The F&I T.O. White Paper from ARC serves as a comprehensive guide for Business Managers in independent auto, RV, and power-sports dealerships. It outlines a structured approach to the Finance & Insurance (F&I) turnover process, emphasizing effective customer engagement and needs assessment.
Key Components:
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- Introduction & Role Clarification:
The Business Manager introduces themselves, clarifies responsibilities, verifies customer information, explains funding options, and ensures a swift process, setting expectations for the duration of the F&I session.
- Introduction & Role Clarification:
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- Customer Interview & Needs Discovery:
A series of open-ended questions helps uncover the customer's motivations for their vehicle choice, their driving habits, and their understanding of the manufacturer's warranty. This dialogue aims to identify potential gaps in coverage and areas where additional products may provide value.
- Customer Interview & Needs Discovery:
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- Warranty Coverage Explanation:
The guide details what is typically covered under a manufacturer's limited warranty (e.g., defects in materials or workmanship) and what is not (e.g., routine maintenance, wear-and-tear items, environmental damage). This section educates customers on their responsibilities and potential risks.
- Warranty Coverage Explanation:
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- Transition to Product Offerings:
Based on the customer's driving habits and coverage gaps, the Business Manager transitions to discussing optional products such as extended service contracts, maintenance plans, tire and wheel protection, and GAP insurance. The goal is to tailor offerings to the customer's specific needs and concerns.
- Transition to Product Offerings:
By following this structured approach, dealerships can enhance customer satisfaction, ensure compliance, and increase F&I product penetration.
