The Mindset of the Top 1% F&I Managers

Every dealership manager and F&I professional knows the frustration of losing a sale to the dreaded phrase, "I need to think about it." This objection is a common roadblock, one that stalls negotiations and leaves potential revenue on the table. But what if you could turn this hesitation into an opportunity to build trust, close deals, and significantly boost your dealership’s profitability?

Gerry Gould, a renowned F&I trainer, sheds light on a strategy that transforms how F&I managers approach their roles. By identifying untapped resources within the dealership—particularly in the service department—managers can proactively engage with customers and address their concerns before they even become objections. In this article, we’ll explore actionable strategies for overcoming the “I need to think about it” objection and unlocking new revenue streams by leveraging Product Prep’s proven training methods.

Key Takeaways

• Be proactive: Waiting for customers to walk into your office is a missed opportunity. Actively engage with them in the service department to build relationships and trust.
• Leverage untapped resources: Customers nearing the end of their factory warranties or waiting for service are prime candidates for extended coverage options.
• Personalize your approach: Tailor conversations to each customer’s needs, providing clear, relevant solutions.
• Focus on results: Applying these strategies daily can dramatically increase service contract penetration rates, boost your PVR, and enhance overall dealership performance.

What Are Untapped Resources in F&I?

Untapped resources refer to opportunities within the dealership that are often overlooked. According to Gerry Gould, these are most abundant in the service department. Customers waiting for routine maintenance or nearing the end of their factory warranties are prime candidates for additional services, such as extended warranties or coverage bundles.

Why Focus on the Service Department?

The service department is more than just a place for routine maintenance. It’s a high-traffic area filled with customers who have already invested in their vehicles and are likely to keep them for several more years. These customers are often unaware of the extended coverage options available to them, making this the perfect opportunity for F&I managers to step in and offer solutions tailored to their needs.

Example: A customer waiting for an oil change on a vehicle with 38,000 miles may not realize their factory warranty is about to expire. A proactive F&I manager could strike up a conversation, explain the benefits of an extended service contract, and close a deal—all while the customer waits.

How to Overcome Objections and Leverage Untapped Resources?

Step 1: Shift Your Mindset to Proactivity

One of the most significant barriers to success in F&I management is a reactive mindset. Waiting for opportunities to come to you limits your potential. Instead, adopt a proactive approach by seeking out customers in the service department.

Arrive early and collaborate with service writers to identify customers whose vehicles are nearing the end of their warranties. This ensures you’re prepared to engage them with relevant solutions.

Step 2: Build Relationships in the Service Department

Building trust is crucial when addressing customer objections. By spending time in the service department and engaging with customers during their wait, you create opportunities for meaningful conversations.

“Hi Mr. Jones, I noticed your vehicle is here for an oil change. Did you know your factory warranty is about to expire? I’d love to show you some options to ensure you’re covered for the next few years.”

This casual yet informative approach puts the customer at ease, opening the door to a productive discussion about extended coverage options.

Step 3: Personalize the Customer Experience

Customers are more likely to overcome their hesitation when they feel understood. Personalize your sales pitch by asking questions about their vehicle usage and future plans. Tailor your recommendations to their specific needs, whether it’s an extended service contract, tire and wheel coverage, or paintless dent repair.

A customer with minor dents on their car may be hesitant to invest in a full coverage plan. However, when an F&I manager offers a free repair as part of a larger bundle, the perceived value increases, making the decision easier for the customer.

Step 4: Use Visual and Physical Demonstrations

Seeing is believing. Point out small dents or wear on a customer's vehicle and explain how a paintless dent repair program could save them money. These tangible demonstrations make the value of your offerings clear.

Keep a tablet or brochure handy with visuals that illustrate the benefits of coverage options. This tangible approach helps customers understand the value of their investment.

Why F&I Managers Should Focus on Service Departments?

The service department isn’t just a place for maintenance; it’s a sales goldmine. By engaging with customers here, F&I managers can:

• High Customer Traffic: Hundreds of customers visit service departments weekly, creating endless opportunities to initiate conversations.
• Pre-Qualified Leads: Customers waiting for routine maintenance are often committed to maintaining their vehicles, making them ideal candidates for extended coverage options.
• Increased Pay Plans: Focusing on untapped resources can significantly boost PVR, as every additional sale contributes directly to your bottom line.

Dealerships that integrate proactive F&I strategies into their service departments see an average PVR increase of 15-20% within six months.

FAQs

1. How can I overcome customer objections like “I need to think about it”?

Use empathy and education. Provide clear, concise information about the benefits of coverage and address customer concerns with patience.

2. What if I don’t have enough time to engage with customers in the service department?

Prioritize your schedule. Dedicate 1-2 hours daily to proactive customer engagement.

3. What tools can I use to improve my success rate?

Leverage scripts, visual aids, and training resources from Product Prep.

4. How does Product Prep compare to other training options?

Unlike traditional training, Product Prep emphasizes real-time coaching, personalized solutions, and advanced progress tracking to ensure lasting results.

Conclusion

Overcoming objections like “I need to think about it” requires a proactive mindset, personalized approach, and consistent effort. By leveraging untapped resources in the service department, F&I managers can unlock new revenue streams, increase PVR, and enhance customer satisfaction. With Product Prep’s proven training methods, success is not just achievable—it’s inevitable.

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.