Pub 5. 2015 Issue 3

14 AUTOMOBILE DEALER NEWS ILLINOIS www.illinoisdealers.com Three Ways to Connect Sales and F&I CONSULTANT’S CORNER I n the recent survey of sales and finance managers regarding their challenges, the respondents indicated that the issues between those departments have a big impact on customer ex- perience, specifically in the transaction speed and efficiencies areas. In many cases disconnect between two department’s influences the process which in turn has an effect on profitability. If you find yourself struggling with similar issues, here are three steps to change direction. 1. Establish and communicate the process. Identify what happens before and after the customer says “yes” and who takes the next steps. This takes a combined effort of both sales and finance managers. One cannot overemphasize the importance of a well-designed and documented pro- cess. It’s one thing to talk about it and another to have it in writing. Your team must take time to outline the process, with all players agreeing on every part. Once the process is designed and agreed upon it’s time to continue communication. 2. Conduct communication meetings. Most disconnect is based on lack of communication. Your people may be talking, but not communicating. In most cases they talk in passing. To get sales and finance on the same page, conduct a daily "huddle" in the morning. The purpose of this meeting is not to create another meeting for "meeting’s sake", but rather to establish a habit of com- munication on all pressing matters. The “huddle” is a 10-15 minutes long meeting. Items discussed - yesterday’s business, today’s appointments/deliveries, contracts in transit issues, issues with deals, employee concerns, and others. The goal is to monitor the progress of the estab- lished process and make corrections if needed. ALL managers must attend. 3. Fix “finance apathy” on your sales floor. In most stores, sales people fall into three categories. The first one en- dorses finance process and products wholeheartedly, the second group talks their customers out of it, and people in the third category simply do not know how to talk about it with their customers. Most sales people have “finance apathy” because they do not know what’s in it for them when customers purchase additional products. There are multiple ways to cure this, and it starts with training. Finance managers need to help connect the benefit dots for sales people. It takes more than “it’s about spiffs and you get to keep your job” approach. In this complex business environment the dealerships that thrive are the ones who have mastered the basics of processes and communication. If you find yourself off road and in the woods, get back on track by following these three steps, establish or re- establish process, communicate daily and continuously educate your sales staff. n For more information, please contact Francis Fagan with Automotive Development group at 312-608-4979 or ffagan@adgtoday.com. Francis is the Regional Training Director for Illinois and Indiana. At Automotive Development Group we put the emphasis on training. Visit our website for our training calendar and to meet our nationally renowned trainers. www.AutomotiveDevelopmentGroup.com