What can you do in your F&I process to strengthen customer relationships and capture more profit?
Here are four ways to improve the experience for both you and your customer.
- Reduce Your Customer's Wait
Waiting for F&I can drive customers crazy. This is especially true for the savvy and skeptical consumers of generations X and Y. Adding efficiency is vital. Is the customer waiting for you to enter all the information in the system? How often do forms have to be reprinted because of alignment errors?
- Provide More of the Right Options
Conveniently and professionally offer choices to your customers with an electronic menu tool. If this is done right, customers feel less sales pressure and say yes more often. With an electronic menu tool, you can also quickly tailor presentations for different deal types and save them for future use.
Remember to evaluate your product portfolio periodically. Consider dropping products that have fallen below 10% penetration in the last year. Seek feedback and consider customer demand and trends for newer products to see what you should add.
- Evaluate Your Lender Mix in Light of Current Credit Trends
Make sure you have the right lender mix to fit your customer base, so you can secure financing for as many customers as possible. Bankruptcies are expected to continue rising in 2010. Strengthen connections with lenders while looking for and assessing new finance sources to meet the needs of your customer base.
- Be Easy to Do Business With
Customers want simplicity and appreciate a transparent process. This is one of the key factors in ensuring they return to your store. Recognize the long-term impact a satisfied customer can have on your business. What parts of your F&I process can be made simpler for your customers and your dealership?
Put in the time and focus needed to stay competitive and win customers. As 2010 starts looking up, position your business to take advantage of the changing economic environment.
