The Focus Factor
Q. How does an F&I manager stay focused in a “hurry up” sales environment?
A. I do not foresee a time when “turning on a dime” will cease to be a preferred job skill for every F&I manager in the business. So let’s see what you can do to make the turn more manageable.
Focus on a process. Greet your customers, find out what they need, and then make a F-A-B (Features-Advantages-Benefits) presentation of your products as solutions to their stated needs. Use a presentation book with separate tabs for Brochures and Proof Statements. The time you spend to organize your tools of the trade will be returned to you many times over in convenient access to them.
Set goals. People who set goals are more likely to stay focused. Set your goals as percentages of penetration for each product and service that your dealership offers. Set a profit-per-retail-unit goal in dollars. Track where you are at the end of each shift so that you can adjust your work plan to reach your goals. What do you need to do more of or less of tomorrow?
Set new goals. When you reach a goal, celebrate and then set a new one. The alternative is to rest on your laurels and nod to those who move ahead of you.
Educate your sales colleagues about the F&I process. Help them see that when they give you accurate deal information you can streamline the F&I process for everyone.
Educate yourself. Go online to find what’s working in your profession. Re-energize your skills in formal training at least once a year. Join an F&I 20 group to gain the best in F&I practice without giving up your competitive advantage.
F&I is the focal point for increased dealership profitability. It takes focus to produce the right fit of finance and insurance products and services for your customers. When you can put a process in motion that reaches S•M•A•R•T goals and stays tuned to the best in professional practice, you will drive profits home in record time!
“Kelly’s Korner”, OIADA Squeaky Wheel Newsletter, December 2005