In the latest episode of F&I Today, Lloyd Trushel joins Jim Fitzpatrick to discuss the latest F&I trends across the industry. Trushel is an F&I coach, co-Founder of Consator Group, and author of “The Art of F&I.”
Trushel begins the conversation by diving into the current state of F&I departments. He says that there is currently a scramble for F&I managers to get products in front of customers. In the era of COVID-19, many managers are finding success using tools such as Zoom to get in front of customers. Meanwhile, other F&I departments are going back to the basics of how to interact with customers.
Trushel then goes into the growth of digital retailing. He believes that success can be found in the digital space, and he references Carvana as a prime example of putting products in front of customers on a digital platform. Trushel says the biggest challenge facing F&I today is the transaction model, in which many want to push towards a digital-only route. Trushel argues that managers should be careful of trying too hard to get customers in and out as quickly as possible. Instead, managers should focus on creating an experience for the customer instead of creating a transaction for the customer. This will help customers see what products are being offered and how those products can improve their experience.
Trushel then looks ahead to 2021 and what F&I managers can expect in the new year. He says that managers must engage in the behaviors that build trust with the transaction. Customer trust is the foundation of Trushel’s book, The Art of F&I. In his book, Trushel elaborates on how to build trust with customers and reintroduce them to the spirit of nobility.
Trushel concludes the discussion by sharing his thoughts on consumer buying habits. He says that customers are hesitant to show trust in anyone as the cloud of COVID-19 looms large over business activity. This makes it even more critical for managers to build trust by any means necessary.
Trushel says, “Trust is the most valuable currency in the world.”
Did you enjoy this episode of F&I Today with Lloyd Trushel? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at email@example.com.