Your Customer Makes the Decisions!
Have you ever decided for your customer what would work for them?
STOP DOING THAT!!!
Your job as a business manager is to provide the information to the
customer so they can make the decision if they can afford OR want
your offerings. It's simple, you give a DYNAMITE presentation and
overcome their objections. That's it!
If you are working on their financing and the approval is based on a
high interest rate, it is your job to get the very best approval possible.
You may need to make a call to the financial institution and ask them if
they can reduce the rate a little or extend the term (be prepared to
provide a reason you recommend they do this). It is up to the customer
to decide if they can afford it or not. The bank makes a business decision
based on their lending criteria to lend this customer money, how much
and at what rate.
If you are making a judgment call for your customer,
that they can't afford any value added products or, that the loan
structure you have arranged for them results in too high a monthly
payment, you are doing them a great disservice, you are affecting
profits for your dealership and you are cheating yourself of potential
earnings!
As Linda from Quantech Software Inc. noted a few months ago,
offer EVERY product to EVERY customer...add to that...
AND let them decide if it works for them. Be 100% consistent with this!
Guaranteed, it will bring you increased sales, increased profits and
increased earnings!
This Blog is Committed and Dedicated to Your Success!
STOP DOING THAT!!!
Your job as a business manager is to provide the information to the
customer so they can make the decision if they can afford OR want
your offerings. It's simple, you give a DYNAMITE presentation and
overcome their objections. That's it!
If you are working on their financing and the approval is based on a
high interest rate, it is your job to get the very best approval possible.
You may need to make a call to the financial institution and ask them if
they can reduce the rate a little or extend the term (be prepared to
provide a reason you recommend they do this). It is up to the customer
to decide if they can afford it or not. The bank makes a business decision
based on their lending criteria to lend this customer money, how much
and at what rate.
If you are making a judgment call for your customer,
that they can't afford any value added products or, that the loan
structure you have arranged for them results in too high a monthly
payment, you are doing them a great disservice, you are affecting
profits for your dealership and you are cheating yourself of potential
earnings!
As Linda from Quantech Software Inc. noted a few months ago,
offer EVERY product to EVERY customer...add to that...
AND let them decide if it works for them. Be 100% consistent with this!
Guaranteed, it will bring you increased sales, increased profits and
increased earnings!
This Blog is Committed and Dedicated to Your Success!
I am seeking employment in th F&I department of a dealer in Eastern North Carolina. I have no experience in the industry, however I have years of exp as a mortgage broker. Mortgage brokerage bears a remarkable parallel to F&I. Does anyone know of a good online course for an individual?
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Robert, I agree, a mortgage broker has many similarities to the finance and insurance
manager of an auto dealership. In Canada it is a challenge to get hired as a novice
in this position although perseverance always wins. Next month Profit Drivers
(www.profitdrivers.ca) will launch an online training website for finance and insurance
managers with membership access to audio and video training materials. This would
be an excellent resource for ongoing training once you have established yourself.
The mechanics and legal implications of doing business here are a little different than
in the United States however, these trainings will be universal as many of them will
focus on the sales aspects of the profession. The concept is to have perpetual
training available to the finance and insurance manager when it is convenient for them.
It offers pause, rewind, and restart options that allow the user to repeat parts of the
training for enhanced learning retention. I will contact you by email once the website
is published online. In the meantime, if I hear of a dealership in Eastern North Carolina
looking for a new finance and insurance manager, I will be certain to let you know.
Reply to this
Bob, I was doing a search on Google and came up with this ad. If Greensboro
is in Eastern North Carolina and if you haven't already seen this, take a look:
www.careerbuilder.com/JobSeeker/
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Bob, have you sourced an online F&I Manager's course OR found a job in North Carolina as a novice F&I Manager? I have a suggestion for you, to resource any new positions that come up in your area, set-up a Google alert. It's easy to do. I'd suggest that you set an alert for "Automotive Finance and Insurance Manager" and another alert for "Automotive F & I Manager".
Regards,
Cathy
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