06 May Brand Building in F&I…3 Reasons to Consider Private Label Products
“A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.” (Seth Godin)
Powerful words from a man that knows plenty about the influence that a strong brand can bring.
Your dealership brand is who you are to the car shoppers and community at large. They know you, they may have bought many cars from you, they trust that you have good cars at fair prices. And it doesn’t stop with sales…it’s service, parts, and yes, F&I.
If your F&I products are still just being presented under the provider’s name, you may want to consider having YOUR dealership name be what customers see. There are a few great reasons to do this…let’s take a look.
Keep Em Coming Back
If your customers see the ‘Bob Jones Chevrolet Mechanical Protection Plan’, they are more likely to come back to your store for service. They technically may have the ability to use their plan at another store but there is something to be said for the psychological pull of thinking ‘I HAVE to come here’ because it had their name on it.
Every dealership knows, especially in the COVID-19 reality the industry is existing within, that VSC’s and MPP’s continue to be a critical source of revenue for the service and parts departments. You want those buyers to come to you with repairs and maintenance and they will if your dealership name is on the policy.
Stand Out Against Your Competition
Branding your F&I products can set your store apart from the other franchises in town that are offering someone else’s policies. Be different and market it different.
Having most if not all F&I products branded to your dealership makes the local car shoppers feel like they are getting something different than others offer. You are standing behind your plans because your name is on it, not some random company your customer doesn’t know.
Repeated Business is Always the Goal
People talk about creating ‘sticky’ relationships with their customers. While that may sound weird, it’s not. It’s about keeping those customers coming back. But not just for one more car sale or oil change, but for every time they need it when buying a car or servicing it.
Adding your dealer name to as many products as you can keep them coming back over and over. Your brand becomes synonymous with everything a car buyer needs.
If you’re looking to elevate your brand in the community, give us a call. We make it easy to build out custom private label plans to help instill loyalty and trust for your store. Check us out at here.