3 Tips for Qualifying Customers After F&I Training in Toronto
Once a car buyer has reached the finance and insurance (F&I) department, they have already gone through the lengthy process of finding the perfect vehicle, test driving it, and deciding to buy it. So you may think that the time to qualify the customer is over. However, this is not true. While the customer may have settled on their dream car, they still need to decide on and purchase financing, insurance, and any additional add-ons. Because the F&I department is responsible for a significant portion of a dealership’s profits, it’s essential that you qualify customers properly in order to maximize revenue and make the customer happy!
Read on for three tips you can use once you start your career as an F&I business manager.
1. As an Automotive Business Manager, Always Ask Open-Ended Questions
As an F&I automotive business manager, you should begin qualifying your customer right away. You will need to ask them questions that will help you get an indication of their buying power, how much they drive, their insurance needs, and more. The best way to do this is to ask open-ended questions. Closed-ended questions that have only yes or no answers can leave customers feeling anxious and like they’re responding to a test, whereas open-ended questions allow the customer to relax and speak to you comfortably about their situation and needs.
Some examples of effective open-ended questions you may ask in the F&I department are:
- How often and how many kilometres do you anticipate you’ll drive each week?
- How were you planning on paying for the car: by leasing, paying cash up front, or financing?
- For how many months do you plan to finance your car?
2. As an Automotive Business Manager, Let Your Customers Do the Talking
Where many new F&I managers with careers in the auto industry go wrong during the sales process is talking and selling too much. While you surely do need to educate your customers about the various options that are available to them, you can learn a lot about what’s going to suit their needs by simply listening. Why bother offering an expensive extended warranty with a massive kilometre allowance if they are only going to use the vehicle on the weekends? These are the types of things you can learn during the qualifying process by just listening.
By attentively listening to the customer, you’ll be more successful when you’re ready to pitch your products, because you can better tailor your offers to the customer’s unique needs. It will also help you frame the product in a way that allows the customer to understand the benefit it adds to their life and situation. In addition, because the customer will trust that your suggestions are based on their specific needs, you’ll have an easier time building rapport.
3. When Qualifying a Customer, Make Sure You Aren’t Too Forceful
When customers feel like you’re rapid-firing questions at them, they are less likely to engage with you, be upfront, and receptive to what you’re saying. When qualifying and asking your customer key questions, you must strike a balance between getting the information you need and keeping the customer comfortable.
The best way to accomplish this is to ask warm up questions first, then move to the nitty-gritty, personal questions once you’ve established trust. Great first questions could be about their family or who’s driving the car. Then, you can move to more impactful questions like asking how they plan to finance the vehicle or about their down payment.
Do you want to learn more about F&I training in Toronto?
Contact Automotive Training Centres today!
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