The Message

Posted by Erik Landrum on April 11, 2019 in Administrative Topics, F&I Selling Strategies, General Communication Skills, Interacting with Colleagues/Internal Customers

Let’s think outside of “the box”, if you will, for a moment. How may we further the cause of efficiently communicating all of the benefits, with our Guests, of taking advantage of our VSC offerings to protect their investment? We’ve all heard (and I certainly believe in) the adage that the Sales Department sells the first vehicle and the Service Department sells, the same Guest, all subsequent pur …

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Complexity

Posted by Erik Landrum on April 11, 2019 in F&I Selling Strategies, Product Knowledge

Initiative may be defined two ways, but the meaning we’ll focus on is the ability to assess and initiate things independently. Resourcefulness is another way to put it. Most Business Managers are quick-thinking, intelligent folks. Recently I had the privilege of working with a Business Manager who was not only quick-thinking, but resourceful as well. He had taken a series of photos, with his phone …

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Internal Customers

Posted by Erik Landrum on April 11, 2019 in F&I Selling Strategies, Interacting with Colleagues/Internal Customers

Our colleagues are our Internal Customers; each of them is as important as anyone we’ll see today. Be that as it may, the Sales/Finance relationship is regularly strained, regrettably, as Business Managers have all experienced deals brought back missing information, however basic and commonly required. Also, with more regularity, we’ll have a deal jacket handed to us with a draft/outside lien atta …

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Owner’s Manuals

Posted by Erik Landrum on April 11, 2019 in F&I Selling Strategies, Product Knowledge

I once had a Guest who contacted me with some strange feedback, the day after he had taken delivery. This particular gentleman, it would seem, was experiencing a sort of manic episode. He couldn’t get over the fact that, in his words, his new SUV practically drove itself! “I don’t have to use the brakes entering corners…the car does it for me”, he proclaimed. “Heck, I don’t even have to take my fo …

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Lenders

Posted by Erik Landrum on April 11, 2019 in Administrative Topics, F&I Selling Strategies

Symbiosis is defined as any interdependent or mutually beneficial relationship between two persons, groups, etc. Clearly this is an accurate definition of the working relationship between those of us in the Business Office, and most of the Lenders with whom we interact. Time is critical and we never have enough of it. We certainly don’t want to waste it researching that which we could have taken h …

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Fielding Some Common Objections

Posted by Erik Landrum on April 11, 2019 in F&I Selling Strategies, Objection Handling

You have just concluded your 2-term (ex. 60 & 72 month) menu presentation. You structured the rate offering the same (where possible) for both terms. The column structure is robust for each of your four columns. The VSC you have chosen is applicable to your Guest’s anticipated trade cycle and annual mileage consumption. You have recommended the column most suitable to their needs, referenced ( …

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Goals, The Forward Observer, and Adjusting Fire

Posted by Erik Landrum on April 10, 2019 in Administrative Topics, F&I Selling Strategies, Going Forward

It’s time to analyze where we’ve been versus where we would like to be. Have we been closely tracking production or are we merely satisfied (or not) with the numbers on our paycheck? Having covered this ground previously, I’ll offer a reference to the subject (here.) How else could we assess the situation? In military parlance, the forward observer notes the effectiveness of artillery or naval gun …

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“Do I Have To Buy Any Of This?”

Posted by Erik Landrum on April 10, 2019 in F&I Selling Strategies, Objection Handling

You have just completed your four-column menu presentation complete with robust column structure. Your Guest, Mary, responds by asking, “do I have to pick one of these options?” It is usually at this point that many Business Managers are inclined to believe that they have overreached. Perhaps they have been too aggressive in asking that Mary consider columns, each of which are very comprehensive. …

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Motivation, Suppression, and Maintaining Control

Posted by Erik Landrum on April 10, 2019 in F&I Selling Strategies, Interacting with Colleagues/Internal Customers, Objection Handling, Time Management

To be sure, I fully supported and recognized the efforts of my sales staff. Been there and done that. Plenty of pairs of shoes were worn out obtaining an understanding of the challenges they regularly face. Having said that, I also recognize that salespeople (of which we are all) are motivated by one of two things: “hope for gain” and “fear of loss”. Call it optimism and pessimism, if you like. We …

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Supporting the Cause Via Deductible and Educating

Posted by Erik Landrum on April 10, 2019 in F&I Selling Strategies, How to Present Your Menu

Clearly, we are in place to create and protect profitability for our stores. It is up to us to productively provide valuable benefits for our guests while ensuring the house isn’t exposed to loss via compliance and regulatory issues. How can we further support the efforts of the team? I have always been a believer in the adage…our salespeople sell the first vehicle and the shop sells all the subse …

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