LAS VEGAS -- Here are six simple yet practical tips for finance managers from three speakers at last month’s Industry Summit, an annual F&I conference, here.
From Tony Dupaquier, director of training at American Financial & Automotive Services:
- When the customer asks a question, answer it. Not all questions are objections.
- Don’t close the presentation about a service contract with the pitch on roadside assistance (they may have it already) or the concierge service (an added perk). The last thing you say about service contracts -- the point that lingers in their mind while they think yes or no -- should be a pitch for the core value it offers the customer: It fixes your car when it breaks.
From Ron Reahard, president of Reahard & Associates Inc.:
- If the menu offers GAP and the customer is putting 50 percent down, you can tell the customer, “That’s not for you,” and cross it off the list. Doing so instantly builds credibility because it shows you have the customer’s interest at heart.
- Get rid of the overabundance of advertising and product brochures on display in the F&I office. Having too many of those tells the customer: ‘Brace yourself.’”
From Nate Gault, finance director at Serpentini Chevrolet of Strongsville, Ohio:
- Disclose to every customer that your dealership makes money off arranging the loan. A few will be offended, but, generally, that takes the edge off.
- Never use the term “best rate.” That can get you in trouble real quick.