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October 2018

Zig Ziglar – Cost vs Price

While there are numerous sales techniques and lessons learned from the great Zig Ziglar, one in particular stands out as most applicable to automotive F&I: Cost versus Price.

We are selling intangibles at what many would consider to be a hefty price. This certainly puts us at a disadvantage right off the bat with customers and sets an initial roadblock for us F&I professionals to overcome. This closing technique can help put potential loss and peace of mind into perspective all while engaging your customer in meaningful conversation. This technique will aide your efforts in building enough value for more of your customers to make favorable buying decisions.

Think about how walking your customer down the path of lifetime cost versus upfront price might paint a clear picture on why enrolling in the vehicle service contract would be a wise decision.
Consider how the lifetime cost of depreciation would exceed the upfront price of environmental protection. The same could apply to paintless dent repair. Could you illustrate a scenario where cost could outpace the enrollment price of GAP protection? Absolutely.

Take a few minutes and watch the video below of Zig himself explaining the technique and take note of some additional selling fundamentals that he highlights.

ZigZiglar

Contact your UDS representative with any questions.



Tire & Wheel: Not Just Tires

Road hazard protection has become a standard offering throughout the industry over the last decade plus. Over the years not much as changed in terms of ‘pitching’ this product although various iterations of the program have been introduced. We have seen F&I professionals trending towards offering tire-only protection by default although we know it takes a tire and wheel to keep a vehicle moving. Additionally, we know from all these years of claims experience that the wheels are very prone to damage and the costliest part of a claim/repair.

The question is: Why have we gravitated towards lesser coverage for our customers?

Perhaps it is because the retail price point is lower, thus an easier sale. Maybe it is because you can sell more of them compared to full tire and wheel coverage which boosts your product penetration. I will conclude this article with the assumption that price is the culprit and personal gain is the goal.

UDS sales experience tells us that F&I professionals don’t sell stated component service contracts, or powertrain only, because they are less expensive; We sell exclusionary coverage because it is best for the customer and ultimately the dealership. We don’t sell 3-year terms on our ancillary products because it is less expensive; We sell 5, 6 or 7-year terms to maximize the potential benefits for our customers. So, again, why are we offering tire-only coverage when it cheats the customer out of potential benefits down the road?

It may be time to reevaluate your default offering and get back to what is best for your customer because we know that it is both the tires AND the wheels that are suffering damage each and every day. The customer deserves to know coverage for both is available to them. The customer response just might mean more enrollments!

Contact your UDS representative with any questions.

 



How Secure is Your Network?

It seems as though data breaches among organizations both large and small are increasing. This is one of those pesky non-revenue generating topics that should be on everyone’s radar as protecting your customers data is your responsibility.

A recent whitepaper published by CDK Global notes that the average cost of a single stolen data record is $141 and rising. Multiply that by the number of records you currently have stored in your DMS. Pretty staggering, right? Now think about the type of information you have stored within the walls of your DMS; Names, addresses, social security numbers, credit cards and more. Should you become the victim of a cyberattack it would become front-page news resulting in bad press, lawsuits, fines or worse. The point is that you are likely a good target for hackers and that’s scary.

While I was attending the Industry Summit recently in Orlando, Florida, I listened to a panel of compliance experts tackle this very topic. The number one recommendation they had for today’s dealer body: Get a Network Vulnerability Assessment from a reputable cybersecurity firm as soon as possible. This would let you know just how wide open your network may be and provide a roadmap on how you can close, and lock, those doors.

NADA recently hosted a Network Security webinar. A recording of that session should be available by logging into NADA.

Contact your UDS representative with any questions.





UDS Training Calendar

Upcoming UDS Training


Gaining Commitment is a Choice.
[UDS Webinar Series]

Tuesday, November 13th - 12:15pm - 12:45pm (EST)
or
Wednesday, Nember 14th - 12:15pm - 12:45pm (EST)

Customers like options. We like multiple product enrollments. By knowing how to structure choices and when to present them to the customer you can increase your product sales.

In this webinar you will learn:

  • How to structure choices for your customers that gain multiple product enrollments
  • How to use this process no matter the situation
  • How offering the right choices can speed up the F&I process

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




Become a True F&I Professional!

Joint Our Next 5-Day F&I Certification Program

Certification Class

Mark your calendars! Our next award-winning F&I Certification program will be held at UDS' Training Center the week of:
November 5-9, 2018

This session is designed to create the next generation of qualified F&I professionals. Perhaps you have a current manager that has never been through a formal F&I School, or you are in need of a qualified backup – this is the school for them!

For over 36 years, UDS has been a market leader in F&I Training, and has been voted top F&I Training Provider in the nation for the past 14 years.

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UDS

United Development Systems, Inc.
P.O. Box 8150 - Clearwater, FL 33758
(800) 282-1154 - (727) 507-8200
www.UDSDealerServices.com



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