Advice > F&I MANAGEMENT
F&I Practitioners Act as the Glue I
n full swing, and most F&I practitioners are running with their hair on fire about now. The first quarter is filled with shows, open houses and big advertised sales every weekend. Practitioners have been working bell to bell, dotting their Is, and crossing their Ts to accelerate deal approvals, sign out scheduling and accelerate funding as quickly as possible. In this swirl of activity, F&I practitioners must sell products to earn themselves, and the company, a living. In addition to trying to meet established goals and penetration percentages, F&I coaches are offering best practices—even though most never worked in the department themselves. My last article described understanding buyer and generational changes. While working in retail dealership operations, we are in the people business as well as the RV, auto or powersports industries. Our responsibility is to
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RV News | May 2022
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become a student of the business with a degree in people. F&I practitioners should provide Gen X and Gen Y consumers with all available information, as quickly as possible. To do so, implement a standardized process. The process gives consumers information to put them at ease without using pressure. One important suggestion is to get an immediate turnover, including a phone close, at the point of sale. Only the F&I practitioner or sales manager should be taking a credit card over the phone to secure a deal. Having a consumer on the phone with their credit card is a perfect opportunity to open a product dialogue. The problem with the suggestion is many stores leave turnover decisions at the point of sale to the salesperson. Yes, the practice still goes on, even in RV dealerships today. The sales manager must implement a policy requiring 100% turnover at the point of sale to avoid this situation.
An Effective Buyers’ Process
Once F&I practitioners receive the deal folder, they have time to review the documents for appropriate management approval. The F&I practitioner also gathers knowledge about the buyers to assess their ability to secure a loan. During this time, consumers can tour the parts and service area. Consumers can consider additional value offerings before their introduction to F&I. A parts consultant with thorough RV lifestyle knowledge and actual experience with ownership enhancements should introduce buyers to the F&I practitioner. The parts consultant should suggest products and prearrange packaged parts and accessories deals. The deals can be added to the purchase before loan paperwork is submitted to lenders. After consumers’ parts and accessory visit ends, F&I practitioners should approach them in
their comfort zone, the salespersons’ desk. As practitioners, be prepared to discuss everything from financing to product needs. Establishing common ground first is usually the best approach to bring the consumers’ defense walls down. Be prepared to answer questions directly. Answering directly is usually the best way to build confidence in the new relationship. If you do not know an answer, assure consumers you will find the answer for them.
Protect Their Investment
As you build a face-to-face relationship, discuss RV maintenance and repair options. Will consumers perform their own repairs, and be exposed to the financial burdens if they do? This question always opens a dialogue for F&I practitioners to discuss a solution. Remember, you are the consultant and the expert providing solutions. As practitioners, be prepared to discuss available marketing materials during the face-to-face interview. Some practitioners use ballpark figures at the salesperson’s desk, then discuss specifics in the office. Details should encompass exterior/interior protection packages, extended service contracts and other products. Your presentation should include common repair coverage and expensive repairs or replacements such as refrigerators, air conditioners, toilets and PC boards. Inform buyers that roadside benefits start the day of purchase. The value you are building is locking in today’s rates and costs to prevent future expenses and rising labor rates. The presentation should discuss coverages like a fixed savings account, protecting you from being exposed to changing market rates. rvnews.com
4/21/22 2:33 PM
