5 Mindsets of High Performing F&I Managers
As an F&I Manager, your mindset is everything. It’s the foundation that drives your interactions with customers and ultimately determines your success in the dealership. Let’s dive into the five essential mindsets every top-performing F&I Manager needs to adopt.
1. Resistance is Pre-Programmed
Let’s be honest—no one wakes up excited to sit in the F&I office. Customers are naturally resistant to anything that prolongs their time at the dealership. So, how do you overcome this? Get involved early. The minute you catch a whiff of a deal brewing, jump in. Reach out to the customer, introduce yourself, and start building a connection. The goal is to make them feel like they’re not just buying a car—they’re buying an experience. Lowering resistance is all about creating a relationship before they even step foot in your office.
2. Customers Don’t Feel a Need
Here’s the thing: while you know how crucial these products are—because you see the benefits every day—customers don’t. They’re not thinking about the potential breakdowns or flat tires. So, it’s up to you to paint the picture. Make them understand why these products are essential. You have to bridge the gap between their current mindset of “I don’t need this” to “I can’t leave without this.”
3. They Do Want It
Yes, even if they don’t realize it, customers do want these products. The challenge? Making them see the value. You’re not just selling a product; you’re selling peace of mind. Break it down for them in simple terms: a service contract covers mechanical and electrical breakdowns, tire and wheel coverage handles road hazard damage, etc. When they see the benefits, that “want” turns into a willingness to pay.
4. Not Every Product Fits Every Customer
Each customer is different, and so are their needs. Some might see the value in a tire and wheel package because of past experiences, while others might lean toward a service contract. That’s why it’s crucial to present all the options. Don’t just push what you think is best—ask them which option resonates most. This not only builds trust but also increases the likelihood of a sale.
5. Tailor Your Presentation to Fit the Situation
Not all products are a one-size-fits-all solution. If a customer trades in their car every two to three years, offering them a five-year service contract might not make sense. However, you can explain that enrolling in these programs could provide a pro-rated refund toward their next vehicle. Always consider the customer’s specific situation and adjust your presentation accordingly.
Remember these five mindsets the next time you’re in front of a customer. They’ll not only help you close more deals but also make the process smoother for everyone involved.
Want to dive deeper into mastering these mindsets? Check out Product Prep Live, our world class F&I Training program where you'll be trained one on one on how to increase your PVR with F&I Veteran Gerry Gould
Until next time, keep pushing, keep growing, and go get ‘em!