From analyzing past deals to presenting products early, Paul Brown details how finance professionals can turn data into meaningful customer engagement on today’s episode of F&I Today.
Brown, Vice President of Ascent Dealer Services, says finance teams can improve customer experiences and profitability by effectively using the technology and programs already available in their dealerships. He further dives into this by outlining strategies for leveraging DMS, CRM, and bank programs to personalize customer interactions and drive F&I performance.
According to Brown, the specific practices that finance staff should implement to optimize customer engagement and dealership performance are as follows:
- Avoid ambiguous, rigid customer interviews; instead, have organic conversations.
- Review all past transactions in the DMS to understand customer patterns and risk tolerance.
- Identify opportunities to help customers cancel or reinvest past products.
- Utilize CRM data to understand initial contact, sales history, and service behavior.
- Know bank programs thoroughly and understand the differences between them.
- Maintain a funding checklist to reduce errors and accelerate deal approvals.
- Introduce F&I products early using tablets, digital brochures, or videos.
- Use trade appraisal tools to demonstrate vehicle condition and product value.
- Prioritize the customer’s needs over the finance professional’s agenda.
- Treat all available information as valuable data to inform conversations and decisions.
Additionally, Brown explains that 63% of surveyed customers are more likely to purchase F&I products when they’re introduced early in the process. Tools such as tablets with digital brochures and videos allow customers to familiarize themselves with products before sitting down for a deal, giving them the confidence to ask questions and make informed decisions.
“We don’t always have to go to the lowest rate. Sometimes the lowest rate is not the best package for the customer.”
By combining data, technology, and preparation, Brown said, F&I professionals can create a personalized, transparent, and effective ownership experience that benefits both customers and the dealership’s bottom line.
