Satisfaction in Financial Services – Part 2

This is the second of a five-part series for OEM Management, Indirect-lenders, Dealer Principals, Financial Services Managers and Sales Management.

Phase Two – Preparation of the Deal

Center for Performance Improvement - Satisfaction in Financial Services - Part 2

This phase includes preparing all the resources, activities and environmental factors of the sales transaction prior to customers coming in contact with the finance department.

The primary responsibility for this phase falls upon the sales manager and/or financial services manager.

Key elements of this phase include:

  • Creating and maintaining a customer situation profiling system - They say that knowledge is power. Understanding and maintaining customer profile information is vital to developing long-term customer satisfaction. It’s important to determine what information you’ll need to collect, and what type of system you’ll use to store and manage the information.
  • Determining a fair pricing and rate administration policy - Consistency of pricing is critical to success. Customers often exchange information about the deal they received. If you don’t have a policy that provides the same pricing and rates for every customer (various credit levels assumed), you’ll risk certain areas of customer satisfaction.
  • Training sales personnel on customer satisfaction issues in finance - The sales team needs to understand your processes and they need to be updated regularly. The first exposure to finance comes through the sales consultant so be sure they understand the inner workings of your department.
  • Establishing positive lender relationships – A good lender relationship will add no less than 10% to your back end gross so don’t neglect it. Meet regularly with lenders and review their policies and strategies.
  • Preparing the dealership environment – This includes setting up all the forms and files for ease of implementation. It also means ensuring that the finance office is clean, neat and comfortable for customers.
  • Preparing the necessary documentation and agreements – Be sure your process is set up so you can quickly print agreements. This is especially important when customers are waiting to get into finance.

Next Week: Phase Three – Transition to the Financial Services Manager

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