4 Steps to F&I
Show Season Success
It's the middle of summer but soon fall trade shows will
be upon us, and now is the time to start planning and
budgeting. In addition to ordering booth furniture, carpeting,
electricity, cleaning services, promoting your products and making
travel plans, don't forget to strategize with Priority One on how
you're going to increase your F&I profits before, during and
after the show.
Step 1 - Plan Ahead
Before the show, if you haven't already, be sure to
inform your Priority One business manager of your show
schedule. Some lenders will offer "No Money Down" or
"Deferred Payment" programs during the fall shows.
You can promote these finance incentives with signs, banners or
transom tags at your booth.
Step 2 - Assume Financing is Needed
70% of all customers need financing.
After you have completed the sale, you should
inform the customer that your dealership offers many competitive
financing options, referring to your onsite F&I special
signage. If the customer says he is paying cash for his
purchase, ask him if a lien will need to be placed on the unit.
Many times people say they are paying cash but really it means
they've received a pre-approval from their lender.
This isn't an end-all, and you can still offer to run some numbers with your lending
sources. If the customer can really pay cash, have your
Priority One business manager offer products to protect his purchase
and generate additional F&I profits on the sale.
Step 3 - Deposit to Delivery
Once the customer has agreed to the sale, your best bet
is to lock the customer in by asking him to fill out a credit
application with your dealership and leave a deposit for the
unit. Obtaining a credit application and deposit enhances
customer commitment and reduces the risk that your customer will
be lured away by another dealer at the show. Once you
have a committed customer, get them out of the show. Send them
down the street to shop for accessories or buy lunch. Getting a
deposit and getting them out of the show is key.
Step 4 - Post Show
After the show, be sure to follow-up with the customer
to thank him and schedule delivery. Also, ask your
customer for others he may know that are interested in purchasing
from your dealership. In the near future, send a follow-up
survey to find out how you did and what
can be improved.