The best way to sell Gen Z F&I products is to introduce the products early in the car-shopping experience, Chernek said. "They want to know about the product in advance and when you do that, they'll have a better understanding of it," she said. "So when the F&I person or this hybrid salesperson is going over the features and benefits of these ancillary products, they'll have a better understanding of what's happening and won't feel rushed or pressed into making a decision."
Also, be consistent in pricing and expect to be challenged, Chernek said. "Will [Gen Z customers] get online to check the pricing of wheel-and-tire insurance? Sure they will," she said. "But if a good F&I person understands their product and the value of their product and that pricing is based on market value, then there's no problem. But you better have your ducks in a row."
If Gen Z is on the other side of the desk, selling F&I products, they will do it well and want to be rewarded. "If I were to predict," Stillman said, "I would say Gen Z will take an entrepreneurial pay plan, saying: 'If I perform, I should get paid for it.'"
That's because unlike millennials, Gen Z grew up without participation awards, Stillman said. There were clear winners and losers,therefore, they are competitive, he said. "This idea of fairness doesn't work for them. If you don't reward them, they will have their side [job] and figure out other ways to make money," he said.
Yet Gen Z workers will "bring a breath of fresh air to the F&I office," Chernek said. They will have a mastery of technology but recognize the value of "being real and meeting customers face-on, being really upfront."
F&I's future is changing with this generation, Chernek said, so dealers must consider: "'Are we Blockbuster or are we Netflix?' We have to change with the times and not take these guys for granted. Give them the information early on, rather than let them do the research on their own and then go on their own to establish financing."