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Four Phases of Finance Series - Part Three

Phase Three - The Financial Services Process

This phase involves the entire interaction between customer and finance manager. The primary responsibility for this phase falls upon the finance manager. The key elements of this phase include:

Greeting and introductions � Building rapport quickly is important to your success. Consider taking the Building Rapport course for more information on how to succeed in this area.
Commitment to customer satisfaction overview � Set the expectation that you are interested in making them satisfied. This helps ease tension and allows the customer to focus on the details without fear.
Process overview � Trying walking through your dealership with a blindfold on. That�s what customers feel like. Explaining the process helps customers know what�s ahead.
Confirmation and accuracy of the purchase order � You show you care by confirming that everything is in order and accurate before you move ahead.
Fact finding and clarification of customer wants and needs � Use open ended questions to find out about the customer�s ownership experience. This provides you with an outline from which to present your products based on their wants and needs.
Presentation of finance options and products � Even though the sales consultant may have provided preliminary information, this is where the �expert� gets to confirm what�s really best for the customer.
Reaching an agreement � This is more than just asking for the sale, it�s confirming that you have listened and have made recommendations that are suited to the customer.
Facilitating the transaction � This includes finalizing all contracts and documentation. It can occur in two parts if the customer takes delivery at a time that differs from the day or time in which they �contracted� on the vehicle. Be sure you fully disclose all elements of the transaction and explain each document clearly.
Transition to delivery � This involves an explanation of next steps and expectations, thanking the customer for their business and re-introducing them to the sales consultant.

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.