A F&I training program increased customer satisfaction and finance profitability: Case Study 3
A comprehensive training program increased customer satisfaction and finance profitability by about 20%
Explore how PRO Consulting Team leveraged its expertise to help a dealership achieve growth by raising employee’s efficiency
A dealership hired a new employee with proven track record for their F&I department. With his own way of processing deals and selling products, the employee underperformed relative to store averages, which greatly impacted the dealership’s profitability and uncovered the need for an update on F&I training program and process. To enumerate accessing the right training for all professionals, including management and not just the finance manager, can make a difference between an average employee or an above-average team. Notably, the PRO Team’s expertise rapidly discovered the barriers causing the staff to underperform and provided comprehensive F&I training through role-plays and reverse role plays. It significantly raised the employee’s performance and grew finance profitability by about 20%.
Recovering and refining the skillset so that the manager finds it useful and employs them to grow sales
The manager knew the process but faced difficulty delivering in a way that harmonizes with the time pressure he faced.
Aligning the best strategy for each customer— applying a step selling approach when a menu or package selling approach could have been better.
With our decades of experience, we quickly uncovered the employee’s level of knowledge, how well he could reproduce it while selling products, and the impediments causing him to underperform. PRO Team created role-play scenarios to the most realistic extent possible and then reversed roles to ascertain strategic approaches and tactical differences. That led to the refinement of the employee’s skills and improved process delivery to be most receptive to customers.
The Result of the F&I Training Program:
The training helped the employee perform better and that raised finance profitability by 10% to 20%.
As a result of our expert evaluation process and training, the employee increased the customer satisfaction index (CSI) and helped the dealership stand tall in the competition.
The training also resulted in less friction in the F&I department which led to a better customer experience.
Additional Benefits of the F&I Training Program:
Communication is the backbone of sales management. Through the F&I training program, the employee learned clear and effective communication methods. The employee could successfully create products’ need awareness and handles sales objection. Consequently, he could sell more F&I products and easily qualify the customer’s concerns, making the transactions easy for both parties.