That methodology rings true for other companies that offer training guidance, too, which say it wouldn’t make sense to offer lessons on selling F&I products for just new cars or solely used cars.
F&I managers are going to want to learn how to sell both types of vehicles and, subsequently, know which of the smorgasbord of F&I products are best suited for each, said Ash Bauer, senior vice president of Assurant Global Automotive, which is part of Assurant Inc., another top F&I provider.
Bauer said F&I managers should take into account one defining characteristic of used-car buyers: They tend to be budget-minded.
That’s not to say new-vehicle buyers aren’t fiscally responsible, too. Many are, given that they are making what could be the second-largest personal investment in their life. But a customer set on a pre-owned vehicle might not have a lot of cash to use as a down payment, nor the ability to commit to heftier monthly payments associated with new cars.
F&I managers also need to recognize that used-car buyers closely examine a vehicle’s ownership records. They typically want to know how many people owned the car, for how long, whether it was regularly maintained, where it was driven and if it was involved in any collisions.
