Puff the MAGIC ROOM
On September 16, 2010 three attorneys in association with The National Consumer Law Center gave a presentation about, Add-Ons and Loans. In their presentation they stated, “The F&I office is where the manager closes the deal and has the customer sign the paperwork. “F&I” is an abbreviation for “Finance and Insurance.”
The attorneys went on to state, “It’s where the “Magic” happens: where dealer add-ons are sold and where the loans are packed.” When you’re signing contracts the person in front of you is an F&I Manager. The F&I Manager is the “Closer”.
It takes years to be an excellent Closer. Smooth successful Closers make what surgeons and medical doctors make. Closers are extremely well rehearsed. They speak with you in defined, proven scripts using exacting words, phrases and tone. Closers usually have a natural flow that creates a natural show. They will control the conversation.
Closers encourage you to do what seems good and absolutely profitable for the Closer. The Closer creates an isolated room or area where they can work their Magic. As a rule Closers are Forceful people.
On September 9, 2019 Automotive News published a special section called: FINANCE INSURANCE. Within this special section is an article called: “Getting Past No.” Eric Melton president of sales at Innovative Aftermarket Systems that trains F&I managers states, “F&I managers need to stay away from talking about logic…”
In the same article Rebecca Chernek founder of Chernek Consulting and an F&I trainer says, “I’ll make sure to remind the customers that the products they didn’t take advantage of will no longer be available to them after delivery.”
Some Add-On Products Are Worthwhile and Can Be a Good Value At the Right Price. We will steer you clear of waste and bad value products.
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