Kelly’s Korner: Selling All F&I Products
Q. How I get my F&I Manager to sell all of our products to our customers?
A. Since it is often easier to sell “favorite” products, presentation and/or pay plan deficiencies usually account for low sales volume in a full product line.
The Presentation. Every sales business manager should have a presentation book that contains brochures and proof statements for all the products your store has to offer customers. Your manager should receive training in presentation skills and should write a presentation tailored to your products. Ask to review the presentation. If your manager has participated in one of our seminars, he will also use a menu sheet following the presentation to help customers make an informed choice about the product benefits they either want or do not want. Your vendors provide waivers for each product. Is your manager using them? These declination forms prove that your customers were indeed offered the protection plan and elected not to participate in the policy benefits for the duration of the term.
The Pay Plan. Is it structured for gross only? Or do you have an incentive for percentages of production as well? An effective F&I pay plan will include incentives for both gross profit and product penetration.
Have you, the dealer, told the F&I manager that you want all the products sold? Instead of assuming your employee understands what you want, specify what you require. Sometimes your request is the best catalyst!
Business owners should always inspect what they expect. Routinely ask your personnel about their production. Your inquiry communicates that their production is important!