21 May Single Products vs. Packages…How to Sell More with Bundles in F&I
We have all had this happen…you walk into the F&I office and are presented with a list of products and services. Before you know it, your head is spinning and you’re not sure which products you REALLY need so you decide you don’t want any. It’s just easier to say ‘No thanks’ and drive off with your new car.
The problem is that when we are shown too many products to choose from, whether it’s a list or digital menu, it’s information overload. Just choosing the car itself already takes long enough, right?
The answer to this is offering product bundles. Building out a group of products that complement each other and can be easily presented to the buyer based on their specific profile.
Simplify the decision-making process for the mom who is buying an SUV that will log a TON of miles in her first few years with a package that fits her lifestyle (VSC, MPP, Tire & Wheel).
How about the first time buyer who is tight on money and buying an expensive car right out of the gate? Think VSC, GAP, Appearance Package, and Key Replacement.
See what we mean? It should be easy to assemble the most popular products at your store and configure them in a way that makes it as easy as possible to sell to customers. People want choices but when you overwhelm them, they choose nothing. That doesn’t help PVR.
Offering your customers packages or bundles also helps increase overall penetration throughout F&I. Sure, VSC is a fairly easy sell especially on used cars but GAP or MPP may be a tougher sell depending on the unit. Put them all together and penetration rises for ALL ancillary products.
If you can preload some products like appearance packages or bundles that include key replacement, MPP, PDR, roadside, etc, that could also be an easy lift to gross and less likely to be canceled. Establish a fair market price, fully disclose, and let customers know that it’s a ‘next-gen level of protection’ that most dealers don’t offer (or something like that…your welcome, marketers).
If your store only has a few products, we get it. But if you have access to more, look to bundles for an easier selling experience for your F&I managers.
Looking to add more ancillary products to the mix at your store? Click here to take a peek at what we offer…warning – it’s a lot.