Depreciation

Posted by Erik Landrum on April 5, 2019 in F&I Selling Strategies, Objection Handling

“I’ll Share with you a way to save thousands, in depreciation expenses, and still finance your new vehicle conventionally! Sound good?” If we aren’t asking this question of our guests, when they present a host of various objections, we may be missing an opportunity to educate. Have you ever heard the objection (after your menu presentation), “If the car gives me any trouble, after three years, I’l …

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Rain Grooves, Tire Repairs, and Redirection

Posted by Erik Landrum on April 5, 2019 in F&I Selling Strategies, Objection Handling

You are in the middle of your menu presentation and the next benefit you are about to explain is that of the Tire and Wheel protection. You proceed by stating, “You will also receive 5 years, unlimited mileage, $0 deductible on your tires and wheels… You’re driving around, out there in the world, run over something and tear up a tire, or a tire and a wheel…they need to be replaced…DONE! No money o …

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Vacations

Posted by Erik Landrum on April 5, 2019 in F&I Selling Strategies, Objection Handling, Time Management

I’m often surprised by how few Business Managers ask their customers (during the interview), “Who’s the lucky one getting the new car this time around?” By asking the question, we are confirming with whom our focus is warranted (when more than one party is present) and creating a segue to, “Congratulations, Mary! Where are you taking the first trip in your new car?” Now there are a few reasons for …

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Uninformed Risk Acceptance and Self-Insurance

Posted by Erik Landrum on April 5, 2019 in F&I Selling Strategies, Objection Handling

So you’ve conducted your menu presentation to a cash buyer who responds, “No thanks, I’ll self-insure.” You accept this as a typical response and conclude the paperwork. “Folks, if you will, please sign right here where it states, “Customers FORFEIT all options.” The customer has probably just made an ill–informed decision…that to self-insure without a true understanding of the level of risk acce …

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Loss Ratios, Actuaries, and Risk Aversion

Posted by Erik Landrum on April 5, 2019 in F&I Selling Strategies, Objection Handling

A loss ratio is defined as the ratio of the claims paid by an insurer to the premiums earned. A firm’s loss ratio is 50% when they have $50,000 worth of incurred losses versus $100,000 in earned premium. Actuaries are the folks who compile and analyze these statistics and use them to calculate insurance risks and premiums. Risk aversion certainly occurs when the level of benefit provided by the co …

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45 Cents Per Hour

Posted by Erik Landrum on April 2, 2019 in F&I Selling Strategies, Objection Handling

The back story: the menu you have created is a two-term affair with 60- and 72-month terms. The interest rate is a reasonable 5% APR for both with 30 days to first payment. The option you are recommending in this case is 72 months and has a $4500 product tally with a zero deductible service contract. So you’ve presented the menu, made your recommendation to Mrs. Jones and her husband, and she (in …

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F&I Selling Tips: Verify. Empathize. Address.

Posted by Erik Landrum on September 17, 2015 in F&I Selling Strategies, Objection Handling

Have you ever made the following statement to your customers: “Your lack of willingness to succumb to my will is very disappointing”? Of course you haven’t, at least I hope not! Some of you may be conveying this very sentiment via a level of communicated anxiety misconstrued (by yourself) as enthusiasm. Some of the Business Managers with whom I’ve had the pleasure of working can’t wait to respond …

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