F&I and Showroom, Industry Summit 2014

Finance Insurance courtesy and respect whether or not they buy any F I products That means answering every customers questions completely directly and honestly It also means helping them make the right decision about the options available in connection with their purchase whatever that decision might be That means we dont sell them a product they and their family dont need because its not our job to sell products to people who dont need them But if they do need it we do everything within our power to help them see how that product will benefi t them It doesnt matter how much money you make if customers arent leaving your offi ce with a smile on their faces They should always feel that you helped them make the right decision for them and their family If they dont feel that way we did not do our job 2 Care About the Customer Success in the F I offi ce also requires that you care about the customer You didnt have to care yesterday and you dont have to care tomorrow but you better genuinely care about that human being while theyre sitting across the desk from you As Zig Ziglar once said People dont care how much you know until they know how much you care Caring means that we seek out with eagerness reasons why this customer needs each and every one of our products It requires that we listen to that customer to learn their wants needs and concerns Every customer is a unique individual with unique needs and every product presentation must be tailored to those needs Caring also means encouraging customers to ask questions And the discussion you have with them about the products on your menu must become a conversation about how it might help them It should not be a preplanned rehearsed sales pitch Caring also requires that you sell every product from a position of strength And you do that by concentrating 22 F I and Showroom Industry Summit 2014 on what is truly best for the customer Caring also means that we never forget that our job in the F I offi ce is not to make money Yes dollars per retail unit may be how our performance is judged but our job is to help people And the more people we help the more money we make 3 Become Valuable to the Customer The F I process becomes valuable to a customer when an F I professional gives value fi rst not when we try to add value later We have to give customers information that they can use without any expectation of fi nancial return That means we make sure they know exactly what is and is not covered by the factory warranty It also means helping them understand the manufacturers maintenance requirements We also add value to the customers F I experience by confi rming that all information on the purchase agreement is correct We also do that by reviewing their credit application so we are able to arrange attractive fi nancing We add value by helping them understand the criteria a lender uses to evaluate credit We also add value when we ensure the information in their bureau is correct and educate them as to the reason for their score and how it affects their interest rate If there is information in the bureau that is not correct we add ISTOCKPHOTO COM IZUSEK value when we provide the customer with information on how to dispute credit reporting errors Finally we add value when we educate customers on the fact that our service department no longer fi xes vehicles When it comes to repairing their vehicle the people who do it today have evolved from grease monkeys to mechanics to technicians to todays component replacement expert And those guys dont fi x anything in todays vehicles they just fi nd the faulty component and replace it By giving value to every customer without asking or expecting them to buy anything the customer recognizes we are trying to help them not sell them Customers appreciate having someone take time to review their options answer their questions and help them make an informed decision Achieving spectacular results in the F I offi ce is possible only when an F I professional consistently does the right thing cares about the customer and adds real value to their purchase experience F I is not about you but if your focus is on helping customers you will become excellent at making money Ronald J Reahard is president of Reahard Associates Inc and ranks among the industrys leading F I trainers authors consultants and speakers Email him at ron reahard@ bobit com