F&I Archives | Auto Remarketing

COMMENTARY: 5 ways to refresh your F&I sales strategies in 2021

As the new year begins, the new norms inherent in conducting business during the COVID-19 pandemic continue.

The adjustments to these new norms affect everyone personally and professionally, which has in some ways brought forth an opportunity to connect at a more authentic level than ever before.

Consider this: every Zoom call brings you into someone else’s private space, where there might be a dog barking or kid waddling by in the background. Everyone is casually dressed, more laid back, and no matter who is in the meeting, everyone shares the common denominator of managing life through a pandemic.

But life must go on, deals must still be made and people must still find ways of connecting through business or pleasure. In automotive retail, it’s been a bit of a perfect storm. Consumers dove head first into buying or leasing a vehicle as ride sharing and public transport stalled, sending car sales projections through the roof and creating a steady surge of demand for inventory.

But the sales and research process — often done on the showroom floor and sealed with a handshake and eye contact — was forced to transition almost wholly online. Everyone has had to adapt to learning and trusting new technologies and processes.

Much of what makes a dealership stand out is the personality of the staff, experience in the store, and trust in the process. When the stage changes from a showroom to a screen, how do auto retail professionals build and nurture that consumer connection?

All it takes is a little more creativity, dedication, and a “back to basics” mentality. Sales and F&I professionals should focus on what matters most: establishing confidence and loyalty through a personal touch.

1. Take time to make a meaningful first impression.

Create a personalized video introduction for customers letting them see who you are, get to you know you, and visualize the person that will be on the phone or email. A 30- or 60-second video biography of themselves to an initial email or text with a customer.

2. Make the information easy to access and understand.

Recognize that every customer likes to receive information a bit differently, so be prepared with digital and hard copies of desk deals, financing, F&I menus, legal notices and service menus to easily share in the preferred format. Get used to a blend of old school and new school communication methods.

3. Conflict resolution.

Let’s be real – there will always be issues and concerns to sort out. Don’t hide behind email or texts when things escalate. Get back to the basics of connecting through a personal touch and try to get face-to-face via screen time. It helps reset and ground the situation and will give you a chance for your skills in service and knowledge to shine through.

4. Speaking of skills and knowledge…

Refresh your talk tracks and techniques to address current customers’ concerns and needs. Understand that buying decisions are greatly impacted by everything from job stability, politics, safety, and economic outlook. Be aware and knowledgeable of all the opportunities your customer can take advantage of, from the latest finance rates, OEM deals, service loyalty programs, insurance options, etc.

5. Stay sharp.

Everyone is at risk of burnout or getting stale. Keep your and your team’s skills sharp and spirits motivated with regular professional development and compliance training.

The investment in nurturing the careers of yourself and your team will carry over into positive relationships that exude confidence with existing and future car buyers. 

Gerry Gould is director of training and development at Product Prep. 

F&I product provider works to improve diversity, equity, inclusion

Automotive F&I products provider and administrator APCO Holdings announced initiatives to improve diversity and equity within the company, including the formation of a diversity and inclusion council that has launched new inclusion and unconscious bias training courses required for all employees.

APCO said the company plans to continue building a stronger culture of inclusion.

“As the nation engages in discussions about diversity and inclusion, APCO is committed to using our resources and collective experiences to create substantial change now and in the future,” APCO vice president, human relations Crystal Meinert said in a news release.

The company said it recognizes the need build an inclusive environment and partnered with Pope Consulting, a firm that focuses on diversity, equity, inclusion, and culture change.

The diversity and inclusion council spearheaded the initiatives, involving 30 employees representing all business lines.

“The conversations we’ve had as part of our Diversity and Inclusion Council meetings have been instrumental in providing employees a view into the challenges their peers face both inside and outside of the workplace,” Meinert said. “The actions that APCO is taking are directly influenced by these open and transparent discussions.”

The Diversity and Inclusion Council also led efforts to deploy funds earmarked for contributions to community partners that the company says champions social equity initiatives. Employees nominated the groups in consideration, and a Diversity Community Outreach Committee formed to manage the process reviewed them. The five organizations selected to receive funding last year were:

— 21st Century Leaders, which focuses on inspiring high school students to use diversity, explore career opportunities, and become leaders in their schools, communities, and ultimately the workforce.

— The Black Scranton Project in Scranton, Pa., which works to cultivate awareness and unity through the arts, sharing public history, and elevating Black and POC-owned local businesses.

— Black Students of California United in Fresno, Ca., which works to help California's Black youth to become engaged participants civically and economically.

— Gwinnett County Community Based Mentoring Program, which seeks to involve students in academic and enrichment activities to help them become successful in and out of school.

— ACLU Georgia, which works to preserve and protect the liberties guaranteed by the Bill of Rights.

“As an essential part of our ongoing effort to ensure diversity in all that we do, we are excited to support and partner with organizations that serve the neighborhoods where we live and work,” Meinert said. But she said more work and education is necessary.

She also said the company would continue to pursue methods of turning opportunity into action and continue efforts to encourage a culture of diversity, equity, and inclusion.

She said, “We are determined to engage our employees in having a more positive impact on both our company and the larger communities in which we do business.”