11 Feb Evolution of a Salesman: Enhancing the Auto Finance Experience
Are the good old days of your typical car salesman over? Some dealerships are starting to experiment with the idea of a hybrid sales professional; Salesman and F&I manager in one. In this time in age it is no longer necessary to rely on a trained professional to provide vehicle pricing and information.
The days aren’t long enough in today’s world filled with demanding careers, family, and all other activities. Today’s buyers demand a simplified auto buying process by bringing about an evolutionary change. The Cross-trained Sales and F&I professional will be more effective at establishing trust throughout the entire process and tailoring the F&I product mix to each customer based on their personal needs.
It’s time to modernize the auto buying experience to provide a higher customer satisfaction index. Customer satisfaction surveys at dealerships such as Park Place have shown that customers dislike the idea of spending time and building rapport with a salesman, only to be transferred to a sales manager or F&I manager to finalize the deal. Here’s why and how the process should be enhanced:
1) The back and forth game between the client and the sales manager(s) must be eliminated in order to provide a more pleasant and professional auto buying experience.
2) The hybrid must be transparent with pricing and available incentives and focus on the client’s experience. She/he will provide product knowledge and vehicle demonstrations, have the authority to put deals together, and be familiar with local competing dealership offers, and federal and state laws to cross-sell products and ultimately close the deal.
3) Hybrids will increase traffic flow at the dealership by allowing more contract closings per hour, and decrease the amount of time clients spend at the dealership. Professionalism is essential in providing an exclusive auto buying experience, thus the use of aggressive sales tactics which will tarnish the buyer’s perception of the brand and/or dealership should be eliminated.
4) The Millennial generation is tech savvy, researches online, and likes to keep things simple. The F&I presentation should demonstrate products with the use of digital media and should be kept comprehensive, short and simple. The F&I presentation should be limited to a maximum of 30 minutes, with the entire process lasting a maximum of 1.5 hrs.
Will the new model prove successful? We hope so! but first make sure to check out our 10 Tips to Getting a Better Car Deal and our Financing vs. Leasing article before stepping foot in a dealership. If you’re a busy bee you can check out our Auto Buying Services and let us locate, comparison shop, and negotiate your next vehicle on your behalf.