Finance Manager now must build a rapport with his customer. This includes getting to know the customer by asking questions designed to encourage the customer to talk about himself. This simultaneously reveals the customer’s needs, and helps establish a connection between the customer and the F&I Manager. Expansive questions – those that can’t be answered by a simple yes or no – help speed the process. Reviewing the customer’s purchaser’s statement prior to the consultation gives the F&I Manager a definite advantage in this situation.
By learning about the customer’s thought process, the F&I Manager can determine what is most suitable for him. For instance, if the customer has a substantial commute and will be putting a considerable number of miles on the vehicle, an Extended Service Contract would have obvious benefits. The purpose throughout this part of the process is to learn of the customer’s distinct needs, even if the customer himself isn’t aware of them. The F&I Manager is the expert, and as such will provide pre-emptive solutions to future problems the customer may encounter.
The three objectives of the consultation process include:
- establishing a mutual respect with the customer,
- reviewing the purchaser’s statement and credit report
- verifying the terms of the purchase order.
If these objectives are accomplished, the F&I Manager will have enough facts to determine, and satisfy, the customer’s needs.
While the idea of presenting a professional demeanor may seem elementary, it plays a pivotal role in the success or failure of a dealership’s F&I Office. An F&I Manager who fails to achieve the delicate balance between professional and approachable runs the risk of alienating his customer. Even if the customer doesn’t walk away from the deal entirely, he will be far less receptive to the F&I Manager’s recommendations.
So, even if the deal goes through, it will probably be far less profitable than it could have been if the F&I Manager had taken the time to make a good first impression. Attention to seemingly minor details, such as grooming, can mean the difference between success and failure. Since the Finance Manager is the last authoritative dealership representative to interact with the customer, he can have a positive impact on the dealership’s Customer Satisfaction Index (CSI) and leave a lasting impression that could result in repeat and referral business. In the end, communication and rapport building are the KEYS to a successful consultation process and outstanding CSI.
Tags: Consultation, f&i, F&I Tips