Have you ever had a finance manager or loan officer complain about being burned out?
We all know that dealerships and lending institutions alike are trying to find ways to lessen the burden when it comes to selling consumer protection products. After rapid expansion of menu’s, F&I managers and loan officers are struggling to comply with the 100%-100%-100% rule and keep their penetration numbers up.
Whether your menu is large or small, product knowledge is the most obvious yet least recognized key to keep managers from being overwhelmed and generate success. In addition, it helps managers craft questions for the beginning of the process to better understand which products best fit their consumer’s needs. When based on product knowledge, these questions are the key to creating logic hooks that turn “no’s” into “yes’s.”
Furthermore, product knowledge:
- Increases comfort level with the product presentation process
- Makes it easier to present different angles or benefits based on the consumer’s needs
- Hastens recovery from curve balls
Consider your product penetration rate in your dealership or lending institution. According to Auto Finance Magazine, the average penetration rate for consumer protection products sold in the United States is approximately 40%. What would you do to increase your rate?
With over 35 years in consumer finance, the experts at The Transcend Group, a division of EFG Companies, know how to train your team to consistently meet and/or exceed performance goals by focusing on filling consumer needs in order to sign more loans, increase margins and foster consumer loyalty.
We provide management consulting and advisory services in the areas of corporate growth strategy, innovation and growth processes, organizational transformation, and talent management and development strategies.