The finance office can be the most profitable square footage
in a Powersports Dealership. In the last ten years I’ve
seen the Finance office make an amazing amount of
profit, and I’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 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 office and
personal appearance and hygiene before the introduction
to your customer. Remember, you should always have a
neutral appearance so as to not offend either side of
the population. Stay away from sports team posters on
your walls and wearing loud jewelry as these could be
offensive to certain customers.
Now
lets talk about
preparation.Have you
rehearsed and communicated with the sales team exactly
how you want the introduction done. Where are you going
to stand ? What is the correct pronunciation of the
customer’s name? (this one 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
your 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 relation 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 can not
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 customers name
accurately.
Now
as you begin the paper work 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 paper work. As you are
working through the package you will have two stacks.
Once all of your paperwork is face down in one stack you
are confident that nothing was overlooked.
As
the great sales trainer Tommy 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" or…. you might even be able to pull off a…..
"let me get your autograph"……. That is if you have
developed enough rapport. And last but not least never
say "contract". "Contract" is extremely scary, instead
use……. "Agreement" .
Now,
lets 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 to you, deep down you will agree…..
and this will eliminate 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 your
most common objection and compare notes on how to handle
them. Build your scripts, and role play with your
teammates until you can handle these objections smooth
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!
Call Toll-Free 1-877-242-4472 
