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BUYING
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by Dealership University
The
finance office can be the most profitable square footage
in a Powersports Dealership. In the last ten years we’ve
seen the Finance office make an amazing amount of
profit, and we’ve seen contracts in transit so out of
control that the finance office nearly sank the ship.
Let’s
review some basics that can make you and your dealership
the hero, and not the goat.
Appearance and Housekeeping: Because you only
have one chance to make a first impression make sure
your office is neat and tidy. Studies indicate that
customers are more likely to take advice from people who
dress and look like people that they are accustomed to
taking advice from. Attorneys and Accountants always
have well organized work stations and neat, professional
attire. Be aware of your personal appearance and hygiene
before the introduction to your customer.
Remember, you should always have a neutral appearance to
not offend either side of the population. Stay away from
politics and religion, and wearing loud jewelry for
example, as these could be offensive to certain
customers.
Now
let’s talk about preparation.
Have you rehearsed and communicated with the sales
team about exactly how you want the introduction done.
Where are you going to stand? What is the correct
pronunciation of the customer’s name? (this detail can
ruin rapport immediately) How are they paying?
What are their likes? What are their dislikes? Did they
ask about special financing? Did the salesperson mention
the extended warranty? Do they have negative equity in
their trade? How long have they been waiting? Are they
tough negotiators, or have they never mentioned price?
These are all valid questions that are very important
components of preparation. Not to mention having the
deal jacket in hand and the basics loaded into the
computer.
After
the preparation and introduction, it’s time to
develop rapport.
Rapport is defined as a relationship marked by harmony
and accord. Developing rapport is extremely important in
the F&I office, and you’ve got to be fast! Remember
people like people that are like them, so look for clues
with the clothes they are wearing, and the unit they are
buying to find a common ground. Trust is the foundation
of any good relationship, and if you cannot develop
trust quickly, it will be very challenging to make a
sale. You have less than 30 seconds to make your first
impression, so be sure to smile, speak clearly, make
solid eye contact, and pronounce the customer’s name
accurately.
Now
as you begin the paperwork, it is very important to be
organized. Utilize
the flip technique. Begin with one organized stack of
documents facing up, then after reviewing a document
with your customer, turn that document over and begin a
separate stack face down. This technique has been around
for years and eliminates the confusion of going through
the paperwork. As you are working through the package,
you will have two stacks. Once all of the paperwork is
face down in one stack you can be confident that nothing
was overlooked.
As
the great sales trainer Tom Hopkins says, stay away from
‘fear producing words’.
Instead of saying “down payment”, say “initial
investment”. Instead of saying “monthly payment”,
say “monthly amount” or “monthly investment”. Instead of
saying “sign here”, say “OK this for me here”. Last but
not least, never say “contract” because “contract” is
too fear producing. Instead, use the word “agreement”.
Now,
let’s talk about the challenges in selling. Do you
believe in the products you are selling? Do you buy
extended warranties on your vehicles? If you don’t, then
you may be in the wrong position. When your customers
present objections, deep down you will agree because you
don’t believe in purchasing the product yourself. This
lack of belief eliminates the passion and drive you need
to properly handle objections. Speaking of objections,
did you know that you are hearing the same six
objections over and over again? Do you know how to
handle these six objections? With the help of your sales
team, and a dry erase board, you can quickly identify
the most common objections and compare notes on how to
handle them. Build scripts and role play with your
teammates until you can handle these objections smoothly
and effortlessly.
Remember to become a master you must first learn the
basics. Even professional athletes go to training
camp once a year to review the basics. Utilize these
basic F&I techniques and watch your CSI and dollars per
unit soar to an all time high!
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