No two car shoppers are alike. Some common types of buyers that dealerships interact with include:
Almost every dealership has some form of auto sales training, but many rely on traditional learning strategies and resources that can quickly become outdated. According to the Research Institute of America, incorporating e-learning into your training program can increase knowledge retention by 25% to 60%.1 That said, reinforcing your key learning objectives with technology and updated content is crucial, as the auto retail industry is constantly evolving.
Car buyers are now spending 96 days in market – down 22 days since 2017.2
Streamlining
sales processes.
Building trust through product knowledge and customer service.
Putting customers'
needs first.
Thanks to the wide availability of online resources, today’s car buyers have a near limitless amount of information at their fingertips. Research from Cox Automotive found that 80% of all car buyers visited at least one third-party website during the shopping process.2
When consumers visit a dealership in person, they likely have a good idea of what they want and how much they’re willing to pay. As such, sales reps have less wiggle room during negotiations and must have a strong command of product-related knowledge.
High-intent shoppers know exactly what they want and are ready to finalize a deal on their first visit.
Payment hunters are looking to get the most competitive financing rates and lowest possible monthly payments on a new vehicle.
Comparative browsers have done a lot of research about vehicle prices and have likely visited other dealerships in the area.
Selling Across Generations
Every generation has different preferences when it comes to communicating, which can complicate the buyer’s journey. Dealerships that rely on rigid sales and service frameworks are often less able to adapt to each consumer and personalize their offerings accordingly. While generational communication trends are by no means universal, they can help business managers adjust their style and delivery when it matters most.3
Building a Culture of Collaboration
We know margins on vehicle sales are shrinking, which is why collaboration between departments is essential to your success. Removing silos from your business operations and creating an environment of mutual dependence between sales professionals, F&I managers and Fixed Operations departments can make a huge difference in bottom-line profit and customer satisfaction. Business training can help salespeople, F&I professionals and Fixed Operations specialists:
- Introduce F&I products earlier in the buyer’s journey
- Offer specific products/solutions to address customers’ needs
- Streamline point-of-sale conversions through team-oriented engagement
One of the core benefits of dealership training programs is that each department can position the others as part of a wider team, helping promote collaboration and build more productive relationships. Successful dealerships understand that F&I products and Fixed Operations services are key revenue streams that should not be neglected in favor of boosting sales revenue, as they often go hand in hand.
Much like car buyers, every member of your dealership team has a different background, knowledge base and set of skills. Understanding your employees’ individual strengths can not only improve day-to-day productivity, but it can also help F&I and sales managers ensure their staff is focused on key business objectives, such as:
Fundamental Strengths
In-depth employee training helps dealerships take full advantage of the tools at their disposal. Every member of your Sales, F&I and Fixed Operations departments can be a source of innovation and profitability, but only if they’ve mastered the basics.
Modern training programs in the auto retail space cover a variety of selling fundamentals, including:
- Sales techniques for the digital age
- The psychology of selling
- Retail presentations
- The conversion process
Alongside these learning opportunities, dealerships can also benefit from educating employees on F&I and Fixed Operations offerings, such as:
- Vehicle protection products
- Loan and lease protection products
- Standard maintenance needs and programs
Experienced F&I managers likely have the basics locked down, but there’s a lot of nuance to the auto retail industry that can be easy to overlook. Many dealerships provide a wide range of F&I products, from Car Care Service Plans to Total Loss Protection, but helping customers understand the value of these offerings can be challenging.
F&I managers serve a vital role in their dealership’s overall business strategy, so it’s important they understand the benefits of F&I products and Fixed Operations services from the customer’s perspective.
Secure Long-Term Profitability
For over 40 years, we have worked alongside dealerships to prepare Sales and F&I professionals for the future of auto retailing. Our massive catalog of training programs and support services are designed with today’s car buyers in mind and offer actionable solutions to some of the toughest challenges in the industry. Our clients’ successes tell the story of how business training can directly support your short-term revenue goals and long-term growth.
Attending the Skills for the Business Manager course has helped F&I managers increase their overall PVR by enabling learners to maximize customer retention, making it less likely for visitors to choose an independent service center. The training also worked to decrease turnover by enhancing employee confidence and results delivery.
F&I is such a reliable value center for auto dealerships because even among tightening margins on other products and services, finance and insurance offerings remain strong, enduring sources of revenue.11 Automotive News found that even when dealers sell F&I products at steady rates, their profits increase because of rises in new vehicle price tags. If you can improve your F&I team's performance, the revenue opportunity becomes even greater.
The future of auto retailing isn’t as dark as many experts believe, as long as you have the talent, resources and experience to adapt to industry changes. If you’re looking to transform your F&I department into a profit-generating powerhouse, our modern training courses can help guide the way.
At JM&A Group, our training experts have extensive retail backgrounds and are well versed in sales, finance, fixed operations and total dealership management. Through the Performance Development Center (PDC), our in-house auto retailing university, your dealership staff can gain access to cutting-edge and highly interactive training techniques that are proven to boost participant performance and maximize retention.
PDC has supported the training of F&I departments for over 20 years and has continuously refreshed its courses to keep pace with the shifting needs of modern dealerships. Offering both instructor-led programs and online webinars, the PDC team is at the forefront of auto retailing, financing, management and leadership training.
Ready to fast-track your team's success? Let's talk.
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