Auto Dealer Monthly Magazine is the daily operations publication serving the retail automotive industry. This automotive publication serves dealer principals, officers and general managers with the latest best practices.
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vide a better life for themselves and their families. Te same rule applies for products and providers. How will this change afect each business manager's bottom line? OBJECTION NO. 3: "THIS IS THE WAY WE'VE ALWAYS DONE IT." First and foremost, the rules of F&I; are going to change. Te big question pertains to how dealers are going to be compensated for securing a loan with a f nance company. We have been reading about this for some time. As much as our trade associations are trying to fght it of, I suspect change will happen sooner rather than later. We must be prepared. Since its inception, the f nance ofce has made the majority of its money from f nance reserve. When that changes, many business managers will struggle to f nd a way to maintain production with the possible loss of their primary proft point. I am sure this has been a discussion in your 20 Group meetings. Find a school that works on presenting a full mix of products rather than focusing on how to justify rate. Your business man- ©ISTOCKPHOTO.COM/MISZAQQ OBJECTION NO. 2: "I DON'T HAVE THE TIME." Te primary objections dealers hear from F&I; managers who need training is that they can't spare the time or the store is too busy. But you hear those same objections for conferences, classes and even one-day workshops. So is it really about the time? I f nd that many business managers are scared to leave their posts, even for a day. Tey may fear losing a day's production or even being replaced. However, in my experience, the real fear is that they will be held responsible for an increase in production afer training. Remember, you must explain the beneft. Training ofers opportunities to learn something new or fnd a new direction for something old. If they come back with new skills that will help them sell more products, great! If they do not fnd anything that will beneft them, don't worry about it. At least they got some time away from the store and the chance to commiserate with colleagues. F&I; managers who are unwilling to attend training may be worried they will be held to a higher production standard upon their return if they were to participate. Other F&I; producers are just resistant to change. agers will thank you for the help — if they accept it. Again, as always, explaining the benefts will help overcome any objections. OBJECTION NO. 4: "I HAVE MY OWN WAY OF DOING THINGS." Much like those who say "T is is the way we've always done it," business managers who pride themselves on their own process or "style" may be working against the best interests of their income, your dealership and your customers. Ignorance is no longer an excuse for doing the wrong thing, intentionally or otherwise. Beyond the new compliance standards we now operate under, we also must consider the fact that the customers themselves have changed. Tey are better-educated and more demanding. Tey want greater transparency, more options and an efcient, customer-friendly transaction. Tat's good news, because when the customer has a better transaction, they buy more. Many of the forward-thinking dealers I know are proving this on a daily basis. OBJECTION NO. 5: "THIS IS THE REAL WORLD." Business managers are quick to question the qualifcations of trainers and whether their coursework applies to real life in a real dealership. Tey're absolutely right. No one works at Fantasy Motors and fantasy has no place in the F&I; ofce. Before you ask anyone to attend training, you must be prepared to answer this objection. Te trainers you hire should have retail experience and proven success. Tey should be able to withstand a legal review of their materials, explain how their F&I; process works with their sales process and, by the way, when was the last time the trainer took a turn in F&I;? Ask the questions your business managers would ask. All dealers and GMs expect a f nancial return on their investment in training. You just have to be sure your business managers are aware that your goals are the same as theirs: increase production and protect the dealership. With that in mind, and the proper presentation, you can handle any objection. Tony Dupaquier is director of F&I; training for American Financial & Automotive Services (AFAS)'s Automotive Training Academy and has extensive auto retail and management experience. TDupaquier@ AutoDealerMonthly.com FE BRUARY 2014 • AUTODE ALE R MONTHLY.COM 25