Your F&I Products could be the culprit.
As a dealership owner or general manager, you probably continually analyze your numbers and productivity to see how you can increase profit. You consistently review how many deals your sales team closes in a month, your product penetration, web traffic, etc. When it comes to analyzing your F&I products, are you taking a strategic approach to analyzing their benefits for your dealership?
Strong F&I products do much more than sell. They:
- differentiate your dealership in the market;
- help build customer relationships;
- are designed with the customer experience in mind; and,
- increase service retention.
When evaluating your mix of F&I products, think beyond product penetration to how your products enhance gross dealership profit by creating a customer experience that fosters lasting relationships and repeat sales.
With over 36 years of developing innovative consumer protection products, EFG Companies knows how to structure your F&I products to get the best results. For example, our dealership partners love our Drive Forever Worry Free program. Why?
Drive Forever takes the approach of building customer relationships to increase gross profit. This is backed up by messaging tailored to a very specific market of people looking for used cars. The messaging and the brand speak to practicality and the necessity of protecting finances from the potential breakdown of the most expensive components on a used vehicle.
Drive Forever provides real protection and is structured to pay legitimate claims. While this means it’s not the cheapest product available, it is one of the more comprehensive and reliable products in the market. This provides dealerships a tangible payoff to their marketing efforts and messaging about being there for their customers. It goes from being lip service to that of tangible value to the customer and brand believability.
Lastly, Drive Forever directs customers back to the dealership for service appointments. When a customer’s vehicle breaks down, they are more likely to return to the dealership to facilitate the entire claims and maintenance process. This increases the likelihood of selling the customer another vehicle up to 80 percent.
Excellent F&I products help drive greater traffic to all aspect of your dealership. From sales through F&I to service, EFG knows how to structure your products to put your dealership in the best light with your customers, and thereby increase retention and gross profit.
To learn how our innovation, dealer engagement and focus on increasing profits can benefit your dealership, contact us today!