Aftermarket Sales Advice for Finance and Insurance
The top 6 areas where some F&I salespeople struggle are listed below. Study the advice sections carefully to identify areas where you and your team can make improvements.
Objections
Customer complaints must be documented. You need to keep a record of the errors that cost a sale. Obtain a sheet, and list the products that were accepted and those that were declined. Find the justification for the rejected products. Note what went wrong in writing. By doing this, you can remember what occurred the following time and learn how to deal with it.
Recruiting
F&I managers are adept at promoting aftermarket goods, which necessitates a little more dexterity than a simple car purchase. Despite the fact that many salespeople may not have much direct experience in the F&I industry, managers should make an effort to identify those workers who do. Sales are ultimately about talking to people and having conversations.
Transparency
F&I salespeople occasionally attempt to upsell the specific products that their company is pushing. A more open and honest approach will help avoid coming across as too pushy to a customer, even though some people may find some success with this strategy. Just mention that your business is currently promoting those products, or that those products are being promoted because they are advantageous and explain how. By using this technique, you can contribute to building some trust with your potential customers.
Pricing
Give F&I products suggested retail prices and, if possible, keep them. The needs of your customers may not always line up with your sales pitch, making it occasionally impossible. Allow someone to take the risk rather than risk losing the sale. Each and every F&I sales manager must select a matrix and should stick to it. The prices of the products should be confirmed with your manager because, in the majority of businesses, discounts are not permitted.
Learn From Others At Your Dealership
Considering things from different angles is beneficial.
You must advance as a team player if you want to advance as a finance manager. The exception being lunch, many F&I managers come into the office in the morning and stay there all day. A great manager observes what others do at the dealership. Be as open-minded as you can when it comes to learning from your coworkers, particularly those who have accumulated extensive sales experience.
Periodic Training
Make certain that you and your staff are knowledgeable about the most recent sales training and strategies. This will help to keep you and your team informed and give your business a competitive edge. Your sales team will stay energized and ready for every sales scenario with periodic training, whether it be internal training or industry conferences. in addition, if you’ve just hired a new salesperson or your whole staff is young and inexperienced, take some time to go over training and ensure they understand the material.
