Timely Matter$
Time matters most when money matters. Ask any F&I representative. On most customer satisfaction surveys the F&I process receives the lowest marks on questions about time. Could this be due to unrealistic expectations? How many sales consultants say, “It will only take ten minutes to complete the paperwork”? Even one consultant saying it is one too many.
When a salesperson gets the commitment to buy, every minute seems like hours to the customer waiting to enter the F&I process. When we set unrealistic time constraints we set ourselves up for failure. When the consumer is disappointed, anxiety about what’s next escalates and receptivity to F&I opportunities shuts down. Each passing minute can be matched to each lost dollar of gross profit.
If your sales process is “time challenged”, check it against these eleven timely matters:
1) Does the sales consultant manage the customer’s expectation about time with this statement: “Most manufacturers, or _______ have determined that it takes an average of 90 minutes to complete a world class delivery. We take great pride in taking less time than that. Let’s get started, shall we?”
2) Does the deal have complete information? Missing information delays the process.
3) Does the sales manager preload deal information into the computer system and make legible notes about the deal number so that the F&I representative can pull up the correct deal?
4) Does the physical layout let paper and traffic flow together or do they zigzag throughout the dealership? Minimize motion and maximize focus.
5) Is the F&I process described and mapped? An established F&I process will create positive time saving habits, which in turn will speed up the process during peak times.
6) How long is the F&I product presentation? It should take no longer than 4 minutes to focus on the customer’s needs and present solutions from the customer’s point of view.
7) Are you making a value-added package presentation, using a menu to close on payments and making full disclosure to save time and ensure that nothing is omitted?
8) Are all forms computerized? Hand writing policies or other documents is distracting and laborious. Use technology to generate forms.
9) Do all the forms line up correctly and consistently? If not, get them fixed.
10) Does the sales consultant page an available F&I representative? Continuously paging an F&I representative who is with a customer draws attention to the clock and adds to the anxiety level of all concerned. Sales managers should be the only ones paging F&I personnel to pick up deals. F&I representatives should notify the operator or receptionist when they are with customers, as well as and when they are available to accept telephone calls.
11) Is the consumer occupied throughout the process? When the consumer is actively engaged, the focus is not on the time it takes to complete the paperwork. Sitting and waiting in silence magnifies time and the unknown.
Are you making time or losing time? Watch out for money matter$!
World of Special Finance Magazine, October 2004, p.22