F&I and Showroom, September 2015

Finance Insurance 26 F I and Showroom September 2015 sales and F I departments around the country Most of those stores still sell vehicles in spite of themselves but they dont come close to reaching their potential If we dont keep up with the news and trends we can miss key opportunities and be caught unaware of what we really should be doing Thats why its so important to keep up with industry news Read the magazines attend the conferences and connect with other F I producers online and on social media Use the information you find to recognize additional opportunities minimize threats and make better decisions 2 Product Knowledge Product knowledge is the foundation of F I sales success Understanding your products features allows you to present their benefits accurately and persuasively Customers respond favorably to F I managers who are enthusiastic and passionate about their products and are eager to share their benefits Put simply customers are more likely to trust an F I manager who shows confidence in himself and what he is selling But product knowledge doesnt just stop with the protections you offer See if youre losing customers to local credit unions insurance companies and direct to consumer product providers a thorough understanding of their products will open the door to better resolutions to your customers questions and concerns Lastly listening to your reps product review or flipping through your providers brochure simply wont cut it Here are four suggestions for gaining firsthand knowledge of the products you offer Review product contracts and brochures and make notes or highlight the most significant features and benefits of the product Acquire your competitors product contracts and compare them to yours Obtain as much feedback about your products from your customers as possible Find different opinions and points of view from trade and industry publications as well as online resources Attend product provider workshops Knowledge is power and power breeds confidence And confidence breeds enthusiasm and enthusiasm sells To be enthusiastic you need to be confident in what youre presenting and even more confident when youre attempting to get a Yes from your customer Your genuine enthusiasm for the product or service will remove the customers uncertainty and drive them over the finish line 3 Commitment Commitment is the critical element to long term success No relationship can succeed until both people are committed and you cant break a bad habit or get into shape without a full commitment The same is true in business Its easy to say youre committed but living it is the true test So how committed are you Do you bring energy and creativity to work every day Do you really care about your dealership and the people you work with Do you arrive to work on time attend meetings when expected and follow policies procedures and processes without fail Even those who are truly committed can occasionally be derailed by the daily obstacles that come with being an F I manager You take on a lot of responsibility and you are held accountable for completing a long list of tasks and meeting an even longer list of expectations You may get discouraged on your way to F I excellence but one thing is certain Without a true and full commitment you will fall short of your potential Commit yourself to grow in the business Commit to becoming more knowledgeable and confident by seeking out industry and product knowledge Gain clarity by committing to do business in a truly transparent honest and ethical manner Commit yourself to great customer and employee satisfaction Commit to bringing energy and creativity to the dealership every day and you will reap the rewards Finally remember the words of Hall of Fame NFL coach Vince Lombardi The quality of a persons life is in direct proportion to their commitment to excellence regardless of their chosen field of endeavor Industry Summit is also the place to learn from the industrys top F I trainers Pictured are attendees taking notes during one of the events many training sessions At Industry Summit 2014 attendees got the chance to hear from a CFPB official about the bureaus interest in rate participation and F I product sales