Finance and insurance specialist Glenn Roberts offers these tips on how to maximize F&I sales and profits:
- Follow a process similar to a sales process on the showroom floor. That includes meet and greet, qualifying questions, a demonstration and close.
- Meet the customer on the sales floor to ask qualifying questions (i.e. “How many miles do you expect to drive per year?”). This cuts down on time spent in the F&I office.
- Show customers a sales video on your computer screen. “Videos are a great way to demonstrate features and benefits, and allow you to highlight six products in eight minutes.
- Use an electronic menu to show the different F&I offerings and packages geared towards customers' specific needs. “Without an electronic menu, it's hard to make changes.”
- Use a system. “Unless you have one, it won't get done. It will be almost impossible to sell 100% of the products to 100% of the customers 100% of the time. You tend to focus on one or two products and often the wrong products, because of poor qualification.”