Good afternoon, Brandon artisan president champion strategies and thank you for tuning in to another edition of Hardison’s tips.
Now we do this for everyone in the sales space.
I don’t care if you have a major account key account up and down the street in home sales.
Retail sales, but today we are very blessed and fortunate to be in the automotive space and we’re going to be talking to one of the best of the best in the nation.
She’s been doing this she’s seen a lot of things, and would you believe one of the things we’re gon na talk about is back to basics, see because in key account major account all of those they talked about teens solutions selling well in the automotive industry.
They do team solutions selling also from department to department and inside the department.
So today we’re going to look at what happens when a sales consultant is what they guessed they’ve selected a vehicle.
They came to an agreement on a vehicle and now the handoff to the other team.
Member being the person that’s in control of the business office.
We call it effin, I in the automotive world now we’re going to talk about some of the things that they should be doing.
So, if you’re, a manager out there or if you’re, in someone in F and I or would like to be an F.
And I get your pens out, take some notes.
You might pick up something, but, ladies and gentlemen, it’s proud for me to simply say I’d like to bring on my friend Rebecca Chernykh.
How are you doing today Rebecca? I am fantastic and thank you so very much for bringing me on your show at supply should be here with you.
So much hey.
I know we’re both short for time because we’re rocking and rolling so, let’s get right to it.
I know when I was training F and I boy some of the basics that I learned because we’ve role played and we had video before you had a chance to get out there.
I won’t say the company, but we used to come to the salespersons desk and do an interview with the customer, and so that’s what we can learn.
Some things go back in our office and for the people who don’t know we load the deal.
But we put the information in so we can save some time before the guest comes in to my office and we took talk more about products and services.
Do you see that? Are we still teaching that I think some are still teaching that today? I don’t see a lot really doing that today is still a good message.
It’s still a good point to make sure that we’re engaging customers earlier on in the process and especially making sure that we validate the transaction and assure that we have everything we need to is speed.
The delivery along as well as tear down some of the walls build rapport with our customers back, find determinants of the customer needs and assure that the products are in alignment and are valuable to to the customer.
And I I feel that, when we’re able to review this information earlier on, it is going to make for much better buying experience all together and help to really streamline the process and cut down the time it takes to complete the entire delivery time.
For the ones that feel that they’re rushed – or they see no value in it – is there gon na be some challenges when the guest comes into their office and they’re trying to sell some additional product and services.
So here’s an interesting fact.
I was speaking to a reporting company yesterday: does all there were sales and finance reporting and that sort of stuff and I’m trying to get a real good idea where we are, since this covet hit and interesting enough, all the volume dropped? What happened? We actually increased profits both on the front end as well as well on the back end, and how did that happen? You know what what was it that really helped to raise that performance, and you know a lot of the dealers had appointment-based spelling, and that meant that we kind of slowed down the process a bit in that time for each customer.
In my opinion, and because of that we didn’t have the eyes rollin hurry up.
We’ve got another customer coming in.
Let’s forget about the process, I don’t care what you’ve been taught.
We’ve got customers waiting.
Let’s do this, so I think because we didn’t have that.
Obviously so much we concentrated focus on every single customer and doing that really helps make a greater impact.
And so I think that that certainly helped along with some of the OEM specials, so that it programs that sort of thing that that didn’t hurt either.
But I got ta tell you sometimes you know by slowing things down sometimes actually speeds things up.
So time is time.
Where is it better spec, and so that’s kind of like what I think and say in my in my training classes, it’s like okay, so where’s that time better spent.
Is it better spent in an M & A office 45 minutes trying to figure out what up? God for five minutes reviewing the information of the customer because where they make their way to enough them into better office, where’s that time that respect another trip.
It’s already Kruger III love it, since you did mention OMS or the manufacturers for the people who maybe don’t know that much about our world is the or anything that they suggest when they hear their finance managers say Rebecca.
All they want to do is pay cash.
That that I just give too many cash deals, I’m not successful! Well again, that goes back with having that taught that conversation earlier on, and you know, there’s so many various there’s various options that are available to a customer to keep that money in their bank and hopefully collecting interest rather than taking money out, and I mean if You, if you remain you know, there’s lease options that are available.
I’d rather do a short-term thirty six months and keep my money in the bank, keep it safe and rather than having to be so concerned about the residual value in a vehicle and then 36 month.
In if I want to go ahead and buy the car behind the car, I’m going to walk away from the vehicle and walk away from vehicle or if I want to take advantage, gosh, there’s 0 % financing.
You know what it is.
It’s just education, it’s about! Communicating with our customers and offer your customers the options to take advantage and having that thought-out conversation with a customer you know, let’s face it: salespeople are sales people.
I love sales people, you know here’s the thing you want to pay cash.
Okay, I’ll, take your cash! You know bright idea, David’s that yeah, that’s cool, but again is that the best is that really the best way to go with the customer? So what I’d like to do is I’d like to make sure that I’m getting involved earlier on and communicating with the customer? Oh by the way, not sure whether or not you realize this or not, but we do have many different options that are available to our customers.
Can I show you some of the options that are available.
You make a decision one way or the other, but you know I got ta tell you right now.
Our manufacturer has a great offensive special program.
I’ve got to share with you a new menu.
We show the customer pay cash or here yeah and here’s a wonderful synthetic program that I absolutely love kind of show it to you.
You’re gon na love, this outstandings and somebody come buddy posted great information.
But yes, I like, when you said that many times when we slow it down who were speeding up anyway, so here’s what I’m, along with the next question.
We know that the viruses out there some dealerships are in place when it comes to the distance deliveries.
They can even do the process all the way through without coming to the dealership.
So when it comes to the business office, the F & I transaction is there anything out there? You can share with us or what’s the best practice, maybe when someone’s online and we’re doing the after night process from the digital space.
Well, it’s digital retailing stuff, like gon na tie it to bus, it’s it’s a buzzword and it there’s many different providers platform providers that offer the capability for the customer to engage with the dealership and not only in shopping vehicles online, but the importance of determining payment Options in advance, which i think is ideal – i want a custom.
I don’t want a customer to come into a dealership uninformed.
I want them to be informed um.
I think it’s it’s a good idea, it’s a great idea.
Actually, i want to make sure that many customers understand the terms that they’ll likely likely qualify for now.
Some competitors say: okay, here’s here’s a matrix! Here’s a guideline! Here’s some idea: they’ll allow the customer in their capability to self desk, meaning determining payment options in advance.
Based off of a guideline of sorts, that’s one way of doing it or another platform provider actually does a hard inquiry, because misprinted application via online and and there are banks that are available – that that help to determine closer to specifics.
What this customer may may qualify for before they ever make their way into a dealership, which is important because at least we now have a better understanding.
Okay, this is the beautiful I want.
This is what I’m likely going to qualify for.
Frankly, these are the payments that you know I can fit into my budget and so that cuts down all that’s unnecessary time that you know, customer may spend shopping on a vehicle, bring the via bring the customer back into the dealership only to find out what they Don’t qualify and then here comes the back-and-forth the friction and then we’re getting customers into vehicles that they can’t budget for, and that becomes a whole another ordeal.
So is it much? Is it better to make sure that we have our customers? You know at least have better information earlier on on the right vehicle that they actually qualify for, based on their budget and credit criteria, criteria absolutely and then, if the vehicles ready, that or close to be, is readied up for test drive when they get into the Dealership, I think it’s an ideal situation.
You brought something up and thank you for that.
What are the industry standards that you’re saying when it comes to challenge credit customers is that on the rise, and if I am an F and I manager can I specialize, should I put all my energies and maybe grabbing those type of guests since the virus is With us now or what what’s your suggestions on that, you know again, bad things happen to good people all the time, and God knows what’s going to happen with some some unfortunate people, business people who have lost their businesses, small business owners.
It’s better, I mean we’re all in this mess together and – and the idea is to get this customer back on board sooner rather than later, and he, I hope, the heck that we do everything that we can to minimize any any kind of we want to minimize The I always say this in the right way obstructions and we want to again make sure that this customer is in a vehicle that they likely again qualify for based off their credit criteria and also their budget and how important it is to really minimize the friction.
And determine the best way, we can possibly go to assure that that customers, again, if they’re, having having to pay a higher interest rate versus maybe a lease, would probably probably be better whatever that we can do to make sure that the the terms that are available Are the best terms that we can come up with and get the customer in and out sooner in and in another vehicle sooner as well? Hopefully I kind of put that together right, but I don’t know that was burping because now, if folks are listening – and I try to tell my people every day that we need to be doing doing this – that was the third time you mentioned: leasing.
Here’s where I’m going, you know as well as I do there are dealerships around the country that are advertising in their own way.
Eighty four months, ninety six months, payment.
That is ridiculous, can maybe you give your professionalism one? Why a guess would even consider something that far out versus, like you said, what’s the loose again, I don’t know whether or not they are really have the options that are available to you and where I was going with.
Sometimes our finance companies.
These companies will offer another option that is better than extending out the term at a higher interest rate.
If we can, if we can make that work, it’s always better.
Then then course extending terms out because at the end of the day, on the word extending 96 months or when, when are we going to get out from under, you know these these these traits and it’s it just keeps the customer out of the marketplace altogether.
I don’t think that’s really smart business, I mean none granted a customer may say I really want this vehicle, but I can only afford so much and it is at the end of the day up to the customer to determine those those options that are made available To them, but here again I have worked with dealers who have said that.
Let me tell you how I feel Mike it’s 60 months here and that’s it, and if it’s going over 60 months, I don’t even I’m gon na sign off on that and I’m like.
Okay and he’s going to golf on a field, but I got ta tie it when I mentioned this to other dealers, they’re going what happened this guy, who install any vehicles, I think it’s the mentality, and it really is the culture of the stores mentality.
I like to share with customers, look by you taking advantage of shorter terms.
I get it.
Maybe the payments a bit higher than what you might want.
I get that, but it can do a couple things we’re gon na minimize some of the finance charges.
I can hope to build equity faster and the whole idea to get you in and out of this vehicle.
I don’t know in 48 months or even in five years right as opposed to extending terms out to 72 to 80 four months I mean we’re walking better.
Every time we can get make the customer understand the advantages, the advantages of putting more money down to shorten the term.
If you can do it always better, you got it just couple more your opinion about a certified pre-owned vehicle.
Maybe we have young salespeople and they’ll and a customer on a new vehicle instead of maybe placing them where they should be on a certified pre-owned.
Do financial institutions OEM try to help people out when it comes to purchasing a certified pre-owned? I’m gon na tell you you know, search my premium.
It’s a way to.
Can we can’t do it that’s available at a reduced price having come on.
You know we always look for certified yeah anytime.
I can get it my pants on one I’m like.
Let me show you something: can I show you something you got ta check this out.
I love this car come on in you, but yeah I mean you have you know your inventory and you got to know your advantages and you got to know your niches and you got to know your base by for crying out loud.
You know I’ve got a thing and I don’t know if we should be going here, because we are talking about the basics.
But the basics to me is when a sales manager is on the desk and they’re submitting to the bank and they’re haphazardly submitted, because they don’t know their niche and they call that shotgunning.
And then it’s like we’re seeing you can doodle customer is the shotgun lien sales and the worst thing you can do to your bank relationships.
I mean you want to go ahead and shoot yourself on the foot.
Shoot yourself in the foot go ahead and keep shotgun in those deals to banks.
You’ve got to know your niche you’ve got to know your relationship.
You’ve got to know.
You know what your own, your finance companies, are willing to pick up for crying out loud.
I mean they yeah they’re there to help you all the way your brother getting rough.
Give me one way to go, you know and that’s what I, since they give them a way to go, find the story find out.
What’s going how to make this whole thing happen know your inventory know your niche, get it going huh and we’re selling more cars that isn’t what they say rocket science.
It’s not, and I like what you said here with that now you’ve done here due diligence in your business office.
How do we team solution selling what’s the best way to hand it back to the sales consultant? In your opinion, from a F & I standpoint, do we get on the blower and let the world know that you’re finish? Do you go scurry around and try to hunt the person down, be AB group text because sometimes, as you know, sales people will let that customer go and go find another well that again, that is part of the plan right at the dealership.
What is the plan? What is our whole thing all about? It is: does the salesperson just get up forget about the customer and go get themselves another up, and so I I don’t know about that whole thing.
I think that they need to be ready to up and know that their customer is going to be coming out of the finance office which, by the way, if, in fact, we have done our due diligence and we affect finded that that engagement, a customer earlier on We’re not in that office with that customer more than 20 minutes.
We have cut it down.
What a well! What else are we doing in there? We do.
We do our menu presentation.
We may address customer concerns about some of the product options that sort of stuff.
I mean what else do we do? Most of people are printed anyway, so we says 20 minute time period.
I think the sales associates should be readied up ready to take that customer either.
Hopefully, they’ve already done the service walk, so so they’re ready to go ahead and take delivery of the vehicle.
All that sort of thing, but I don’t texting, is always a good way to do it.
I don’t know if I like all this reaching over the lap over there.
You know, but I think I think texting is really cool.
They think that’s a great tool to use, oh by the way, jump, customers ready – and I can do that right in front of my customer until sengai by the way, let’s go ahead and text Joe.
I thank God we’re all ready to go here there.
Any other questions that you have you know you hit on it now.
It would be remiss of me if I don’t ask this.
What’s up coming for you anything that you got going.
I know you stayed busy, but what do you like to tell the folks are? Well, you know, I’m still again still very active out here, although you know the Kovac crunched it up a bit for me.
I won’t kid you some some dealers are like back and off they’re thinking.
I don’t know whether or not we need training work and all obviously the the women you know cut back on.
Some of those expenses might quite get that, but so I’m doing I’m still doing in dealership training.
So for those that are interested in getting bringing me into the dealership, I like that.
I think it’s important to do the in dealership trendy, because I get it from from the front end from the tonic fest for Lance on the dealership website to that meet and greet with sales associate from the leading Murray to desking dust King and making sure that We’ve got all that together and streamlining this process and taking the deal from finance or even to a single point, sales associate to finalizing this transaction and really putting this process plan together.
That’s that’s what I do.
I mean it’s in it’s remarkable once we make that all happen, bring everyone in unison.
Now, also I’m doing the Evan.
I tips a week which I absolutely freakin, love and hmm.
It’s a way to go ahead and really talk about.
What are these three products doing? Should they be, you know, what’s the newest, what’s the best make sure we have them on our menus? What’s going on with that? How about our many providers, too? Did we say on a per menu? Oh gosh, you name it so there are going to be talking about.
You know the digital, detect technology companies and we’re getting into the nitty-gritty.
You know it’s a thirty minute, let’s really talk through some of this stuff.
Let’s talk about some of the closest.
Let’s open up some of these our books, let’s blow the dust off of this stuff and really crank it up and have some fun outstanding, yeah, well Rebecca.
Thank you for giving up some of your time today.
Once again, ladies and gentlemen, Rebecca Chernykh president of journey consulting one of the best in our industry when it comes to the automotive, finance and insurance space.
We thank you and god bless you safe travels.
Thank you appreciate it.
Okay, great there thank and for the rest of you we’re going to let you get .