May 2021   |    Click to view this email in a browser  

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Leaders In F&I Since 1982.  -  UDS is a division of Brown & Brown Dealer Services.
 UDSDealerServices.com  |   UDSTraining.com

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Positivity & Attitude Prevail!

 

All too frequently, deals come into the F&I Office where it seems the chips are stacked against you.  Whether it be a low credit score, an LTV issue or a customer that vows to never buy anything, this might be received as a signal to shortcut the process for some but a challenge looking for a victory in another.

 

As F&I professionals, we make miracles happen each and every day by being well-trained experts who are nimble enough to pivot quickly and leverage the tools made available to turn a loser into a winner. Watching the clip below illustrates that a never quit attitude and believing in yourself and the team around you can truly save a deal, a month, (or a season).

 

Chin up...

Every deal is an opportunity to flex and succeed for yourself, your customer and your dealership.

 

Click the image below and enjoy.

 

 

Contact Your UDS Representative to Discuss >>>

 

 

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Do You Listen With Intent To Understand?

 

“Most people do not listen with the intent to understand; they listen with the intent to reply.”
- Stephen Covey

 

Although there are times when we feel fully engrossed in our customer’s words and can sympathize with them, there are also times when we are all guilty of thinking about what to reply in our minds instead of trying to truly understand what the customer is saying. Well yes, it may be practical when you need to exchange a lot of information to one another in a short time, but generally, practicing more on listening and understanding what your customer is saying can be beneficial in securing F&I product sales.

 

Listen with the intent to understand rather than just reply.

There are times when your customer hesitates to purchase F&I products because they "had it before and never used it." Then there are those customers who hesitate to purchase by stating "I’ll take my chances." What are they really saying in those two instances? Many F&I managers in those situations conclude their customers perceive no value or have little, or no, interest in the product and often will reply by saying something along the lines of, "Your luck is about to run out" or "Why take your chances?"

 

When your customer states "they had it before and never used it" what they’re really saying is they feel they wasted their money. In this situation, empathy goes a long way:

Business Manager: “I understand how you must feel… why pay for something you feel you wasted money on in the past? There may be another way of looking at it. You had PEACE OF MIND while you had the coverage in the past. Doesn’t it make sense to have that same PEACE OF MIND this time as well?

What your customer is really saying when they say "I’ll take my chances" is they do see a risk. Making them realize what they actually said will often reduce their hesitation:

Business Manager: “I appreciate what you’re saying… Can I assume you do see a risk?

Customer: “Yes.”

Business Manager: “Would you like to eliminate that risk?”

Customer: “Of course.”

Business Manager: “Sign here.”

 

Turning their hesitation into a "yes" is all in your willingness to listen with the intent to understand, rather than just reply.

 

 

 

Contact Your UDS Representative to Discuss >>>

 

 

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F&I Product Pricing

 

When it comes to pricing your F&I protection products, how much is too much?

We often see dealership management push F&I product pricing that might seem excessive and be cause for concern. While we understand maximizing profit opportunity and not wanting to miss out on a single dollar, we also understand that as retail price points push upwards, and profit margins expand, there are two topics that throw up the caution flag. Those are ethics and compliance, and price elasticity.

 

Ethics and compliance has been thrust to the forefront over the past decade plus with extra scrutiny in recent years to pricing. I think we all understand that being reasonable with regards to setting retail price points on products is paramount and really boils down to one thing: Is it justifiable or gluttonous?

 

Price elasticity is a whole other animal. Analyzing your product offerings and establishing price optimization is a science. Price elasticity of demand essentially determines at what price point you would maximize sales and profits together. For example, if you raise the price of a product by $50, you may lose sales and not even realize it. Conversely, if you lowered the price $50, you may gain sales but not enough to make up for the lost margin.

 

The point of this is to have a basic understanding of why we offer a menu of valuable protection products in the first place. Sure, immediate profit is one, but enhancing the customers ownership experience and tying them to your dealership is another, possibly more important, reason. So let's be sure we are pricing our products to maximize sales so as many customers as possible can enjoy the many benefits of these great programs.

 

Next time the topic of product pricing comes up, just think about how much is too much, and understand that the higher you go could be deemed unethical and could be costing you sales and profits.

 

For additional details, please contact your BBDS representative >>>

 

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We have a great tip for you from John Tabar to help you accomplish more of your long-term goals. Watch this video now. It's important...

 

Avoiding the F&I Present Bias Trap

 

Click the link, or the image, to watch...

 

Upcoming Training Sessions 

 

Webinar Series - Solving The F&I Puzzle


Date/Time:

Tuesday, June 22nd - 12:15pm - 12:45pm (EST)
- and -
Wednesday, June 23rd - 12:15pm - 12:45pm (EST)


Description:

Are you managing the daily flow of business, or is the daily flow of business managing you? In this 30-minute webinar we will share proven strategies to help you be more efficient and productive in the F&I office. We will also talk about why multi-tasking is a trap that could be holding back your career in F&I.


Don't miss it - Click This Link To Register today!

 

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F&I Certification Class
[UDS Training Center]

 

We're now offering Certification classes Monthly!
Click the link below to go to the Registration page...


June 7-10, 2021
July 12-15, 2021
August 9-12, 2021
September 6-9, 2021

 

All Sessions are held at UDS' Training Center in Clearwater, Florida.

This comprehensive certification course includes eleven modules important to the responsibilities and activity of a professional business manager. Become a certified F&I Professional. Enjoy the benefits for life!

 

For nearly 40 years, UDS has been a proven leader in F&I Training, having been voted top F&I Training Provider in the nation for the past 16 years.

 

Click Here For a Detailed Course Overview.

 

Click Here To Register On UDSTraining.com.


Not sure? Call John Tabar: (800) 282-1154 x5611

 

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