George Angus President/Director of Training Research and Training.
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Transcript of George Angus President/Director of Training Research and Training.
George AngusGeorge AngusPresident/Director of Training1Team One
Research and Training
And the F&I Masters™ program of professional education
Best Practices forF&I Managersand General
Agents
Producing Top F&I Dealerships Producing Top F&I Dealerships
Constant tracking, analysis, and improvement using a consistent, repeatable process.
1Team OneResearch and Training
Measuring F&I Performance Measuring F&I Performance
Cumulative Scoring or “The Cume”• Income per retail unit delivered• Product Penetration %• % of Chargebacks• Balance of Income• Sales Satisfaction Scoring
Best Possible Score: 1000 1Team OneResearch and Training
How Does Your Dealership Rank? How Does Your Dealership Rank?
Cumulative Scoring or “The Cume”Scoring Out of A Possible 1000
(Not to be confused with income per unit)
Top Performers 800+ 9%
Above Average 650-799 14%
Average 500-649 28%
Below Average 350-499 38%
Poor 0-349 11% 1Team OneResearch and Training
The Role of The AgentThe Role of The Agent
• Training• Tracking and Reporting• Product Mix• Agent as Lobbyist• Support 1Team One
Research and Training
Income Distribution & PRU$Income Distribution & PRU$Below Average Group
“Cume” Avg.- 480Income Per Retail Avg.
$529
Above Average Group“Cume” Avg.- 796
Income Per Retail Avg.
$1287
Traits The Top F&I Dealerships Have In Common
A consistent, repeatable process.
1Team OneResearch and Training
Traits The Top F&I Dealerships Have In Common Traits The Top F&I Dealerships Have In Common
Elements Of A Successful Process Elements Of A Successful Process
1.It Must Be Easy Enough To Do Comfortably
1Team OneResearch and Training
Elements Of A Successful Process Elements Of A Successful Process
1. It Must Be Easy To Do Every Time
2.It Creates Credibility
1Team OneResearch and Training
Elements Of A Successful Process Elements Of A Successful Process
Credibility
1Team OneResearch and Training
Credibility vs. “Rapport”
Elements Of A Successful Process Elements Of A Successful Process
Credibility
1Team OneResearch and Training
Credibility vs. “Rapport”
“Rapport” = Sales Resistance
Elements Of A Successful Process Elements Of A Successful Process
Credibility
1Team OneResearch and Training
Credibility vs. “Rapport”
“Rapport” = Sales Resistance
Credibility= $
Elements Of A Successful Process Elements Of A Successful Process
How Do We Create Credibility?
1Team OneResearch and Training
Elements Of A Successful Process Elements Of A Successful Process
How Do We Create Credibility?
1Team OneResearch and Training
Up Front, Full Disclosure
Elements Of A Successful Process Elements Of A Successful Process
How Do We Create Credibility?
1Team OneResearch and Training
Up Front, Full Disclosure
Honesty As A Strategy
Elements Of A Successful Process Elements Of A Successful Process
1. It Must Be Easy To Do Every Time
2. It Creates Credibility
3.It Must Be Simple For Both The F&I Manager And The Customer. 1Team One
Research and Training
“Wouldn’t it be nice, for just a few dollars per month, to have, in the event of your untimely death, a free and clear title and ownership transferred to your loved ones or next of kin with just a simple signature at the Motor Vehicle Department?”
Huh? 1Team OneResearch and Training
Elements Of A Successful Process Elements Of A Successful Process
1. It Must Be Easy To Do Every Time
2. It Creates Credibility
3. It Must Be Simple For Both The F&I Manager And The Customer.
4.It Must Be Fast.
1Team OneResearch and Training
The Myth of the Feature/Benefit Presentation In The F&I Process
The Myth of the Feature/Benefit Presentation In The F&I Process
Conventional Wisdom, (circa 1979)
“If you are strong enough in your presentation to create
enough value in the customers mind, they will buy all of your products” 1Team One
Research and Training
The Myth of the Feature/Benefit Presentation In The F&I Process
The Myth of the Feature/Benefit Presentation In The F&I Process
“If you are strong enough in your presentation to create enough value in the customers mind, they will buy all of your products”
Average Presentation Time (average as taught by three conventional F&I schools)
• Finance Conversion • (cash, bank, credit union) 9 minutes• Credit Life 2 minutes• A&H or Disability 3 minutes• Service Contract 8 minutes• Chemical, Theft, etc. 6 minutes
Total 28 minutes 1Team OneResearch and Training
Psycho-Neuro response
1Team OneResearch and Training
The Time Element The Time Element
The 4 ½ To 7 Minute Rule
1Team OneResearch and Training
Elements Of A Successful Process Elements Of A Successful Process
1. It Must Be Easy To Do Every Time
2. It Creates Credibility
3. It Must Be Simple For Both The F&I Manager And The Customer.
4. It Must Be Fast.
5.All Products Are Presented, Every Time.
Income Distribution & PRU$Income Distribution & PRU$
“The less you care about which products
they buy, the more you’re going to sell”.
Elements Of A Successful Process Elements Of A Successful Process 1. It Must Be Easy To Do Every Time
2. It Creates Credibility
3. It Must Be Simple For Both The F&I Manager And The Customer.
4. It Must Be Fast.
5.All Of The Products Are Presented, Every Time.
6.Separation of Tangibles
and Intangibles 1Team OneResearch and Training
Intangibles As Assumptive Productsvs.
Low Cost Tangibles As Upsell Products.
Assume/Intangibles Life Disability GAP Service Contract ID Theft
Upsell/Tangibles Chemicals Theft Deterrents Tire and Wheel Accessories
Separating Tangibles & Intangibles
1989
OriginalMenu
Concept
Separating Tangibles & Intangibles 1989
1990’s
Separating Tangibles & Intangibles 1989
1993
1996-2004
Separating Tangibles & Intangibles 1989
19931996-2004
4 Column Menu With Tangibles And Intangibles Separated
Separating Tangibles & Intangibles
Team OnePackage Option™Process
Two Keys To Selling Tangibles
1.Package Discounts
Two Keys To Selling Tangibles
1. Package Discounts2.Quote the monthly “bump”
not the total payment.
Two Keys To Selling Tangibles1. Package Discounts2. Quote the monthly “bump” not the total
payment.
Getting The MoneyGet enough lenders to get every possible deal bought.
www.fimagazine.com/FinanceSources
www. subprimenews.com/downloads/lender-directory.pdf
Downloadable PDF List at:
State by state listing at:www.autocreditexpress.net/resources/lenders
Contact InformationContact Information
Team One Research and Training
1-800-928-1923
Website: www.teamonegroup.com
Email: [email protected]
George Angus 1Team OneResearch and Training
