Getting better results from your financial services office is a team sport.
Every dealership is unique. Each general manager has their own idea of what makes their dealership successful and how to approach meeting those goals. They’ll understand what the sales manager should achieve and how the customer experience fits into that part of the vehicle buying experience.
They might not, however, have a clear idea of how the financial services office fits into the dealership’s success.
The finance industry has moved away from traditional sales methods towards product bundles that allow customers to better understand the value of these products, which leads to customer retention and referrals that, over time, benefit the dealership and their customers.
This more balanced approach creates a common goal between the dealership and the customer, placing the financial services manager in a consulting role that allows them to collaborate with the customer to build the coverage that best suits their needs.
Today, the financial services department offers a wide range of products that generally answer these questions:
- How can the customer protect themselves and their credit?
- How can the customer protect the mechanical functionality of their vehicle?
- How can the customer preserve the appearance of their vehicle?
A good finance provider can facilitate changes by offering coaching and resources, providing data that shows evidence of improvement, and helping teams grow.
The answer to each question is different from person to person. One product will not be suitable for every customer.
The financial services manager’s role requires flexibility and sophistication. Their job is to present 100 per cent of the products the customer is eligible for, help them find answers to these questions, and get them the well-balanced coverage they want.
They work with customers, lenders, and the dealership, acting as liaisons between the three parties to get the best deal approved for the customer.
Time spent with the customer is highly valuable for the dealership, as it leads to higher customer satisfaction with their experience and ensures the customer is fully protected by the time they own the vehicle.
Every department in the dealership is responsible for the success of a vehicle sale, which means they are also accountable when a deal is not completed. Departments functioning as silos will lose customers due to miscommunication. Success comes down to managing the customer’s time at the dealership and having all departments working toward the same goal.
When financial services managers do not spend adequate time with the customer, they often forfeit the opportunity to qualify the customer and understand their needs fully. Ultimately, the conversation is rushed, and the customer is not provided with a value-filled discussion around how they can protect themselves and their vehicle.
If the sales team doesn’t prepare the customer to sit down with the financial services manager, they won’t have realistic expectations of the conversation. The finance department needs time to prepare pitches specific to each customer. If they aren’t working with the sales department, who have built rapport and learned about the customer’s priorities during their time, their presentation won’t be as successful.
General managers can unite their teams by defining a straightforward process dedicated to creating a seamless customer experience for each department. They can create buy-in if each department is involved in the overall process and understands its role as part of the customer’s journey. It can be challenging, however, to know where to start to improve.
Dealerships can speak with their financial services provider to help them understand their current process and then work to build new ones that reflect their goals and help them grow.
Often, this means working with upper management to set new procedures and asking: How does this work from a customer’s point of view? A good finance provider can facilitate changes by offering coaching and resources, providing data that shows evidence of improvement, and helping teams grow.
Each dealership will be different, but in broad strokes, dealerships measure success in terms of growth. This can mean their customer satisfaction index, dollars per car, or number of products sold.
Your financial services provider should provide technology solutions that help general managers track these KPIs, determine where they stand monthly, and how they can better support their teams.
Real success will come from dealerships who take ownership and responsibility for their processes. If a financial service provider comes in and dictates what they think the dealership should change without first getting to know the people and priorities of the dealership, the process won’t stick, and a general manager won’t see improvement. Change takes time; launching new procedures means check-ins and adjustments and being on the same page. A good financial service provider will support dealerships during these changes.
