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FSA in the spotlight: Increasing finance product sales

Many dealerships have discovered that by fulfilling FSA requirements their sales of insurance finance products are increasing.

If yours isn’t one of them, Auto Network UK suggests you should enquire what your dealership’s sales process is since the introduction of FSA regulation. Next, ask to see documentation that supports this process to identify reasons why your business is not succeeding where some of your competitors are.

Ask your sales executives about their level of knowledge and understanding of the products that you have authorized them to sell. If the sales executives have limited knowledge of the products, they are unlikely to be confident in explaining these to customers. Many insurance providers and finance houses are happy to assist with training on their products and the provision of sales aids and support documentation.

If you have a split sales process whereby the regulated sales process is not done with the car sale but through introduction to a business manager once the sale is concluded, ask the business manager how many customers they are introduced to as a percentage to car sales.

If this is not 100%, this is another example of how your dealership is out of synch with the experience of those retailers which are turning FSA regulations into a commercial advantage.

Your dealership has a duty of care to ensure that all of your customers needs are identified and can be met through the products and services you have to offer.

If you need help with FSA regulations, please contact Auto Network UK on: 0845 226 2970.

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