Buy It Or Bad Things Will Happen F&I Manager training – 2 High Converting F&I Closes for 2021

At , we believe that F&I Managers and F&I Training Personnel need to be aware that we are moving into a “convenience” economy, instead of a price economy. Low cost is no longer the only driving factor and convenience will play a large role in peoples purchasing decisions going forward. In this video, we go over 2 high converting F&I closes that can help F&I Managers in car dealerships take the next step forward in their F&I career.

Buy it or bad things will happen that’s really the bedrock principle of finance and insurance right all of our closes our menu presentations our preambles are all based on the fact that the average consumer cannot afford or at least would be very uncomfortable affording an unforeseen repair bill on top of their monthly payment while this is the bedrock of fni and

While it still does have some merit and you still can close a lot of sales this way i think we need to recognize that the world around us is changing and if the f and i industry does not change along with it we will be left behind our sales will diminish over the next few years if we do not evolve with it let me explain what i mean the world is moving from a

Price-based economy to a convenience-based economy look at companies like doordash and grubhub it wasn’t so long ago 5-10 years ago where people would be more than willing to call in an order to the restaurant drive down the street and pick it up nowadays there are millions of consumers who will spend 20 more dollars on a meal for their family to have someone

Else pick it up and bring it to them they’ll pay the fee to the company they’ll pay a tip to the driver they’ll pay a surcharge and when you add it all up it’s a lot of money just to have the food delivered to them instead of driving the three miles or so to the restaurant to pick it up themselves companies like target walmart you click a button you drive up

Someone will bring the products out to you place it in your trunk and all you have to do is continue listening to the radio while they do it drive away you never have to talk to them people are moving towards a convenience-based economy and they will pay more money to do it our local supermarket wegmans you can do a system where you order the products online you

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Pull up they’ll bring your grocery bags right out put it inside but if you look at the cost of the items every single one of them is marked up between a few cents to even a dollar you’re paying more for that convenience yet there’s always a line every day for people doing it now how can f fni take advantage of this convenience-based economy well for one thing as

Time goes on you will never fully replace the fact that people are not going to be prepared for unforeseen repair bills you’ve seen the studies you’ve seen the facts you you know that the average consumer doesn’t have more than a few hundred dollars to maybe a thousand dollars in their savings account at any given time for pay bills a lot of people live paycheck

To paycheck so they do need a vehicle service contract to protect them financially but in their mindset they also have a convenience aspect that they need to hear about let’s talk about an example mr customer i completely understand what you’re saying you don’t see the value in the vehicle service contract because in your words you have the financial resources

To take care of any unforeseen repair bill as they come up and i completely understand this customer i have other customers in the exact same situation but there’s something that i want to share with you that the other customers realized do you mind if i do so thank you so much what the other customers realize is it’s not just about the cost savings of having

A vehicle service contract it’s the convenience i’m sure you’re a very busy person mr customer if you have an unforeseen repair that comes up we will not only arrange for your car to be towed from wherever it is to the repair shop will not only arrange to have it fixed at our repair shop on the vehicle service contracts dime but we will also provide you with a

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Rental vehicle to use while your car is being repaired that convenience mr customer is why some of our customers who do not need the financial aspect of the vehicle service contract still choose to take it that is one example of using a convenience close rather than a financial close mrs customer i completely understand you don’t want to add the vehicle service

Contract because it’ll raise your monthly payment and as it is the monthly payments already at the top end of where you want it to be when you came to the dealership right i understand i’ve been there too you know miss customer you also mentioned that you have other bills that you have to kind of think about and budget in and try to figure out what fits where and

How to make it all work right yeah you know i do want to point one thing out to you by adding the vehicle service contract to your monthly payment right now that’s one less thing you have to worry about instead of adding an extra nest egg to cover any unforeseen car repairs over the next five to seven years you can budget in right here today so you can check it

Off your to-do list for the next seven years of your life it’s one less thing for you to have to worry about as you mentioned there’s so many other bills for you to worry about not only will it cover your car repairs it’ll also give you a rental car it’ll also give you a hotel stay if you’re out of town and your car breaks down on the side of the road it’ll also

Cover your roadside assistance if you add the tire and wheels if anything happens to your tires or your wheels your rims etc it’ll cover that as well this customer i want you to realize that this actually takes away from your burdens it’s one last thing that you have to worry about and you have to budget for and you can do it for only this price right here that

Is another way to use the convenience close and not just talk about the finances finances will always be intertangled within whatever we do in finance and insurance after all half of f i is finance so what can you do going forward to utilize what you learned today in your own personal fmi office well the biggest piece of advice i can give you is to listen don’t

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Just wait for the next opportunity to talk we often do that everyone is guilty of including myself don’t just wait for the next opportunity to talk listen to what the customer is telling you if the customer is telling you that they do not think that they can afford to add any of your products because they have a hundred other bills to think of kindly show them

That by adding your f i products it’s one less thing that they have to worry about it actually takes away from their burdens if they have a bill list and it includes a nest egg for car repairs a nest egg for small incidentals like needing to get a rental or needing a hotel if they ever get stuck out of town or you name it this checks off the boxes it’s the less

Things that they need to worry about that is a convenience aspect and it’s also a financial aspect if you have a customer of wealth who clearly tells you that they do not need the vehicle service contract because they can afford their repairs that’s okay respect that but you can also point out to them kindly that mr customer this is not just about finances it’s

About convenience this vehicle service contract will set you up with a rental car it’ll take care of the repairs you don’t have to do anything it’ll even tow it from wherever it’s sitting to our shop it’s convenience not just financials the world is changing 2020 has forever moved things it’s forever shifted things the shift would have happened eventually but it

Was pushed further along by 2020. so take advantage of that move along with the change or be left behind this is ryan with talk to you guys later

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"Buy It Or Bad Things Will Happen" F&I Manager training – 2 High Converting F&I Closes for 2021 By Finance Manager Training