large majority of profits in a vehicle sale coming from F&I products, service departments can certainly utilize the same process to increase fixed-operations sales. This is especially true for smaller dealerships who have recently opened a service center or have un-used service bay capacity. By leveraging the right systems and processes in your service drive, your dealership is sure to see higher sales and greater customer lifetime value. 

Can My Service Drive Increase F&I Sales?

Short answer, ABSOLUTELY! Even if your dealership is already selling F&I products in the service drive, you can still increase sales with the right system and process. Many stores we work with will tell us they already tried selling products in service, and it didn't work. When I ask them how they were selling, and what products they were selling...I immediately understand why they are not achieving their sales goals.  We will talk later in the article about what products your dealership should be selling in the service lane. 

Here is why your service drive can increase F&I sales. You have a captive audience that is generally visiting your dealership regularly, and you already have all the details you need to view coverages that a vehicle has available. By simply gathering a few pieces of data from the customer, and having the right presentation, you can simply and effectively showcase products to your consumer and discover opportunities for sales. 

What is the Best Service Drive F&I Process?

The best process I have seen implemented in a store was in a small independent dealership. Every customer that came into the store goes through the RO process and then is presented (almost instantaneously) with a simple accept-decline F&I menu that shows the customer products that are available for their vehicle. The service manager then gave a brief explanation and gives the customer the paper. If the customer opts to purchase a product, they can do so during checkout. 

Our team at DealerVero has taken this process to the next level, making it on-button-click easy to present F&I product on the service drive. The system even tracks what coverages have already been purchased, so that the consumer doesn't see the same product twice. This makes it extremely simple for your service managers to present your products and increase F&I product sales.  

What Products Should I Sell In the Service Lane?

This is one of my favorite questions. Most dealerships will only attempt to sell a vehicle service contract in the service drive. I encourage dealerships to sell products that reflect their dealership, and its value to the consumer. Dealerships should look for ways to productize their services into a recurring subscription. This is something that easily works with products like pre-paid maintenance, or nitro-fill tires, or detail packages. Simply create a monthly subscription for each of these products, and present a small monthly price to your consumer. 

This process can work for a lot of other products and services as well. If your dealership wants to automate the tracking and fulfillment of this process, then you can accomplish that through the DealerVero system as well with a few clicks. Either way, having small monthly payment options on products your dealership has available is the key to engaging consumers to purchase products they are going to purchase anyways. 

Overall, the more a consumer visits your store, the higher your chances are to continue to do business with that consumer and increase the consumer lifetime value. Loyalty is tough to come by these days, but implementing processes and systems like this at your dealership will help ensure your foothold in your community is unshakeable. 

 

F&I in service F&I Sales F&I Products

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