Bloated F&I Menu? Save Time, Close More with These 5 Product Bundles

F&I is undergoing a bit of a transformation in ‘22. With a challenging selling environment and two years out from the pandemic, the old way of doing a deal has had to shift to something more creative and more reflective of the way buyers want to buy a car. For F&I, that means  stepping outside of the decades-long comfort zone of high pressure sales tactics, payment stuffing, and bloated menus. 

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For dealerships who may struggle with that last point, there are some creative ways to offer products that are more tailored to the individual buyer. You’re not doing away with the menu exactly, just constructing customized bundles depending on the specific needs of the buyer.

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Sound crazy? Not really. It’s meant to make F&I’s entire process easier and more efficient. Plus, your customers may love having a package of products that speaks to their exact needs during their car ownership journey.

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How Would Preset Bundles Help?

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Not to be confused with preloaded bundles that appear on Line 1 of the Buyer’s Order, customized product bundles (or packages if that sounds better) are built for the in-office F&I selling process. It’s on the menu you present to the customer and based on the answers you get from your initial interview, your F&I staff is better able to understand the unique buying situation they have that would then equate to one of the bundles you offer.

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This can save an enormous amount of time in F&I and customers will appreciate having a more streamlined experience. This is always the number one complaint about F&I…it simply takes too long. Now it can be reduced with a smarter and faster way to present a group of products that fits without having to scroll 10-12 different products selling each one and looking for a ‘yes’.

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Saves time and makes for a happier customer. Win-win.

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5 Types of Bundles

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1. Lease Bundle - Lease customers usually have two big concerns…exceeding their mileage allowance and excess wear and tear charges at the end. Recon fees are no joke and can be in the hundreds or sometimes thousands of dollars depending on the condition the car comes back in. Create a bundle that addresses this with PDR, key replacement, interior/exterior, and windshield coverage. Any of these issues can be handled during their lease term and increase their chances of a free-free turn-in.

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2. First Time Buyer Bundle - As Gen Z starts buying and financing their first cars, a bundle like this can be especially valuable to make sure they have that extra protection from not only mechanical breakdown (VSC) but also from economic disaster if the car is totaled or stolen (GAP). To encourage good maintenance, throw in PPM if your dealership doesn’t already offer it. 

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3. Fraud/Theft Bundle - If your buyer expresses any concern about where they are parking their car or the neighborhood they may live in or even if it’s just anxiety about how expensive their car is, consider creating a bundle that addresses these fears. GAP, etch, Lo-Jack (if your store offers it), and identity protection can all work together nicely to guard against these common concerns. These products give the most protection you can offer from theft, both of the car and their personal identity. It’s there to ease the fear that they will be out-of-pocket in case the worst happens and with the average cost of a new car cresting over $41k, most buyers will have that nagging fear in the back of their mind. Maybe no one thinks of this much with a Chevy Spark but they will with their dream Lexus.

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4. Road Warrior Bundle - Sure, this sounds a little silly but with creative branding, this bundle would work well with customers who share they will be driving A LOT. This could be someone who will drive for a living or a busy family who vacations throughout the year while racking up the miles around town shuttling kids to practice, school, etc. Keeping their vehicle looking good for the eventual trade-in can be made easier with interior/exterior coverage, alloy protection, windshield, car washes, and PDR (think teens learning to drive…small bumps and bruises can be fixed much easier). Sell this as the cure for daily bumps, scrapes, and spills. 

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5. Mechanical Protection Bundle - Now this may be something your store already offers as VSC and PPM seamlessly go together. But adding an extra benefit like key replacement or tire & wheel can be a valuable way to get the ‘yes’ you need. If you are working with a customer who is buying a high mileage used car, the same strategy applies. Offering in-dealership PPM for a couple of years with a high mileage VSC will be a solid, complimentary bundle that should be a no-brainer.

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Of course none of this works well unless your F&I staff is asking the right questions upfront by uncovering concerns and what the driving experience will be like during their finance term. Don’t be afraid to ask everything right away before ever showing the menu. Being prepared helps sell the right bundle to the right customer in a way that may not really feel like ‘selling’ to them. That consultative approach that shows real interest is what works here.

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We at truWarranty want to help your dealership create the perfect product bundled that are supported by best in industry claims, white label marketing, and back end costs that help you grow your PVR to higher levels. Reach out today and let us show you have to reinvent your menu.

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