Your customer has found a car they love at your dealership and can’t wait to drive it home. But first comes the hour or more spent in the dealership F&I office.
A strong sales talk track integrates and positions F&I products and services as the answer to buyer questions during the negotiation process. These tracks―also called word tracks, elevator pitches, and sales scripts―are structured to uncover your customer’s needs and concerns, and position your F&I department as the solution.
As we know, the F&I office is an important profit center in a dealership. According to Payscale, the average auto finance manager salary is about $69,000 a year, which is a significant operational expense for small to mid-size dealerships. Considering this investment, it’s imperative that candidates have a thorough understanding of the modern sales process, vehicle financing, auto insurance, and F&I products. If you are about to begin your search, it’s time to change up your recruiting and hiring process. We have a few pointers for you to increase the likelihood of finding the right fit.
While gas-powered vehicles are still very much the auto industry standard, more and more consumers are interested in electric cars. Although there’s a bigger upfront investment, both for the dealer and the customer, the long-term environmental benefits and fuel cost savings is appealing enough to justify the price tag. If your dealership has avoided electric cars due to the higher inventory price, you may want to reconsider. There are opportunities to provide solutions to common electric car buyer concerns and increase your F&I profit center through extended warranties and auto insurance savings.