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The Best F&I Product Presentation for 2018

The Best F&I Product Presentation for 2018 Featured Image

Learn How to Sell F&I Products

Team DealerVERO Blog Author Photo Team DealerVERO - Aug 26, 2018

I was just in a meeting with a good dealer friend of mine talking about his F&I managers and some of the ways they are presenting F&I products. The F&I manager training they were receiving was not working like it did in past years. He told me "customers think they know more about the products we sell then my d**n salespeople, but the information they have is wrong". Does this story sound familiar? 

I asked him a very important question that really opened his eyes to the key point he was missing. I asked him "Are your systems working for you, or against you?". He looked at me puzzled like he didn't understand the question. I went on to have a great conversation about how the sale process has changed and how his F&I close ratios were closely correlated to how well he could leverage technology. Here are some of the key takeaways from our conversation: 

Make the F&I System Work for You: 

It is crucial that your F&I system gives you accurate, intelligent and fast information to determine the best course of action for your sale. One of the things I like most about the DealerFinance platform is the way it uses machine learning to help recommend the best products and rates for each customer. This means that a dealership no longer needs to pick a single default product to present, but can rather trust the system to look at thousands of data points to determine which F&I products should be presented. 

Your auto dealership needs to have a system that can work for you. If you are still selecting rates or using a pre-set template for all of your sales, it's likely you already know from the results you are getting that it's not the option for 2018. You want to find a system that automates the majority of the F&I product presentation and truly provides a simple way for you to educate consumers on the insurance and F&I products you provide. 

No More F&I Word Tracks:

We went back and forth on this one, but in the end, we were both in agreeance that word tracking your presentations generally mean you are more focused on presenting and not listening to your consumers. A vehicle purchase is a massive purchase for consumers, especially millennial auto buyers who may be purchasing their first vehicle. Don't hide behind a well-rehearsed presentation. Simply talk to your customers in a conversational manner and focus on listening to what they have to say, as opposed to pitching them. 

Educate and Provide Data: 

In today's automotive buying world, the problem is not if your customers have data, but rather if they have the right data. I can't tell you how many times I have heard dealers tell me that customers know nothing about F&I products. OF COURSE THEY DON'T!! You are failing at your job to be a source of trusted information. 

How do you educate when presenting F&I products? Show the customer rates that might better fit their situation. Provide retail pricing at any rate they want more information about. You can even take it a step further and put F&I product information on your dealership website.  DealerShowcase makes this very simple, as it ties directly with the product providers you already use. The more you show the customer that you are a source for the correct information, the more you will stand out from everyone else in the business. 

Look at your dealership F&I presentation process. Are you focusing on the right areas? Do your customers know you are the best source in your community for information about the F&I protection products you sell? Answers to these questions will put you on the right track to having a successful 2018. 

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