Leverage Technology in F&I to Increase Revenue
- How your F&I manager can control the customer experience.
- Make sure your F&I managers are utilizing presentation tools effectively.
There are many reasons why a dealership invests in a digital solution for their F&I department – to cut down on paper, increase efficiency, or maintain compliance. Regardless of the main reason, I want to talk about a benefit many dealerships often forget – leveraging customer experience to increase revenue per customer.
Imagine the impact an engaging, digital F&I solution has from your customer’s perspective. A transparent and interactive experience enables them to feel in control, knowledgeable, and at ease. Sounds amazing right? Here’s the catch: a digital solution is only the foundation. Your F&I managers need to know how to leverage it effectively and purposefully to capture more sales per customer. Here are two common ways customer experience is missed, despite having a digital solution.
1. Buying vs Selling
Your F&I managers have a lot of responsibilities on their plate, including selling enough products to make the sale profitable. However, customers don’t want to be sold products – they want the freedom to buy a product. Having your F&I managers effectively utilize sales tools is crucial in educating the customer on what each product offers and how it will uniquely benefit them. It requires an F&I manager to be confident in the technology to create a confident consumer.
2. Lack of Transparency
Satisfaction drops significantly when customers feel information is being kept from them. When a customer doesn’t want a certain product, the F&I manager must go back to the PC to make the change. The act is innocent enough, but the customer doesn’t know what the F&I manager is doing. If there are multiple changes throughout the process, the F&I manager is continuously going back and forth from PC to customer. Every time this happens, the customer trusts the F&I manager less and becomes less likely to buy. When the F&I manager has the ability to make changes in front of the customer, it puts them at ease.
Remember, a customer’s experience is driven by the person they are interacting with. Your F&I managers need to have great tools and be trained to use them effectively. As you dig in to understand and implement lasting improvements, I recommend seeking the assistance of an experienced consultant. Not only is your dealership unique, but so are your challenges. If you have trouble identifying a solution, or even struggle with where to start, a consultant with background in the industry and perspectives from multiple dealerships can take the necessary time to help you.
Just over seven years ago, I had an unpleasant experience when purchasing my first vehicle. I felt pressured and tricked that first time. I left…