Post-Sale F&I Opportunities You’re Missing Out On
If you think your F&I opportunities end when your customers drive off the lot, think again. You could be missing out on some serious revenue opportunity. Once a customer drives off the lot and begins to enjoy their newly purchased vehicle, everyday life could help them realize just how valuable extended vehicle protection can be.
Turning these opportunities into new revenue sources can be a great way to discover new, profitable business from just some simple follow up.
Expired Vehicle Service Contracts. If your customers have reached the end of their service contract term, it’s a great time to reach back and to gauge their interest in extending coverage for the duration of their ownership term. Average ownership lengths are on the rise and if your customers is planning on retaining their vehicle for the long-haul, reaching out when a contract expires is a great way to help protect them further and secure another VSC sale. GWC Elite Dealers can access the no-cost Elite Lead Generator to find these customers whenever they need to.
Service Lane. For customers who come into your service facility with a repair and have to learn the hard way about the value of a service contract, offering one in the service lane could be just the right tool for you. Specialty products that can be sold from your service drive help lock down a service contract sale when customers are feeling the pain of car ownership without VSC protection.
Follow-Up On Lower Level Coverages. Customers with short contract terms or lower-level component coverage are great opportunities for service contract renewals. After a customer has been driving and enjoying their new vehicle for a week or two, reaching out with an offer could catch them at an opportune time. Remind these customers of the components not covered on their current plan and the short amount of time remaining, and you could lock up more service contract sales.
It's All About How You Ask. A routine email or phone call could be easy to miss or ignore. But using video and other creative communications can help increase the likelihood your message about a service contract renewal is heard. Tools like Covideo can send personalized “face-to-face” messages that give your customers an authentic look at the value you’re presenting.