Kelly’s Korner: F&I 20 Groups
Question: Why do F&I managers need a special 20 Group?
Answer: F&I is a department which in many cases is viewed as a low priority, and in fact sometimes an after thought. The income is not even counted in some Dealer 20 Groups until year-end.
The F&I function is indeed a core unit adding value to the dealership’s customer retention, customer satisfaction, and profitability. F& I sells intangibles. Its issues, products and production measures are distinct from other dealership components, while impacting every area within the dealership.
F&I personnel are competitive and want to be measured against their peers. F&I managers have the best interest of the dealership at heart, and they want to excel. They want to be on the cutting edge. These managers desire a forum of their peers to find solutions to today’s challenges. The F&I 20 Groups provide such a forum. Call Kelly Enterprises to learn more about these groups.
Question: What do you do when the customer enters your office, sits down and declares that they are not buying anything extra; they just want to sign papers and go?
Answer: Obviously, the sales representative has said something to put the customer in a defensive posture. You will have to talk with the salesperson later. For the immediate time, smile and welcome the customer into your office. Explain that you are the business manager, and that together, the two of you will complete the title application and address funding issues for the balance due on the unit. Assure the customer that you are prepared to review the rights and responsibilities of vehicle ownership. You must make this a participatory relationship, clearly demonstrating your value for a process and products that give the customer choices.
The next time you learn that a new deal is ready for your office, get up out of your seat, go into the salesperson’s work area, and introduce yourself to the customer. Explain the process you use and the role you play in the dealership. Invite the customer into your office to watch you complete the computer entry.
Taking the initiative to introduce yourself gets the customer involved in the process sooner, relieves some anxiety, and gives you the best opportunity to build rapport.