Menu selling is one of the biggest ways the F&I department can increase your car dealership’s back-end profits. If your dealership is not currently menu selling it is missing out on potential for extra income. Menu selling is the practice of selling add-on financing and insurance packages for new and used cars after the client buys one.
Full Answer
What does F&I mean?
Finance and InsuranceIf you purchase a vehicle at a dealership, the salesperson may refer you to someone in the F&I or business office. This is the part of the dealership that markets loans and optional add-ons to customers after they have agreed to buy a vehicle at the dealership.
How do you sell a menu?
0:5910:26The best way to present the F&I Menu - YouTubeYouTubeStart of suggested clipEnd of suggested clipTime listen all you need to do is you need to go out you need to briefly meet and greet the customerMoreTime listen all you need to do is you need to go out you need to briefly meet and greet the customer. Tell them who you are tell them you're working on their paperwork.
What are parts of a well disclosed F&I menu?
In order for an F&I menu to achieve compliance with the CBBOR, the menu must be drafted to include a description and price for each of the following enumerated products and services: (1) service contracts, (2) a debt cancellation agree- ment, (3) theft deterrent devices, (4) surface protection products, and (5) a ...
How do I sell F&I products?
Expert Offers Five Tips for Selling F&IMake the presentation as easy as possible “or you won't do it.”Make it customer-friendly. ... Make it fast. ... Structure a presentation in a way that assumes the customer will buy something. ... Build credibility.
How can I be a good F&I manager?
10 Tips to Being a Successful F&I ManagerHave Fun at Work. ... Recognize the Talent Around You. ... Help Others Succeed in Their Roles. ... Strive to Improve Regardless of Your Success. ... Stay Positive Even When Times are Tough. ... Focus Less on Yourself. ... Take Care of Your Office Staff. ... Be Proud of What You Do.More items...•
How can F&I increase sales?
Get Serious About Training. ... Focus on F&I Products for New and Larger Vehicles. ... Educate Your Team on the Products They're Selling. ... Increase the Availability of Financing, Including Subprime. ... Use Technology to Improve the Customer Experience. ... Know Your Penetration Benchmarks. ... Customize Your Sales Presentations.More items...•
1. Focus on a consultative approach
Be proactive, friendly and transparent.
2. Create a customized and personal presentation experience
Make the experience as personal and custom as possible. For example, preload the menu tablet with the customer’s model – right down to the color. Then hand over the tablet and let the customer complete a survey as they wait to speak with the F&I manager. That will help you build a presentation designed to meet their needs and interests.
3. Encourage engagement throughout the presentation
One of the clear benefits of using a tablet is that it provides high levels of engagement and fosters a sense of control. By handing over the device, or going through it together, you allow the customer to dictate their level of interest in the products – from deep interest to skipping over a product offering altogether.
4. Use data insights to build your presentation and refine your aftermarket program
Creating a successful menu presentation begins and ends with data insights. It’s that simple. Trouble is, it takes a consistent and disciplined approach to achieve the best results. Start by paying attention to what customers tell you they want, and what they’re interesting in exploring.
5. Be consistent and diligent
Reduce your risk of non-compliance by presenting 100 percent of your products and creating a consistent presentation, with uniform scripting and up-to-date FAQs. Make sure you gather customer signatures that note their acceptance or rejection of each product, and store them in an electronic deal jacket.
