Going Hi-Tech for High Profits

Several incidents occurred recently that prompted me to write this article. The first happens every month: I hear from F&I Managers complaining that their internet department is “killing” their numbers. They claim to never see the customer or to see them only when they take delivery of the vehicle with check-in-hand. On another occasion I was listening to the no-cost version of Pandora Radio when a commercial interrupted the music offering extended service contracts on vehicles. Yet another time I was listening to Fox News on my Sirius radio when I again heard a different commercial for extended service contracts for vehicles of “any make, model, and year.” What do these incidents have in common? Thanks to the ever-changing hi-tech world in which we live, your customers are being bombarded with solicitations for vehicles, auto financing, and insurance products from multiple media sources. Some of them are also using media sources to avoid going to the dealership, preferring instead to shop, negotiate, apply for financing, and finalize the sale without ever setting foot in your store, or only doing so to take physical delivery of their vehicle. As you have all said, this is affecting your numbers. Well, the not-so-good news is: you are going to see more customers use internet sources to purchase vehicles as well as more hi-tech methods of pitching F&I products to the public. The good news is: You can dive right into the world of technology and social media with built-in credibility and get your customers back to the dealership. First, make sure your dealer’s website has information about your financing and products. Use the website to offer specials or discounts. These can be in the form of coupons or just an offer especially for internet purchasers. Get creative: Spend some time on the internet learning how other types of companies cater to the internet shopper. Then think of ways you can make it work in your world. Next, work with your internet salespeople and managers. Most importantly, make sure you have an agreed upon process for getting the information about their customers ahead of the delivery. Then contact the customer both by phone and email. Send them a completed, personalized menu that you walk through with them. Make it as easy to take advantage of your packages as it was to purchase the vehicle. The learning curve with this is that you have to work on your presentation to make it compelling without having the person in front of you, and doing so in a short period of time. There is training specifically for this type of selling. Where do you find it? The internet, of course. You could also Skype or set up a web conference or face time on your phone if you prefer a face to face discussion. Obviously, your dealer’s approval is needed for some of these solutions. Learn how to use Facebook or other social media sites to your advantage. For example, bloggers trying to improve their reader count often offer “the-first-25-to-respond-gets…” specials. Give it or some consideration. You won’t know if it works unless you try it. As for those companies using Facebook, Twitter, Sirius, Pandora, and even the good old U.S. Postal Service to peddle Service Contracts and other products, the best chance of competing with them, winning the sale and protecting your customer from sub- standard products is to stay in touch with your customers with relevant information and offers so that they think of you and your dealership before purchasing through one of those advertisers. Here again, multi-media is the key. Send a Thank you letter or email message with an offer enclosed. Follow this with an offer on your dealership website. Follow that with a coupon given to the customer when they come in for their first oil change or with the notification that they are due for maintenance. In the meantime, add a “This month only” special to your dealership’s Facebook page or Twitter account. Piggy back onto whatever message your store is sending to the customer so that your products and department are always being represented. Yes, it’s a little extra work but technology is here to stay. Work with it so it doesn’t work against you.