How Do You Sell More F&I Products?
Customers want to buy F&I products. They just don’t know it. It sounds like a generalization, but there is data to back it up.
In May of 2015, a study by MakeMyDeal found that 60% of car buyers thought F&I products were just another way for dealers to make more money.
Doesn’t exactly prove our point.
But digging deeper into the numbers found that the resistance to F&I products wasn’t related to the products themselves, but rather the experience. Don’t believe it? Here are some of the figures to prove the point.
84% of survey respondents believe F&I products have real value.
66% of those polled believe aftermarket offerings like vehicle service contracts will save them money in the long run.
But most telling of all is the fact that 83% of car buyers preferred to learn about F&I products on their own before visiting the dealership.
83% is a big number. Essentially, eight out of ten customers today would be receptive to learning more about (and potentially buying) F&I products. The problem is that they just don’t want to do it on a dealer’s terms.
Today’s customers are demanding. They want information quickly, in a format they’re comfortable with and they want it on their schedule. In fact, more than half of the MakeMyDeal survey’s respondents said they want to buy their vehicle at the dealership and leave as quickly as possible.
So, what does this all add up to? It means the answer to the burning question of how to sell more F&I products is found earlier in the process. Customers today are seeking a fast and transparent transaction. By simply having your F&I product information posted on your website, you’re doing more than showing customers the value in the products you offer – you’re building an incredible purchase experience tailored to the modern car buyer.
Your customers are more receptive to F&I products and more likely to buy them when they feel they discovered the value on their own rather than your F&I manager selling the value to them. Be open about what products you offer, the provider through which you offer them and the benefits they deliver. This will help today’s ultra-informed customer arrive at your door already sold on the products that used to be challenging to sell. You’ll encounter fewer objections and – most importantly – sell more F&I products on every deal.