Customers who walk into the F&I office at Thielen Motors in Park Rapids, Minn., are in for a treat. They’re about to meet G.P. Anderson, a 25-year veteran of the industry and one of its most electric personalities — and that’s not just a matter of opinion. At last year’s Industry Summit, Anderson was named the winner of the first-ever "F&Idol" competition. The videotaped presentation he submitted won the GAP category and the overall prize by a landslide.
When asked to reflect on his triumph, he quotes the English philosopher L.P. Jacks: “‘The master of the art of living draws no sharp distinction between his work and his play, his labor and his leisure, his mind and his body, his education and his recreation … He simply pursues his vision of excellence through whatever he is doing,'" Anderson says. "F&Idol is just part of that.”
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The Great Communicator
Anderson is a true renaissance man. Before he discovered automotive retail, the former piano prodigy seriously considered a career in music, then spent several years running his family’s 25,000-square-foot grocery store. And, yes, he is a lifelong student of philosophy. You can’t talk to the guy without learning something, and he will make you laugh.
But is all that necessary to succeed in F&I?
“Yes,” Anderson replies. “You have to be a great communicator. Customers don’t know what products they need. You say they can only afford two? You gotta show them the other eight. ‘GAP is very good. Lots of deer hits out here.’ They say the average customer has 2.8 objections. That’s okay. I have 10 answers.”
Anderson extends that advice to general agents as well. He has been visited by any number of agents over the years and, more often than not, he’s been disappointed.
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“Everybody talks about PVR,” he says. “‘We’ll raise your PVR by $1,000.’ Really? That’s interesting. Fifty-seven percent of my apps are sub-600 bureaus. That’s special finance. So the discount fees will be large, heavier finance on the front, maybe $200 flat on the deal. How can you raise my PVR by $1,000?’”
One answer is to sell more products, and Anderson says there are a couple ways agents can help.
Look at the Books
Anderson says many of the agents he knows are putting in a lot of “windshield time,” driving upwards of 75 miles between calls. So why not make the most of every visit?
“Get a look at the F&I books,” he says. “Don’t just say ‘more PVR,’ ask what their percentage is for service contracts, GAP, credit life. Add it up. Why did it drop? The dealer might say, ‘We got more subprime deals.’ Well, okay. Did you call the bank? Are your finance managers trained to ask for a bigger advance?”
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Developing that kind of rapport, Anderson says, is the key for agents who want to become indispensable to their dealer clients. He draws a parallel from sales to songwriting: Decide on a theme; that’s your hook. Make decisions that support the theme; those are the verses.
“It all starts with your attitude, no matter what level you’re at,” Anderson says. “And remember, the pool of mediocrity is already well-stocked.”
F&I and Showroommagazine is now accepting submissions for the second annual F&Idol competition. Winners of the overall prize and each F&I product category will be named in September at Industry Summit 2012 in Las Vegas.
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