F&I training that will triple your PVR in 2024

Financial & insurance (F&I) professionals are under more pressure than ever to boost dealership profitability and drive customer satisfaction. At the heart of dealership success is maximizing the PVR (per vehicle retailed), a metric that serves as a powerful indicator of both sales effectiveness and profitability. For 2024, Product Prep brings transformative F&I training designed to triple your PVR with exclusive insights from Gerry Gould, a leading F&I trainer with decades of industry experience.

With Product Prep, dealership staff can access advanced strategies and hands-on techniques tailored for the complexities of today’s automotive landscape. This training isn’t your typical F&I curriculum; it’s a dynamic program that blends Gould’s proven methods with real-time learning. From expert coaching on objection handling to deal management and customer engagement, the techniques outlined here are designed to bring immediate, measurable impact to any dealership.

In this article, we’ll walk through Gould’s insights and share exactly how Product Prep’s F&I training can help you improve your team’s efficiency, boost compliance, and deliver impressive results in 2024.

Key Takeaways

• Learn how strategic deal management and customer-centric F&I practices can lead to sustained growth in PVR.
• Explore practical techniques for overcoming objections and managing common customer concerns around payments, product options, and past experiences.
• Discover the importance of early F&I involvement in the customer journey to build rapport, credibility, and trust.
• Maximize your dealership’s PVR by adopting advanced techniques that resonate with customers, ultimately driving better outcomes and enhancing customer loyalty.

Elevate Your PVR with Advanced F&I Techniques from Product Prep

For seasoned F&I managers, boosting PVR goes beyond the basics. It’s about refining your approach with advanced, actionable techniques that yield measurable results. Product Prep’s F&I training program, led by industry expert Gerry Gould, equips automotive professionals with high-impact strategies specifically designed to overcome today’s most pressing F&I challenges. In 2024, these tactics aren’t just about improving close rates; they’re about mastering the art of deal management, objection handling, and customer engagement to drive sustainable profit increases.

How Product Prep Elevates F&I Performance:

• Dynamic Deal Management: Product Prep’s training goes beyond traditional F&I processes by equipping managers to actively guide the sales process from an earlier stage. By getting involved right as the customer enters the dealership, F&I managers can set the tone for a positive, trust-building experience. With Gould’s insights, F&I teams learn how to anticipate customer concerns and handle potential objections before they escalate, creating a smoother path to closing.

• Refined Objection-Handling Techniques: Addressing customer objections with confidence and clarity is a core skill for every F&I manager, but Product Prep takes this skill further with detailed training on managing even the most difficult objections. Whether it’s a concern over payment, skepticism from past experiences, or doubts about product value, Product Prep teaches advanced communication tactics to help customers understand and appreciate the value of F&I offerings.

• Customer-Centric Sales Psychology: Product Prep emphasizes the psychology behind customer decisions, helping F&I managers learn to shift conversations from cost to value. By focusing on what the customer wants—protection, security, and peace of mind—managers can align product options with each customer’s priorities. Gould’s advice on reframing payments into manageable daily costs and asking targeted questions to understand customer priorities is instrumental in helping customers see value beyond price.

Imagine a customer balking at an added service contract cost. Instead of highlighting every feature, Gould advises a customized approach: identify the customer’s pain points and focus on only the most relevant benefits. For example, if a customer frequently drives in rough weather conditions, a focus on tire and wheel protection, along with daily cost breakdowns, helps the customer envision real-world benefits.

Through advanced tactics like these, Product Prep empowers F&I teams to drive higher PVR and secure long-term customer loyalty by addressing both the practical and psychological needs of today’s car buyers.

Step-by-Step Guide to Transforming F&I Performance for Maximum PVR

Step 1: Mastering Deal Management Techniques

Successful deal management in F&I goes beyond closing a sale; it involves anticipating customer needs and addressing their concerns before they even voice them. Gould emphasizes the importance of early F&I manager involvement in the sales process, especially in today’s fast-paced dealership environment, where customers often arrive with high expectations and specific concerns.

Deal management means being prepared to address everything from initial objections to final paperwork. By entering the process early, F&I managers can take control and influence outcomes, paving the way for smoother transactions. This proactive approach is invaluable, as it not only reduces friction but also builds trust with customers.

Tip: When handling customers concerned about monthly payments, try focusing on reducing the cost to “daily” terms. Explaining that an additional $3 per day won’t impact their budget as significantly as they might think can help put things in perspective, allowing customers to see value without focusing too heavily on the monthly total.

Step 2: Implementing Effective Objection-Handling Tactics

Every F&I manager encounters objections, from high payment concerns to questions about product inclusions. Gould teaches a proven approach to overcoming these objections by understanding the core of customer concerns. When a customer is hesitant to purchase additional products due to high monthly payments, for instance, Gould recommends focusing on what those products deliver rather than the cost itself.

Strategies for Common Objections:

• Payment Too High: Present options based on daily versus monthly payments, helping customers see the real, minimal impact on their lifestyle.
• Prior Bad Experience: If a customer mentions a poor experience with a previous service contract, Gould advises tactfully asking where they purchased their last vehicle. If it was from another dealership, this opens the door to rebuild trust while subtly highlighting the superior support they’ll receive from your dealership.

By framing objections in a way that aligns with customer needs and focusing on transparent communication, F&I managers can more easily overcome hesitation and increase close rates.

Step 3: Engage Customers on Their Terms with Tailored Options

Every customer has unique needs, and recognizing this early in the F&I process is crucial to boosting sales and customer satisfaction. Gould emphasizes using a tailored approach to present products in a way that resonates with the individual. For example, if a customer has previously faced costly repairs, emphasizing the security provided by a service contract might be the best approach. Alternatively, for a customer primarily concerned about loan term length, highlighting the added value of a GAP insurance plan could be more effective.

Using these insights and understanding a customer’s background can significantly increase acceptance rates. Product Prep’s F&I training encourages managers to make their presentations about what the customer wants to buy, not what the dealership wants to sell.

Building Credibility in F&I: Establishing Trust for Long-Term Success

In the F&I department, credibility is everything. Customers need to trust their F&I manager to guide them through decisions on complex financial products. Gould stresses that credibility is earned through transparent and knowledgeable interactions. Unlike sales roles, where being likable is often enough, an F&I manager’s success hinges on their ability to inspire trust.

How to Build Credibility Effectively:

1. Early Involvement: Building rapport begins the moment the customer expresses interest in financing options. Early F&I involvement helps establish credibility and shows customers they have a trusted advisor who understands their needs.
2. Transparency with Payments and Products: Honest conversations about costs and the benefits of each product make customers feel valued. Gould’s strategy includes showing customers the payment difference with and without added services, giving them control over their final decision.
3. Consistency and Follow-Through: Every interaction should reinforce the same level of care and expertise, from the initial discussion to the final paperwork.

With Product Prep’s focus on credibility, F&I managers learn to go beyond transactional relationships, creating loyal customers who will return to the dealership for future purchases.

Advanced Strategies for Reducing Customer Concerns with Transparent Communication

One of Gould’s most effective techniques is “reducing it to the ridiculous”—a strategy to break down payments and costs into smaller, more manageable figures that help customers view additional options in a new light. By reducing the total cost into daily amounts, customers can see how little these extras impact their budget.

Example Scenario: Converting a Lease Concern into a Sale Opportunity

Imagine a customer hesitant to add coverage to a lease, citing a high payment. Gould advises explaining that the monthly increase for this coverage might only equal a few dollars a day, which is likely insignificant compared to their daily expenses. This reframing allows customers to see the value of added protection without feeling financially strained.

Product Prep emphasizes communication tactics like these because they align with how customers view their finances. By educating F&I managers to communicate transparently, Product Prep enables dealerships to improve customer satisfaction and, in turn, increase PVR.

FAQs

1. What types of customer objections are covered in this training?

   • Common objections include high payment concerns, past bad experiences, or a lack of perceived need. The training covers each in detail, offering practical methods to handle these issues.

2. Is Product Prep’s F&I training suitable for all dealership types?

   • Yes. Product Prep’s approach is adaptable, catering to highline, domestic, and hybrid dealership environments. Modules are customized to ensure relevance across different markets.

3. What can dealerships expect from live training with Gerry Gould?

   • Live training sessions provide hands-on learning experiences, focusing on real-life scenarios to improve objection handling, customer engagement, and deal management.

4. How does Product Prep support new F&I managers?

   • New managers benefit from Product Prep’s structured onboarding, certification options, and foundational training modules designed to accelerate skill-building and performance.

5. How is Product Prep different from other F&I training providers?

   • Product Prep focuses on real-time coaching, live feedback, and a dynamic, hands-on approach. Unlike many static programs, Product Prep offers continuous learning, adapting to industry changes and providing immediate support.

6. Does Product Prep offer certification?

   • Yes, Product Prep offers certifications that demonstrate expertise, enhancing professional credibility and value within the dealership.

Conclusion

Product Prep’s F&I training, led by Gerry Gould, equips automotive professionals with skills that go far beyond traditional training. With a focus on real-world scenarios, advanced deal management, and transparent communication, this training is designed to triple your dealership’s PVR in 2024. Product Prep provides more than just knowledge—it offers strategies that transform the way F&I managers engage with customers, overcome objections, and build trust.

With actionable techniques to address every concern and drive meaningful results, Product Prep’s F&I training is the key to ensuring your dealership achieves its PVR goals. Now is the time to explore Product Prep’s unique learning system, gain real-world skills, and start seeing results.

By the way, you’re invited to check out our world-class F&I training program where the average F&I Manager increases their PVR by over 30% in the first month. You’ll have access to 100+ hours of training videos personalized to your weaknesses. Plus, you get exclusive access to see Gerry Gould LIVE twice per month to ensure you continue to grow your skillset and income. Come join a community of the top F&I Managers in the country and the #1 F&I Training in the world. For $149 you can pay that off with one extra deal we’ll personally teach you in the first week of training.