The Key to Overcoming "Can I Think About It?" in F&I Sales
If you’re an F&I manager, you’ve probably encountered the all-too-common objection from customers: “Can I think about it?” It's a phrase that can signal the beginning of a prolonged and uncertain decision-making process, ultimately leading to lost sales. This blog post will delve into effective strategies to address this objection and turn potential hesitations into confident commitments.
The Pitfall of Discussing Factory Warranties
One of the biggest mistakes F&I managers make is discussing the factory warranty in detail before presenting additional options. Here’s why this approach is flawed:
- Redundancy: The sales consultant should have already covered the factory warranty. Repeating it can make customers feel overwhelmed and lead them to believe they already have adequate coverage.
- Indecision: When customers are reminded of their existing coverage, they often think they have more time to decide about extended services, resulting in the dreaded “Can I think about it?” response.
Instead, focus on presenting new information that highlights the value and necessity of extended service contracts without reiterating what they already know.
Addressing the “I Want to Think About It” Objection
When a customer expresses a desire to think about your offer, it's crucial to handle the situation with tact and understanding. Here are steps to turn this objection into an opportunity:
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Acknowledge the Request: Respond positively to their need for consideration.
- Example: "Mr. and Mrs. Jones, you can certainly think about it. Obviously, you wouldn’t take the time to think about it if you weren’t somewhat interested in the program."
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Restate Benefits and Address Unanswered Questions: Reiterate the key benefits and invite them to ask any lingering questions.
- Example: "Let me share with you the features and benefits of this program that you're most interested in. You probably have some unanswered questions that the brochure is not going to answer."
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Encourage Decision-Making While the Iron is Hot: Emphasize the advantage of making a decision while they are still in the dealership.
- Example: "The best time to make a decision is before I print the contract because it ensures you get the best deal without delay."
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Present Evidence and Detailed Information: Provide additional resources and evidence to reinforce the value of the extended service.
- Example: "Do you mind if I share something with you? Here’s some information about the vehicle’s electronics, the semiconductors, and the wiring harness."
Enhancing Your Sales Approach
By avoiding the pitfall of redundant warranty explanations and skillfully handling objections, you can significantly increase your success rate. Here are a few tips to keep in mind:
- Focus on New Information: Highlight the extended service contract's unique benefits.
- Engage the Customer: Use open-ended questions to understand their concerns and interests.
- Provide Evidence: Use brochures, evidence manuals, and visual aids to support your points.
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Happy selling!