10 Tips to Maximize Your F&I Performance

by Don Geroni
AE-emagizine
October 2014

If your F&I performance is lagging, have you ever wondered why? Have you ever wondered what you are doing differently than the high performers? Do you use excuses to defend your less than stellar performance? If so, take a look at the following tips and if you aren’t practicing them, give them a try and watch your performance improve.

Marketing and Selling Cars to Milennials

by Erik Radie

for DrivingSales.com

June 24, 2015

99 percent of consumers expect their car shopping experience to be a ‘hassle’ (according to the recently completed Consumer Experience survey by Driving Sales). That’s pretty clear systemic incitement, pointing to the fact that nearly every step in the purchase funnel has room for improvement including how we market to consumers. In the spirit of eating this elephant one bite at a time, let’s focus on how we can shape our marketing to face the now largest segment of our population, the Millennials. Born from 1981-1997, they will overtake the Baby Boomers this year in total population and range in age from 18-34. Attracting and retaining this population of consumers will pave the way for a successful future for those willing to address them on their terms. Here are 3 relatively simple changes that will positively impact the attraction of the Millennial audience. 

What's Next in Credit Compliance

by John Stevens

Wards Auto
June 22, 2015

As the Consumer Financial Protection Bureau continues to increase pressure on compliance regulation, the market is wondering what will come next. Will more lenders implement flat rates? Will the CFPB find a way to extend its influence into the F&I space? Will Congress step in and impose restrictions on the CFPB?

With so much up in the air, both dealerships and lenders are waiting to see what is in store.

F&I's Core Principle

by Rick McCormick
F&I Showroom
January 2015

After nine years of traveling and working with F&I managers from coast to coast, I have discovered that top performers share a common characteristic. And it’s not charisma, personality, talent or people skills that set them apart.

The answer actually has to do with what motivates top performs to continue selling, even after the customer utters “No” several times. See, they committed to a core principle on which they operate, one that affects how and, more importantly, why they do their job. It’s what determines their level of success.

In the F&I office, there are only two options: profits or a defined purpose to genuinely help customers. Yes, everyone wants to increase profits and grow their income. However, the driving force behind how and why we do it dramatically affects our level of success in three distinct areas. Let’s review each one.

What Slump?

by Marv Eleazer
for F&I Showroom
March 2015

In response to a reporter’s question about a hitless streak, Yogi Berra, the oft-quoted New York Yankees legend, once said, “Slump? I ain’t in no slump. I just ain’t hitting.” Yes, Berra was known more for his one-liners than his athletic prowess, but you have to wonder if the Hall of Fame catcher just didn’t want to admit he was in a slump. Having suffered through more than a few slumps myself — some so bad I couldn’t give my products away — I’d understand if he did.

5 Things the Best Salespeople Never Do

by Ken K.
-The Sales Side
November 20, 2014

If you’ve worked more than one sales job then you’ve had more than one top sales rep as a co-worker. There is one (or more) in every organization. Usually their numbers are insane while everyone else is wondering how they did it. Well the best salespeople all have some things in common, and it’s usually not something they’re born with. Here are five things that the top sales reps at a company never do:

Delays Drive Dealership Customers Crazy

by Steve Finlay
WardsAuto
March 14, 2014

Dealership selling of finance and insurance products comes down to the “V” word: value.

So says F&I trainer Ron Reahard of Reahard and Associates. “Unfortunately, the process at some dealerships is designed to add value for the dealership, not the customer.”

F&I managers are most effective when they convey an impression of professional helpfulness. They stumble when customers sense a hard sell.

“Does the customer feel you are trying to help or sell?” Reahard says. “The process has to help them, or they’ll do everything to avoid it.”

Is Retail Automotive Shifting Towards Online Purchases?

DrivingSales News
November 12, 2014

(Click Here to go to the original article, and view the 2 minute video)

Is it possible for a customer to get in and out of a dealership in under an hour? We discussed this matter previously as Sonic Automotive was undertaking this tall task. Sonic even reportedly targeted a 45-minute transaction; a number that has proven difficult to reach. Next up is AutoNation. In an interview with CNBC, AutoNation CEO Mike Jackson said, “They don’t want to drag themselves from store to store for selection discovery, price discovery and they want a real car and a real price, online.”

Don't Forget To Close The Sale!

by Joe Verde
for Agent Entrepreneur e-Magazine
September 15, 2014

Oops! You forgot to close again…

Sometimes salespeople assume the buyer is so ready to buy, that everything will just take care of itself, and they won’t have to close the sale. Sorry – that doesn’t work very often.

Even when most salespeople attempt to close and get some kind of objection and then think they handled the objection (issue), they still forget to ask another closing question.

Remember these three points about today’s new buyers…

In Just 21 Days, You Can Turn On Success!

by Joe Verde
for AE-emagazine
October 8, 2014

Replacing bad habits with sure-fire sales techniques

I want to share a technique I’ve learned that can change and improve anything in your life you want to change.

If you’re unhappy with your sales, your attitude, your skills, your work habits, your weight or anything else you can think of, you can change it in just three short weeks. Successful people in every walk of life have learned to use this technique to achieve positive changes in their personal lives and their careers.

If you think about it, don’t we do almost everything out of habit?

3 Phone Training Strategies That Apply to Every Department at Your Dealership

by Laura Cummins
for DrivingSales.com
October 20, 2014

What do your sales department and service department all have in common? The phone. Though each department is very different, talking with prospective or current buyers on the phone is a crucial part of how they do business. As the dealer, do you think your employees’ phone skills are up to par? If your answer is yes, the chances are you aren’t looking at the data. Dealerships are actually losing more than $400,000, just because of poor phone skills alone!

Wait for It...F&I Pros Offer Tips on Doing It Right

by Steve Finlay
Wards Auto

A dealership finance and insurance guy beefed to fellow F&I folks about waiting more than two hours for another store to complete paperwork and deliver his newly leased vehicle.

The soft-boiled eggs hit the fan when he registered that complaint among compatriots. Many of them said he had a lot of nerve.

Some rapped him for buying from a competitor. (He responded the other dealership had the vehicle he really wanted.)

Mostly they thought his griping about waiting was way out of line. Of all people, he should know unforeseen factors – from paperwork problems to credit issues to a customer crush on a busy night – can hold things up, they said.

Length of Car Loans Rises, Helps Fuel Sales

from Agent Entrepreneur, August 25, 2014

New car and truck loans have ballooned to an average of 5 1/2 years from four to five years not long ago, allowing buyers to afford more expensive vehicles and fulfill their urge to drive the newest thing now, reported The Detroit News.

Auto industry analysts say that longer term auto loans — some for seven years or longer — have helped fuel robust growth in new car sales.  

Think Like a Customer

by Rick McCormick, Agent Entrepreneur Magazine

What do Starbucks, Apple, Fed-Ex and Dollar General all have in common? Each company had a crossroads moment when their business was in decline and the future was uncertain. Also each company had a turn-around that was based on an intentional effort to make changes that were based on what the customer thinks and wants.  

It's Not an Event, It's a Process

by Michael Marchione
July 1, 2014
for ae-emagazine.com

To the uninformed spectator it may look like professional football players have it easy. Play a game every week for a few months and make big bucks. But professional NFL Players are on the practice field 24/7. And when they’re not on the field they’re watching game film. These pros are the best of the best or they would not be where they are. Do they really need to practice and watch game film (training) when they have been running these same plays week after week for years?

Yes, for one simple reason: They play to win and it takes practice, practice, practice (training) to make sure they do. That’s what makes them better today than they were yesterday or even 20 years ago!

Eight Ways to Use Digital Marketing to Sell More Cars

Margie Martin
Wed, 2014-02-12
INDUSTRY VOICES

Selling vehicles is more competitive than ever, so dealers need any advantage they can get. Yet, I’m amazed at how few dealerships leverage modern marketing technologies.

My dealership, Friendly Chevrolet in Fridley, MN, has been the No.1 Chevy dealer in our district for 16 years running. We leverage digital marketing. It has helped boost monthly sales by an average of 10 to 15 vehicles. That is more than 10% of our sales volume.

I’ve worked in automotive sales for 15 years, and managed Internet sales for 10. I’ve learned about what works and what doesn’t. If you are considering expanding your digital marketing efforts for 2014, here are eight tips from the front line.

Three Ways to Embrace Discomfort and Win Sale

Jeff Shore
Thurs, 2014-04-10
INDUSTRY VOICES

Excuse me? Embrace discomfort?

If you are like most people your first response to that is likely to be, “Why exactly would I want to do that?”

The fact is our brains are not wired to naturally welcome fearsome, uncomfortable or seemingly perilous situations. The lower center of our brain will suggest quite the opposite: Run away!

So, why embrace discomfort? In a word: opportunity. Huge opportunity. Sales-boosting opportunity. Life-changing opportunity.