Game Changers: Three Can’t-Miss Closes

By: Luis Garcia

Game Changers: Three Can’t-Miss Closes

Cash, lease and high-mileage pre-owned can be some of the more challenging deals in the Finance Office. Yet, these deals can make up 40 percent of what Finance Managers see on a monthly basis.

In my workshop last month during the F&I Conference and Expo in Las Vegas, I discussed how Finance Managers can apply the right attitude, approach and close to create additional profits for the dealership from these types of deals.

For example, in a cash deal, the Finance Manager spends the first 45 minutes trying to convert the customer to finance. Trying to convert the customer by implying that paying cash is a bad idea only elevates the customer’s wall of resistance. It’s no surprise that after 45 minutes of perceived badgering, the customer will be a “no” when it comes to ancillary products. This approach seems rather old school when you think about it, doesn’t it?

What if we tried going with the flow when it comes to cash customers? Instead of trying to convert cash buyers to finance, what if we reinforced their buying decision by telling them how few customers are able to pay cash. Then, you can offer protection products that are advantageous to cash buyers in a non-adversarial environment.

Lease deals can also be a challenge for the same reasons listed above. Instead of trying to convert the customer to finance, put yourself in a better position by communicating the benefits of leasing. At this point, you can capitalize on the fact that the customer is budget minded. Pretty much every ancillary F&I product can be presented from the budgeting point of view.

Plus, with products like Lease Wear & Tear, Key Replacement, Paintless Dent Repair and Windshield Protection, you can really hone in on products that will be beneficial to the customer when it comes to avoiding additional fees or lost security deposits at the time he or she turns in the leased vehicle.

High-mileage pre-owned deals come with a perception problem. Many Finance Managers assume that these customers won’t buy ancillary products and rush the paperwork through without offering any products to these customers. Don’t assume that just because a vehicle has high mileage or is less expensive that the customer will not buy any product. JUST ASK!

Conduct an interview with these customers just like you would with any other customer. Then, use the information gleaned in the interview to offer products that make the most sense for the high-mileage customer. Roadside Assistance and Tire & Wheel are two great products because they provide many benefits and needed protection at a realistic price range for these customers.

Finance Managers have a great opportunity to be facilitators instead of barricades for cash, lease and high-mileage pre-owned customers. Start selling what the customer wants to buy and not what you want to sell. Use the techniques you have learned through training – interviewing, features and benefits, menu selling and objections handling – to customize your delivery for these customers.

With rate flattening, it is a good idea to get in the practice of focusing on selling what ancillary products the customer wants to buy on any deal. Customizing your selling to what vehicle the customer is buying, how they are paying and their individual needs can raise your PVR significantly.

This article was written by:

- has written 3 posts on Agent Entrepreneur.

Luis Garcia is the vice president of sales and business development for Safe-Guard Products International LLC. He manages Safe-Guard’s agent channel and directs the company’s training initiatives, which focus on working with dealers and agents to grow their F&I business.

Contact the author

The views expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views of Agent Entrepreneur or any employee thereof.

One Response to “Game Changers: Three Can’t-Miss Closes”

  1. Matt Woods says:

    The customer interview is a fading art of the F&I mgr. It opens so many doors to creating value “based on what you shared with me earlier.” Good article!


Leave a Reply