Perceived pressure can negatively affect the buying decision of customers. If they sense that they’re under pressure to buy a car, people can quickly walk away – even if it’s a car they really want to purchase. They know that they can always go to other dealers who carry the same make and model.
However, entirely removing the pressure on a potential customer can pose a dilemma – it may cause your dealership to lose a sale.
A good F&I manager should be able to make a sale without causing undue stress to customers. After all, one of the manager’s roles involves putting your potential customer at ease and more confident in buying from your dealership.
Ways an F&I Manager Helps in Improving Sales
The following methods are just some of the effective ways that F&I managers can help land a deal without making the buyers uncomfortable:
Show Transparency
Car buyers these days are more trusting of a dealership that offers transparency right out of the gate. Gone are the golden days when a salesperson could sweet-talk the customer into signing a deal while hiding pertinent information about the transaction. Buyers are now more knowledgeable than ever because of the wealth of information they can gather from the internet before going to the dealership. An F&I manager should show honesty to the customer right from the onset.
Improve Customer Buying Experience
Even before customers arrive at the dealership, there’s a great chance that they have already performed considerable research about the car they want to get. The role of both the F&I manager and the sales team is to assess if the customer still needs more information or is already in the best condition and warmed up to buy. If the latter, provide a faster buying experience with the use of technology. For instance, electronic signatures are both cost-effective and comfortable for customers these days.
Become an Effective Communicator
Your manager should be able to explain rules and regulations to your customers in an easy-to-understand manner. If you have an excellent F&I manager, customers are more comfortable listening to everything the manager is explaining. Another way to have better communication is with the use of visual tools. Your manager can use tablet devices to conduct mini-presentations. As a result, this will diminish any lingering perceived pressure in the buyer’s mind.
Provide Menus to Avoid Confusion
F&I managers went through a great degree of training, so it’s only natural to expect them to create effective menus. Using menus helps customers identify the add-ons and other packages they want to buy. It can help customers who don’t understand the car industry jargon become more comfortable expressing what they want. Aside from adhering to compliance, menus help ensure that your sales team communicates on the same level as the buyer – significantly avoiding confusion.
Boost your F&I Department’s Performance
These tips can make your customers feel more comfortable with your dealership, which further helps you attract even more new buyers. The role of an F&I manager doesn’t stop here, though, so it’s always best that they keep up with the latest F&I trends.
To maximize your F&I profitability the soonest, contact Vantage Finance today.
