29 Jul Stop Talking and Start Listening…Consultative Selling in F&I
The trend towards consultative sales in F&I has been a long time coming. Over the decades, F&I has gotten a bad rap when it comes to sketchy sales practices and the disdain among car buyers that simply hate this part of the car buying process.
But adopting a consultative approach could be the easier way to higher PVR and CSI.
There are 6 widely accepted steps to a solid consultative sales strategy that easily apply to F&I…
1) Research – Make sure you have as much ‘intel’ as you can get about the customers before they come into the office. Pay attention to details on a credit application, ask the salesperson about what brought them in to buy a car, is the down payment leaner than most, etc. Any information you get upfront prepares you for everything to come.
2) Ask – Questions that will serve you best will start with ‘Are’, ‘You’, ‘Do’, and ‘Can’. ‘Can you manage a major repair while you are making the payments?’ ‘Do you have insurance policies or other means to handle the car payment if you have to miss work for any reason or if there is an unexpected family emergency?’ You get the point.
3) Listen – This almost should not have to be said but there are still F&I managers out there that still talk more than they listen. Really hear what your customers are saying when they respond without interrupting or overtalking.
4) Teach – Connect better with your customers when you walk them through the products you offer. Share stories, information of any kind about repair costs, etc.
5) Qualify – This is easy to overlook. It makes no sense to offer a product or service that simply doesn’t fit the needs of the customer. Qualifying is simply taking the time to see if they can actually afford the product you are selling and whether or not it is necessary.
6) Close – Once you have executed all these steps and built trust and rapport with your customer, do not be afraid to close. Closing should not be a dirty word. It’s all about reviewing the choices they have made and having them repeat back to you that they feel it’s the right decision for them.
Replace the old ‘Always Be Closing’ with ‘Always Be Listening’ and see how much higher your PVR can grow.
Click here for more information on TruReports, powered by TruWarranty, and how it can help give you a window into how F&I can do better (hint…it’s adopting a consultative sale approach!).