F&I and Showroom, April 2014

Stump the Pro Handling the I Got Money Objection The magazines objection handling expert rt gets tested this month with an uncommon objection bjection Check out how hed respond when a customer tomer says money is no object By Tony Dupaquier er I hope you enjoyed last months kickoff article on handling ndling the non objection objection This Thi hi his month mont mo nth nt I take on an objec objection we dont often face in the F I offi ce But like the non objection objection there are plenty of ways to overcome it Before we get to this months objection remember to submit that objection thats challenging you Id be glad to help Name Ryan Fischer Business Manager Objection Were just too wealthy to purchase a service contract We have no problem taking 10000 out of our bank account to pay for a repair Tonys Take This is defi nitely a challenging objection but there is a way to overcome it See most customers who offer up this type of objection are proud of the money they have which means they also want to protect it The Approach In most case customers with money to spare are either paying cash or fi nancing the vehicle for a short term at an extremely low rate Customers who choose the latter are individuals who know they can do more with their money than pay cash for the vehicle If thats the case then you need to focus on helping them protect their money Pave the Way First acknowledge the fact that they have money and know how to manage it When working with a cash customer ask the buyer if her or she is going to carry full coverage or only liability insurance If its the latter you may want to start preparing an accept decline form As for fi nance customers again start off by acknowledging their ability to manage their money Then ask this 38 F I and Showroom April 2014 If the state or fi nance company did not require automobile insurance would you still have insurance If the answer is no prepare that accept decline form However most customers whether theyre fi nancing their vehicle or paying cash will say they would have insurance or yes they would have full coverage When they do you need to show them a comparison between a service contract and automobile insurance The best way to do that is by illustrating the differences on a piece of paper Check out the accompanying chart to see how its done Close No 1 Once youve explained the differences between auto insurance and a service contract close with this If you are going to protect the paint on your vehicle in the event of an accident wouldnt it only make sense to protect the inside of the vehicle the parts that make your vehicle go and still have money to pay for it Close No 2 How long have you paid for auto insurance and actually used it versus how often do things break And whats more likely getting into a wreck or something breaking Remember auto insurance protects the outside while the vehicle service contract protects the inside Whats more important to you The Infl ation Protection Close Think of it this way You are locking in future repairs at todays labor rates and todays parts prices And what do you think will happen to these rates in the future Will they go up or down When they say up respond with this So wouldnt it only make sense to enroll in the service contract to protect your money for the future Product knowledge is critical when facing this type of objection so be sure youre prepared That is all for this month Good luck and fi nish strong Tony Dupaquier serves as director of F I training for the Automotive Training Academy a division of American Financial and Automotive Services Inc To submit your objection or question email the magazine at editor@ fi magazine com AUTO INSURANCE SERVICE CONTACT Cost 100 a month 35 40 a month Cash price 6000 for 5 years 2100 for 5 years Protects Paint Body The inside made of 16000 electrical and mechanical parts Need If you wreck When it breaks Deductible 500 1000 50 100 Value after use Goes Down Remains the same or increases What happens Raise premium N A Like using No Yes Unlimited No Yes