F&I continues to be the largest source of revenue within every dealership. Since 2010, F&I revenue per vehicle has increased by nearly 60%. As the world continues to pivot, both in response to COVID-19 and as technology progresses, virtual F&I is becoming increasingly popular. It is important to not only be aware of this growing trend but to ensure the employees within your dealership know how to take advantage of the opportunities it presents.
Virtual F&I (VFI) provides your dealership and employees with several benefits, including:
Properly prepare to speak with customers through a virtual setting. Although speaking to customers through a webcam or over the phone may feel awkward at first, communication must be coherent and professional. Before starting a video chat with a customer, create a quiet, clean environment to conduct the sales call. Use proper lighting and position the camera at eye level. Test your wireless connection, video, and audio ahead of time.
During the interview, remain calm and personable with the customer, remember the importance of body language, look into the camera, and talk with your hands to help keep the customer’s attention. Listening to and communicating clearly with the customer is critical when selling F&I virtually. Ask questions and get to know the type of customer you are speaking with. At Empire Dealer Services, we can provide extensive training for your F&I managers and help to create a VFI strategy that works best for your dealership.
Closing the deal provides a great opportunity to add on additional products. At this point, suggest the customer explore additional options but do not be overly pushy. Especially in a virtual setting, it is important that the customer feel as though they are in control. After discussing additional products, provide the customer with a timeline for their purchase, including:
Once the transaction is complete, make sure to provide the customer with a complete overview of the purchase, including the vehicle make, model, and color, any add-on features they selected, and any F&I products and services.
At Empire Dealer Services, we understand the struggles that dealerships are facing during these difficult times and we are here to help! We offer both in-person or virtual one-on-one training sessions to help get your team up to speed with the latest strategies. Contact us today for more information.