Somehow there persists a perception that maximizing F&I profit comes at the expense of the customers. Nothing could be further from the truth. When you look at this from the lifestyle perspective everything makes sense.
COVID 19 certainly changed the way, and more importantly the why, customers looked at purchases in the recreational space. Why did they want an RV? Why did they want a boat?
It all became about the "staycation" (we will credit John Haymond, SVP at Medallion Bank and President of the NMLA). People wanted to get out, to have fun, to relax, to enjoy time with their family. It was no longer reasonable or safe to go on travelling vacations. Flying was somewhere on the list of difficult, not fun, or flat-out unsafe. Hotels were questionable. So, what happened?
Boating and camping/RVing became the go-to getaway. These recreational opportunities turned into a flood of recreational purchases. People did not NEED these purchases – they WANTED these opportunities for fun. F&I enabled these purchases.
Why did we set F&I performance targets? Well, certainly, it was part of the management requirement. More importantly, it drove a level of behavior. What was the result of that behavior? Every customer received the best opportunity to engage, obtain and enjoy the recreational lifestyle. These targets drove customer satisfaction. F&I enhanced customer satisfaction.
How did the storewide F&I process help your customers? A fully integrated, early introduction through 100% Turnover process ensured that every customer had the same opportunity to obtain every lifestyle enhancing benefit in their purchase. This might have been the opportunity to get a loan at a great rate. It might have been the ability to obtain protective products that will enhance their lifestyle purchase.
What did the offering of Protective Products do? These products helped to ensure that the lifestyle that your customers were looking for was safe, easy, and ensured – no matter what happened. These products made it easy for you and your customer decided that it was time to trade in that old unit, it had a maximum value so that they could step up easily.
100% turnover ensured that every, EVERY, customer had access to all of the lifestyle enhancing options. Cash or finance, they all could avail themselves of every option to simply focus on enjoying their lifestyle. Every customer could keep their investments whole and still enjoy the lifestyle. Every customer could sleep solidly knowing that no mishap would cost them money or time from their lifestyle.
It really is all about the lifestyle. Focus on the lifestyle and F&I profit will be a natural and lucrative outcome!
Dealer Profit Services - Driving Profit Through Fun and Inspiration
Dealer Profit Services, LLC can help you achieve F&I excellence - no matter where you are in the development and/or maturity of your store or stores F&I success model. As the industry's best Finance Solutions Provider and the only one to take your customer to Fun and Inspiration with a Free and Idyllic lifestyle through F&I, thus driving industry-leading levels of F&I profit, Dealer Profit Services can and will equip you with what you need to take that next step in your F&I success - regardless of what that next step might be. Whether you want someone to help you take over take over your F&I and with our experienced personnel just help you drive profit to your store, provide help to you some of the time, need some quick advice, or just provide F&I Training/Consulting, we are here to help you. If you are not fully equipped with all of your Compliance Manuals and Training, Dealer Profit Services can do that too. Contact us anytime at info@dealerprofit.com or give us a call at (470) 326-0966.
No comments:
Post a Comment