As professionals, part of the job is knowing your products. That means knowing their features and benefits but it also means knowing what to call them to give the most accurate portrayal of them as possible to potential buyers; buyers who are only at your place of business once every several years.
A few of the most misused terms are below:
Extended Warranties - or sometimes, just "warranties". F&I Managers sell service contracts, extended service plans, vehicle service agreements. Warranties can't be sold. They are given to the customer and they are only given by the manufacturer of the product or the dealer. Warranties have very specific terms and agreements associated with them. And unless you sell in a state where they are governed by the insurance department, you don't sell mechanical breakdown insurance.
Bumper-To-Bumper and Wrap-Around Warranties are also terms that send incorrect messages to customer.
GAP Insurance - F&I managers sell GAP coverage or GAP waivers but GAP is not an insurance product and shouldn't be referred to as such. And although we capitalize the word, GAP doesn't actually stand for anything. Some companies have dubbed it "Guaranteed Asset Protection" but this is more of a marketing term that offers a built in description of the product.
Make an effort to get it right and to train your salespeople to do the same.
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