There are purely psychological barriers that could inhibit a smooth transition. Salespeople are protective of “their” customer, and are aware that the sale they worked so hard to achieve could conceivably fall apart in the Finance Office. Consequently, their reluctance to introduce their customers to a third party that was not directly involved in the vehicle’s sale is understandable.
F&I Managers can counter this reticence by maintaining open lines of communication. Combat the fear of the unknown – the sequestered transaction between the F&I Manager and the customer – by sharing that information with the appropriate salesperson. That information, however, should not include the customer’s financial particulars. That is a privacy issue that must be protected at all times. The F&I Department can further strengthen its relationship with the Sales Department by keeping it up to date on all deals. When word on a particular deal comes in, whether it’s positive or negative, it should be passed along. Processing all deals quickly and efficiently is also conducive to healthy inter-departmental interaction.
The salesperson, in turn, can prep his or her customers for the F&I experience. If the customer has knowledge of the process, he can mentally prepare for it. That means he won’t be surprised, or upset, when he is asked to spend another 30 minutes at the dealership in the Finance Office after he already has spent hours making his deal.
Educating the Sales staff on the importance of the F&I Department and the value of its products can serve a dual purpose: it can help salespeople sell more vehicles, and can pave the way for increased backend profits. Today’s increasingly competitive marketplace means that few dealerships make any profit in the vehicle contract anymore. With incentives and sales down, profits must be made elsewhere. The selling of products and services has become a necessity. The bottom line is that cooperation between the two departments is essential, so that the left hand knows exactly what the right hand is doing.
Transition approaches
Scenario I: Traditionally, the salesperson escorts the customer to the F&I office. This is an example of what he should NOT say:
“I know you folks have been here a long time, and are anxious to leave with your new car. But first you have to see the finance guy. Sorry to hold you up like that, but it’s company policy.”
Such an introduction setup is counterproductive, both for the F&I Department and the customer. The salesperson should also avoid encouraging customers to use alternative sources of financing, such as their credit union. Nor should the salesperson discuss payment terms (including APR), offer to take a credit application, or say that he will handle the financing to ensure the best interest rate possible. Overstepping such boundaries could inadvertently sabotage Finance Department procedures and kill the deal.
A proper introduction setup might be as follows:
“Mr. and Mrs. Brown, please come with me. I’d like to introduce you to our Finance Manager, Robert Bentley, who will prepare and explain all your legal paperwork. He’ll also review key products designed to protect your investment and available to you prior to taking delivery of your new car. While you’re there, I’ll be getting your car prepped for you. I’ll see you before you leave, and thanks for your business.”
Obviously, these introductions must sound natural. A wonderful introduction will be of no help whatsoever if it comes across as anything less than genuine. On the contrary, the customer will feel defensive and suspicious, and apt to reject anything the F&I Manager may offer.
Scenario II: Recently, a new trend has emerged wherein the F&I Manager greets the customer on the showroom floor or at the salesperson’s desk. In this scenario, the salesperson takes the deal file to the Finance Manager, and briefs him on both the customer and the deal. In this instance, the F&I Manager should treat the salesperson with the same courtesy and respect he will soon show the customer:
“Thanks for the deal. It looks like you really worked hard on it. Let’s go meet the customer and see if we can deliver this today.”
Make sure to catch the final installment of this series next week. In the mean time, make sure to read the first part of F&I Desk Integration series.
Tags: Automotive Sales, f&i, Teamwork