Turn Objections Into Profits in F&I
Those who have been in the auto industry for any length of time know this to be true: “No” doesn’t necessarily mean “no.” When a salesperson takes on an enthusiastic and assertive frame of mind, turning “No thanks, just looking” into “Sold!” can be as easy as driving an automatic – and the same can be said for what goes on behind closed doors in the F&I office.
Just because you’ve gotten past the resistance to buy doesn’t mean the customer will agree to everything else you have to offer – especially when it comes to items found on the F&I menu. The vast majority of F&I professionals are all too familiar with this. But it’s not the buyer’s commitment to stick with the base price that’s the biggest barrier here. It’s the handling of the “no” that can change everything.
Frequently, I’m asked, “How many ‘nos’ should I hear before I give up and just finalize the paperwork?” The bottom line is, there is no magic number that tells you when your efforts are being wasted. This is why developing the skills to remain persistent and assertive without blundering into pushy territory are so critical. If you’re deftly persistent, you can turn a “no” into a “yes” without running the risk of chasing a buyer away.
The best way to do this is to take a measured approach. Every situation is different, and begins with taking a close look at your personal motives. If you’re presenting menu items to a committed buyer with the sole purpose of boosting the dollar signs on your paycheck, you’re sunk from the start. If, on the other hand, you’re able to recognize which products will benefit your customer the most, you’ll put yourself into the position of being able to back up your argument with compelling data.
This is accomplished by knowing the individual customer’s needs before you hit them with menu items. And the best time to get this information is during the initial interview.
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Author: Digital Dealer
Digital Dealer exists to help dealers and their managers sell more vehicles more profitably by creating the best live events and media in the industry.