Digital Dealer - April 2018 - 40

FINANCE & INSURANCE

Continued from pg. 38

and execute with excellence. Proper execution
always follows personal
engagement!

GAIN LENDER
INSIGHT AND WATCH
YOUR APPROVALS AND
ADVANCES SOAR

Have you ever been
frustrated with instant turn
downs, line 5's, or gap-only calls? Some
F&I managers get so
frustrated that they begin
to wonder if some lenders
even want to buy deals
at all. Rest assured all
lenders are in business
to lend! You may be
shocked to learn that the
majority of all turn downs
are the direct result of
poorly structured applications. Meaning the
majority of deals turned
down were un-approvable before the lender
even looked at them.
The number one violation
has been an advance
request that breaches the
payment-to-income caps
set by each lender. While
technology has proven
to be an amazing asset,
it has also proven to be
an apparent stumbling
block since technology
has caused countless
F&I managers to become
complacent and neglect
the relationship side of the
business. Why is it that
two dealerships with similar inventory can get completely different results
with the exact same lender? How can a customer
get turned down at one
dealership, and approved
by the same lender at
another dealer down the
road? The answer is insight. The dealership that
is able to get the customer
40

APRIL 2018

EQUIPPED WITH THIS INSIGHT,
YOU'LL BE ABLE TO ALIGN YOUR
VALUE PROPOSITIONS WITH THE SAME
REASONS THEY BOUGHT THE VEHICLE
IN THE FIRST PLACE.
approved had learned
exactly how to send the
deal over so that it will be
considered. They know
precisely what additional
information will be needed
on the call-back to put the
deal over the edge and
maximize profits. You can
gain this invaluable insight
by talking to your lenders
on a regular basis and
asking the right questions.
GAIN CUSTOMER INSIGHT AND YOUR F&I
PRODUCT SALES WILL
MULTIPLY

While purchasing F&I
products always seems
to make perfect sense to

D I G I TA L D E A L E R . C O M

us, it doesn't always make
sense to our customers.
Unfortunately, there are
many managers that present F&I products to their
customers the same way
every time. Usually, the
service contract is a predictable pitch about fixed
expense and peace-ofmind, whereas GAP tends
to be a dry pitch about
depreciation. This worked
fine ten years ago, but the
educated customers of
today demand personalization. Customers don't
want a verbal brochure.
They want someone
equipped to explain

exactly how their decision
will impact their personal
lives, and quite frankly you
won't have a clue unless
you first gain insight. A
great spot to start is to
learn what attracted them
to the vehicle in the first
place. By asking the right
questions you'll find that
they're purchasing the
vehicle to feel independent, to feel responsible,
to feel rewarded, and feel
secure, or to feel loved.
Equipped with this insight,
you'll be able to align your
value propositions with
the same reasons they
bought the vehicle in the
first place. Further insight
into who and how the vehicle will be used will allow
you to bring your products
to life by painting stories
using their words and
examples. Remember, it's
what's real and personal
that is most compelling!
The future of F&I is
uncertain. Over a decade
ago, as I finished up a
morning sales training
session I was taken aback
when my plain-spoken
trainer touted that everything worked some of the
time and nothing worked
all of the time. Needless
to say, I didn't agree then
and I do not agree now!
The role of an F&I manager as we know it may
change, but a professional
with real insight will be
successful all of the time!
MIKE HIRSCHFIELD, as
CEO of Cornerstone Dealer
Development, is on a mission
to empower, equip, and exalt
sales and ﬁnance teams
everywhere! Twitter:
@FoundationToWin EMAIL:
Mike@FoundationToWin.com
http://www.DIGITALDEALER.COM
Table of Contents for the Digital Edition of Digital Dealer - April 2018
