We often fall into the trap of myths and outdated ideas about what works to close deals. The truth is, many of these myths no longer apply in today’s customer-centric market. Customers today are informed, discerning, and — most importantly — looking for genuine, value-driven experiences. It’s time we moved past these misconceptions and focused on real solutions that foster strong relationships and trust. Here are common myths in the F&I process that need to go:
Building Trust Through Active Listening
Great F&I professionals are actually great listeners, not great talkers. While a skilled speaker can persuade an easy customer, today’s buyers are more informed than ever. They want to work with someone who genuinely listens and takes the time to understand their needs. In fact, the more you listen, the better you’ll be able to offer meaningful solutions, making everyone’s experience more productive and successful.
The Power of Building Relationships Over Closing
For years, the mantra in sales has been all about the “close.” However, this focus on closing is misplaced. In today’s market, success isn’t about pushing customers to make decisions on the spot. Instead, it’s about building a relationship from the very beginning. Trust is now the most valuable currency in sales. Customers will only spend it with people they trust, and trust is built through real connections. When you take the time to build relationships early, you’ll discover that the customer’s needs and desires naturally reveal themselves.
More Options Always Lead to More Sales
It’s a common belief that offering a vast array of products increases the likelihood of making a sale. However, overwhelming customers with too many choices can actually lead to confusion and indecision. In reality, focusing on a few tailored options that truly meet the customer’s needs is far more effective. It’s not about quantity; it’s about offering value. The key is to understand what the customer really needs and present them with clear, relevant choices that enhance their ownership experience. Less can often be more when it comes to F&I products.
The Real Influence: Showing vs. Telling
Today, it’s all about showing, not just telling. Customers are no longer easily swayed by a good pitch. They want proof. Visuals, demonstrations, and real examples go much further in convincing a customer that what you’re offering is truly valuable. If you can provide tangible proof to back up your claims, you’re much more likely to gain their trust and close the deal.
How Remembering What Customers Said Enhances the Sale
Another myth that needs to go is the belief that a customer’s earlier comments don’t matter when it comes time to close the deal. In reality, remembering what the customer said earlier is one of the best tools you have for overcoming objections and moving them toward a “yes.” After the first “no,” which most customers feel obligated to say, referring back to their earlier comments shows that you’re genuinely listening and that their needs are being addressed. It’s not just about selling products — it’s about selling an experience that matches their desires and expectations.
Moving Forward: A Customer-Centered Approach
If we can move past these myths, we can start offering a more customer-centered process that focuses on building trust, understanding needs, and providing real value. This shift will not only improve customer satisfaction but will also help you achieve peak performance in F&I.
The key takeaway? It’s no longer enough to just follow the old playbook. Today’s customers are looking for a process that speaks to them—their needs, their desires, and their experience. So, let’s leave the myths behind and focus on what truly matters: the customer. When we do that, everyone wins.
By focusing on relationship-building, listening, and truly understanding what customers want, you can create a more effective F&I process that results in satisfied customers and stronger business outcomes. It’s time to embrace the future of F&I. Let’s make it happen!
