F&I Managers, This Is Crushing Your PVR.
The Current State of Dealerships: A Lack of Energy
As I’ve traveled to various dealerships recently, one thing has become glaringly apparent: there’s a distinct lack of energy. It feels like we’re experiencing a hangover from the pandemic. Where there was once excitement and hustle, now there's a lethargy that's palpable. This drop in energy is impacting not just the atmosphere but the overall business performance.
The Shift in Consumer Behavior
Today, the buyer's journey predominantly starts and often ends online. We have two doors to our dealerships: the physical front door and the virtual door. More and more, customers are initiating their car-buying journey through the virtual door. When they eventually walk through the physical door, they are met with a lack of enthusiasm that can deter them from completing their purchase.
Remembering the Good Old Days
Reflecting on the past, when I first entered the car business, there was an unmistakable buzz. Sales consultants and managers were constantly moving, filled with excitement and energy. Even without customers on the showroom floor, the atmosphere was lively. There were smiles, greetings, and an eagerness to assist anyone who walked through the door. Today, this seems to be missing.
The Role of Managers: Stimulating Business and Motivating Teams
As managers, coaches, and leaders, it’s our responsibility to change this. We need to stimulate business and motivate our sales teams. Here are some strategies to rekindle that lost energy:
- Hold Sales Consultants Accountable: Ensure follow-through and follow-up on every lead.
- Create Incentives: Take a leaf out of Lee Iacocca's book, who created excitement and drove traffic to the dealership with simple incentives.
- Innovate and Think Outside the Box: Find new ways to bring customers in and keep them engaged.
- Maintain a Positive Attitude: A positive mental attitude (PMA) is infectious and can transform the dealership environment.
Practical Steps to Revive the Dealership Spirit
- Engage in Daily Activities: Move cars around the lot, put up balloons, and create an environment that’s always buzzing with activity.
- Welcome Every Customer with Enthusiasm: Train sales consultants to greet customers warmly and make them feel valued.
- Regular Training and Meetings: Conduct daily training sessions and meetings to keep the team motivated and focused.
- Utilize CRM Tools Effectively: Leverage CRM tools to follow up with leads and personalize communication with potential buyers.
- Manager Involvement: Managers should get involved in deals early, make introductions, and ensure a seamless customer experience.
The Power of a Positive Attitude
Our attitude dictates our altitude. Aim high with a PMA. Forget about the past and focus on creating excitement every single day. Confidence, enthusiasm, and energy are contagious. They not only impact our sales team but also translate into a better customer experience, leading to more sales.
Action Creates Action
We need to move from being “chair-born” to “airborne.” Take the initiative, make that follow-up call, introduce yourself to customers, and make every interaction count. By doing so, we create a vibrant and dynamic environment that attracts and retains customers.
The time for dead zones in dealerships is over. We need to wipe out mediocrity and sluggishness. It’s up to us, the managers and leaders, to bring back the excitement and drive business forward.
Looking for more ways to improve inside the dealership? Visit us at Product Prep. You won’t be disappointed. Let’s get out there, get motivated, and bring energy back to our dealerships!