Tag Archive | "F&I Sales"

Your Career Development For 2014

2014 Will Be Great; if you haven’t already, then let’s start working on you now so you can have your best year ever. Without getting bogged down in the numbers that go with the categories below, in real life, based on your unit sales and income are you:

  • Terrible at selling
  • A Below Average Salesperson
  • An Average Salesperson
  • An Above Average Salesperson
  • A Very High Achiever In Sales

The most important thing to understand about success in sales is that your level of success is not controlled by the market or decided by someone else. Your success in sales is up to you. Of course it is true that product, weather and economy affect your sales, but you control your sales and income.

So what really determines how far you get in sales? That is pretty simple; your success in sales is determined and controlled by just three basic things:

  1. Your attitude
  2. What you learn (more skills)
  3. What you do with what you learn

If you have a stinky little attitude, #2 and #3 still can’t pull you to the top. If you have a great attitude, but don’t learn anything or learn ‘next to nothing’, then obviously you won’t get very far. And even if you have a terrific attitude and learn a great deal, but don’t do anything with it, then it is still all a moot point. You will only get out of sales what you put into it, nothing more.

But do all three – plus one more – and continue to do those the rest of your career, and the sky’s the limit for you in sales.

The +1 Secret To Success: You Need a Customer Base
Hope is not a strategy, and with 25 years left to work and an extra $2.5 million at stake, you can’t afford to hang around and hope somebody will show up and just hope they can actually buy. I talk about our company growth because we break records. We have had 24 record years out of 27 years in business. But we cheat – 90% of our business every year is from our base of repeat customers and referrals.

From the first day I started knocking on doors to help dealers improve with our training, my goal was always to develop a solid, long-term, loyal customer base who sees us as their friend and mentor when it comes to helping them grow in sales, year after year. You need to do the same thing and turn every sale into a long-term relationship. Do a better job on their sale, stay in touch like no one else ever has and just become their friend in the car business.

Your four steps to consistent growth:

  1. Believe in YOU – it’s always first.
  2. Develop your skills, so you can.
  3. Build solid work habits so you will.
  4. Build a solid loyal customer base.

More success is just up ahead, and so are your own record years in sales. The catch: You have to earn success. It won’t come to you just because you want it!

Posted in Sales, Training ArticlesComments (0)

F&I Sales Tools

Confidence and selling ability go hand in hand in the F&I office. The more confident an F&I manager is, the more convincing they become. Building confidence can be tricky though, given the overall spectrum and daily responsibilities today’s F&I managers are faced with.

Having a solid process they can rely on as well as a strong understanding of their products is a good start. On the other hand an efficient presentation along with effective closing techniques is the ultimate confidence booster. Providing F&I managers with the most up-to-date and clear-cut methods to present and close will build confidence and quickly take an average F&I manager into super star status.

There are countless tools we can provide to our clients that will enhance their F&I mangers’ business aptitude and confidence, from sharing specific word-tracks and closes to providing them with various props and point of sale material. I believe the single most effective tool we can craft for them, however, is an “Evidence Manual”. When filled with the proper content and used appropriately, an evidence manual is the game changer, by providing two very important and influential components that will certainly boost an F&I manager’s confidence in their process as well as their products:

1. It provides third party validation in the products that were offered; and
2. It provides a visual component to the intangible.

Each of these can create the comfort level customers need to make a favorable purchase decision.

Crafting the Tool
Filling an evidence manual with useful information is as easy as visiting the service department to gather information, such as ROs, replacement cost examples or even broken parts to display in the F&I office. Additionally, you can browse the Internet for relevant articles, such as a road condition problem in your area to support tire and wheel protection, vehicle theft statistics or how the environment can damage a vehicle’s appearance.

And as the saying goes, a picture is worth a thousand words. So, dust off your camera and snap a few shots of their service department, diagnostic equipment and toolboxes. You also want to get a few shots behind the parts counter, as this will help illustrate to the end consumer the investment the dealership has made to keep the shop running efficiently. Placing a list of the current month’s parts inventory in the binder substantiates the fact the shop does much more than oil changes. Pictures of vehicles that have been repaired by paintless dent repair technicians are also helpful.

Before-and-after photos of reconditioned vehicles treated with environmental protection are also good to include in their evidence manual. Photos of trade-ins being appraised by the used-car manager are another must. They help illustrate how a vehicle’s condition can affect its resale value. Copies of repair orders — particularly those showing the cost of a claim related to the products they offer — are also good additions to their evidence manual. You may also want to provide the F&I manager the current month VSC, GAP, theft, tire and wheel or any other product claims summary paid you receive from your provider to place in their binder. Just remember to make their evidence manual look neat and tidy.

Once you have taken the time to develop an evidence manual, now it’s time to teach the F&I manager how to use it properly. There is a time and a place for everything, assuming the F&I manager presents products and services off a menu. Utilizing the evidence manual any time before or during the initial menu presentation is not the right time or place, as it will most certainly create unnecessary sales resistance. The evidence manual should be nearby so that it is easily accessible when the time to present is right.

The time is right when the customer says “no” when asked to enroll or subscribe to product, plan or option. When the customer says “I’ll take my chances”, the F&I manager should respond by asking, “Do mind if I share something with you?” Since they sell intangibles, F&I managers will at times need to create additional ways to close on their offerings, ways that stimulate and initiate a buyer to take action. The evidence manual when structured and used properly will often provide the incentive the customer needs to say “yes I’ll take it.”

Posted in Industry, Training ArticlesComments (0)

Don’t Be Afraid of ‘No’

Objections Are OK – They’re Just A Normal Part of the Selling Process

Closing the sale and overcoming a customer’s objections sound like two different topics. But closing the sale and handling objections always work together, and it takes effective skills at both to make more sales.

Most salespeople are so afraid of objections that they say and do all the wrong things. That’s too bad because in sales, knowing how to handle objections correctly is one of the most important skills you need to develop.

A customer having an objection doesn’t cause you to miss the sale. It’s how you handle their objection that determines whether you make the sale or miss it.

Getting a ‘no’ doesn’t mean they don’t like you or that they aren’t going to buy from you, so don’t burden yourself with all of those feelings of ‘rejection.’

Just assume what I just said is true and you’ll sell a lot more and earn a lot more in your career. ‘No’ simply means…

Based on the information you’ve given me so far, I can’t say ‘yes’ – tell me more and ask me again later!

Since 80 percent of all sales are made after the fifth attempt to close and overcome the objection, especially remember that…

Persistence eliminates resistance!

Your Habits Cause Most Of The Objections

Most real objections are created by salespeople. There’s a statistically correct and incorrect response when you get an objection. Toss out the right response, and objections just disappear, or you bypass them until later.

If you incorrectly respond to a question or an objection the first time it comes up though, it’ll become a bigger issue, and it may become almost impossible to overcome on the spot and/or later in the sales process.

Examples of a few wrong ways to answer simple common questions that you’ll pay for later in closing or negotiating:

  • I like the car, but it’s a lot of money, how low can you go? Don’t worry – we’ve never lost a deal because of price.
  • What’s my trade worth? What did you want for it?
  • Do you have one of these in white? No, but I can get you one.
  • What would payments run on this? What did you want to spend?

Yeah, I know. Each of those answers is what most of us were taught to respond with – and that’s the problem. There’s a better way.

Let’s look at how you can take a common objection and turn it around so you can close on it again to make the sale.

Early in the process…

• “It’s a lot of money.” If this comes up before they’ve found a vehicle they’re ready to take home, bypass the objection.

First, answer their question: “To get you accurate information, let’s make sure this is the vehicle you want to own (no bridge) who wants to drive first Bob, you or Betty?” Continue to build rapport, investigate, present, demonstrate, build value, introduce them to people in service, etc.

If it comes after they’ve selected a vehicle…

You’ve started closing on the demo at your Landmark, they parked in the Sold Line and you’re getting your Action Closes and they bring up the same objection. Instead of bypassing it this time, you’ll rephrase the objection to budget and close.

“Like I said before, this is a lot of money.” Rephrase to Budget: “It sounds like you’re like me and everybody else, it sounds like you guys are on a budget, am I right?” “Yes, absolutely.”

Now Isolate: “So Bob, if we sat down and went over the figures and you both felt your budget could handle it (Isolate) other than fitting this into your budget is there any other reason we couldn’t put all this shopping behind you and send you home in this brand new truck right now?” “No, I guess if it worked out, sure we’d take it…But what do you think they’ll give us for our trade?”

Bypass the trade question and close: “Let’s get all of the information on our car and yours and we’ll go see – were we registering this in one name or two?” “Both names.”

Let’s look at a couple of other good responses…

“What’s my trade worth?” Answer and bypass: “That’s one thing I can guarantee you I don’t know. The good news is we have the highest bidder in town who buys all of our vehicles, we’ll have him take a look at it as soon as he’s free.”

“Do you have a white one of (these)?” Answer, bypass and expand your inventory: “Let’s go see, so who’s the lucky one, who gets the new car this time. Bob, is it for you or Betty?” “For me.” “Congratulations, and what’s your second favorite color?” “Silver, or maybe that off-white color you have.”

“What would payments run on this?” Answer and bypass: “That’s going to depend on equipment and speaking of equipment, what’s the feature you like best on the car you’re driving now?” “Back up camera.” “Really, why is that?” (They explain.)

“Yeah, but…” Why wouldn’t we want to get payments, trade values, or color out of the way before we spend extra time with them? Because 86 percent of the people are flexible on color and equipment, they always take less for their trade, and always make higher payments. Plus, the more excited they are about the vehicle, the more they raise their sights. Get them excited first and they’ll buy ‘silver’ – and find a way to pay for it.

Posted in Sales, Training ArticlesComments (0)