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A New Approach to Menu Presentations

Post author By efgmarketing
Post date December 12, 2018

Contributing Author:
Dave Gibbs
Training Manager
EFG Companies

It’s a common practice in most F&I offices to utilize menus of various types to present F&I products to customers. They can help to maintain compliance and ensure that every customer knows their choices when it comes to protecting their purchase. However, few subjects inspire more debate than how to effectively utilize menus to enhance the customer experience and effectively present F&I products.

While most F&I Managers still use menus to sell F&I products, there is another approach or philosophy that can be even more effective than using them as step-selling tools. I would encourage you to consider the menu as a natural conclusion to a benefits presentation and discussion, tailored to the needs of your customer that have been identified.

I do not recommend only using a menu to present and sell your F&I products. Many of your customers have most likely been through a similar presentation and are conditioned to reject any proposition you may have for them immediately. Most of us have experienced the “No thanks, I will pass” response that comes as soon as you begin to review the menu. The wall goes back up and the customer stops listening to you. Many times, all they can see is the cost of the products and they aren’t even hearing the benefits you may be trying to convey.

A better approach would be to identify the customers’ needs through conversation prior to presenting a menu. Utilizing the information that both you and the sales associate gathered from them, you can then transition to a product discussion and a review that is tailored to their individual and unique needs. This can help the customer see areas where they may have risks during their time of ownership and cultivate a value-based proposition.

Recruiting

Interviewing 101

Post author By efgmarketing
Post date November 28, 2018

Contributing Author:
Amber Hash
Recruiting Manager
EFG Companies

Have you found yourself wondering what happened to that stellar candidate who came in for the job interview? They were impressive in the interview, so why are they not measuring up on the job?

This scenario happens because some people are just better at interviews than others. It could be that you find yourself passing on potentially top-performing employees and hiring less apt candidates, all due to the interview.

So, as an employer, what are you to do? Approach an interview the same way you would approach a needs analysis with a potential customer.

First, put the candidate at ease with some small talk and set expectations on the interview itself, including timing. This step helps those people who are nervous interviewers. Putting them at ease will help them open up about their experience and what they can bring to the table.

Then, ask behavioral questions. Again, let’s go back to the needs analysis with a customer. Those questions typically revolve around driving habits and lifestyle, i.e., behavior. The same thing applies in a job interview. Ask candidates for examples of goals they reached and how they achieved those goals. Have them describe a stressful situation, or a situation where they made a mistake at work and how they handled it. Ask them if they’ve ever been in a situation where they needed to change a person’s mind, and how they achieved that change.

Business Growth Powersports Market

Prepping for Success in 2019

Post author By efgmarketing
Post date October 10, 2018

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

From where I sit, it’s hard to believe that fall is here. Luckily, financial forecasting is not weather dependent. Regardless of the temperatures in your area, the fact remains that new bikes will be arriving at your dealership and you need to manage your current inventory. A few other fourth quarter tasks include calculating your break-even and profitability numbers and preparing for 2019. As powersports dealers cast an eye toward 2019, a sharp pencil and ready calculator can mean the difference between a year in the black or a disappointing year in the red.

2018 is shaping up to be another flat year for on-road powersports products with off-road vehicle sales such as 4x4s up slightly. This is reflective of a demographic transition from Baby Boomers to Millennials. While Millennials still like motorcycles, they are flocking to those off-road vehicles that can hold a family or group of friends. Now that Millennials represent the largest working demographic in the U.S., this generation has the power to “make the market.”

Regardless of the numbers, there are some factors outside of a dealer’s control. Rising tariffs and higher OEM prices for certain bikes can put these products out of reach for some consumers. When planning your inventory for 2019, take a close look at what sold this year. Are you still trying to move those high-end luxury models? Have your Baby Boomer customers decided not to upgrade this year? Are off-road products moving faster than traditional motorcycles? This may be reflective of a growing Millennial buyer base. Rising interest rates and rising costs this year give you a glimpse into next year. Plan accordingly and consider resetting your inventory mix.