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Phase Two - Transition |
 There are four phases of finance that impact the customer and their relationship to the dealership and their vehicle purchase.
This phase involves a set of activities that occur just prior to the customer entering the financial services process. The primary responsibility for this phase falls upon the sales consultant. Key elements of this phase include:- Providing an overview of the financial services process with the customer - Done correctly, this step lowers tension and builds trust. It sets up the financial services process for success by setting up a customer friendly expectation.
- Determining and understanding the customer's wants and needs - How many miles do they drive? Where do they store their vehicle? What types of financial services or products have they been satisfied with in the past? These are just a few of the questions you'll need to ask.
- Explaining finance terms and options to the customer - Customers love options. It gives them a choice, and choices mean power to customers. A clear explanation of these options will go a long way to build trust and value in you and your dealership.
- Confirming that the purchase order and customer profile are correct - We like to use the phrase, 'Car Right, Right Car' when ensuring that everything the customer wanted is exactly what they're getting. This is equally true of the elements of the purchase order including price, term and interest rate.
- Offering value added activities during the wait time - Never allow customers to just sit there while waiting for finance. Provide them with additional information about your dealership. Tour the service department and set up the first service; go over the owner's manual or help them get set up on the customer loyalty web site offered by the manufacturer.
For a complete look at how these phases of the finance process impact customer satisfaction, enroll and log in to our Finance and Customer Satisfaction course. |
For more information or should you have any questions please contact:
shawn.ryder@autouniversity.com© 2008 Auto University - A Division of Ted Ings Group, Inc. All Rights Reserved 
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