Selling F&I Products Outside the Business Office
August 5, 2022
Selling F&I Produts Outside the Business Office
August 5, 2022
Relying on F&I products to be sold solely during a F&I transaction of a sold unit is not maximizing your F&I income potential. There are several ways to generate contract sales outside of a car deal. First decide how you are going to sell additional products. Is it just one additional channel or multiple additional channels. After the how you must have processes and pay plans aligned with selling additional products. In addition, having a champion leading the charge and setting the tone that this is an opportunity we are chasing increase the odds of success. Last you must track the efforts and results of the different channels. Below are a few channels to consider for selling additional F&I products beyond the car deal.
- Partner with a company to data mine your DMS for clients who did not buy products and allow them to solicit your clients on your behalf and you collect a fee per contract sold. A few F&I administrators have this option. They do all the heavy lifting and incur the cost and you just collect the fees.
- Incentivize service writers for each contract sold on the drive and allow the service department to keep the gross profit on all contracts sold on the drive.
- Go beyond explaining products on your dealership website and allow customers to complete a purchase of products on your website.
- Next day follow up on customers who did NOT buy products. Have a manager call the customer (NOT the F&I manager who did the F&I transaction) for CSI and to give the client one more opportunity to add products before the deal is funded.
- Cashier to provide a printed quote to every service client. Some F&I providers offer 0% interest payment plans.
- Utilize the BDC on customers who bought elsewhere to offer a product on the car they bought from another dealership.
- Partner with your local small town bank or credit union if they don’t offer products.
- Advertise F&I products just like you would vehicles for sale or service department offerings.
