F&I has earned a bad reputation, thanks, largely, to the way it was handled for far too long in the automotive industry. The recreational industry can and should refresh the way people think about F&I.
For purchasers of recreational vehicles – boats, RVs, ATVs, off-road, Powersports – F&I should not, cannot, be a pressure-filled, must do, frankly, uncomfortable experience. Rather, F&I aids in creating and/or sustaining a lifestyle of pleasure.
No one “needs” a boat or an RV. They want one. They want what a boat or RV promises for them – freedom, relaxation, entertainment, and simply a way to breathe freely. F&I facilitates that promise – that dream.
The F in F&I stands for Finance. Financing makes it possible for your customer to afford the great lifestyle – so the F really stands for Fun The I for Insurance offers all the Protective Products then ensure that all your customer has to worry about is enjoying themselves, comfortable in the knowledge that if anything goes wrong, they are protected and will be able to continue their lifestyle enjoyment without added cost. Save in that knowledge, your customer is able to relax and open themselves up – when that happens I stands for Inspiration.
Everyone involved with the customer’s F&I experience must fully internalize the fact that they are not pushing profit – they are enabling and delivering a lifestyle – they are delivering Fun and Inspiration. That said, “not pushing profit” does NOT mean not making a profit – it simply means delivering that profit with the lifestyle message and not with the pressure and fear technique that so many are so familiar with.
Why does a customer want to finance? Well, it could be for a couple of reasons, or perhaps both reasons. First, Finance allows the customer to acquire the unit that they want without needing or using liquid cash to do so. It frees them to get want they want while conserving more cash to help enjoy the lifestyle even more. Beside Fun, the F means Free – Free, to get what they want and Free to do what they want
What about Insurance or, in this case, Protective Products? These are NOT scams or rip-offs – ever. These are the products that allow your customer to relax without concern about things that might happen and in this relaxed mode, they can be Inspired. Warranties, Interior/Exterior Protection, Tire and Wheel Protection, GAP provide the assurance that their lifestyle can be Idyllic.
With all of this, your message to your customers needs to be clear.
Yes, you offer Financing and that needs to be advertised early and often so that there is no reason for your customer to seek that elsewhere.
Your messaging needs to let customers know that be Financing through you, they do not simply get F&I, they are getting Fun and Inspiration. They are getting a lifestyle that you understand and that they are looking for or maintaining that is Fun and Inspirational and that truly does offer a Free and Idyllic lifestyle.
F&I never needs to mean, “Oh no, not that” ever again – change your attitude about F&I and watch the profit skyrocket!
Dealer Profit Services – Driving Profit Through Fun and Inspiration
Dealer Profit Services, LLC can help you achieve F&I excellence – no matter where you are in the development and/or maturity of your store or stores F&I success model. As the industry’s best Finance Solutions Provider and the only one to take your customer to Fun and Inspiration with a Free and Idyllic lifestyle through F&I, thus driving industry-leading levels of F&I profit, Dealer Profit Services can and will equip you with what you need to take that next step in your F&I success – regardless of what that next step might be. Whether you want someone to help you take over take over your F&I and with our experienced personnel just help you drive profit to your store, provide help to you some of the time, need some quick advice, or just provide F&I Training/Consulting, we are here to help you. If you are not fully equipped with all of your Compliance Manuals and Training, Dealer Profit Services can do that too. Contact us anytime at info@dealerprofit.com or give us a call at (470) 326-0966.
