This article was originally published in the May/June issue of Agent Entrepreneur

The pandemic and resulting chip shortages were catalysts for change for enterprising automotive dealerships that saw opportunity in the powersports and recreational vehicle markets. While some bought one-off motorcycles or RVs at auction, others went all in and purchased entire dealerships. Now those dealers want to offer protection products and services –and they need F&I professionals like you to help them do it.

Meeting the needs of powersport and RV buyers is different than meeting the needs of vehicle buyers. Yes, both want to protect their investments. However, the mindset of a powersports or RV owner is one of enjoyment over utility. The ability to help F&I teams properly present products, such as extended service contracts and roadside assistance plans, that enhance that enjoyment will result in more products sold in the short term and happier customers in the long term.

As an F&I professional looking to break into the RV and powersports market, here are key tips that will help in your success:

Start with what you know best.

An F&I professional who’s had success in the auto market can transition those skills to new verticals. It’s a similar blueprint, but you have to keep the difference in customer motivation top of mind. Prioritize your practice, limit your scope, and help F&I teams focus on the why factor for the new market’s buyers.

Talk to everyone.

The most successful F&I professionals have ears to the ground and talk to everyone. Your existing base, friends and business partners are fertile ground for new business. Which leads me to my next tip…

Ask for referrals.

Satisfied customers are your best bet for additional business. Don’t be shy about asking for referrals. You delivered on the promise you made to your dealership clients when they hired you to help increase their bottom lines. You’ve proven your value and expertise and can bank on that now to expand your business.

Follow up on transient claims.

Following up on paid claims at a non selling dealership is an effective way to get in the door. In other words, if one of your current dealers sold a vehicle service contract and the customer enacted it at one of your target prospects across town, don’t miss this opportunity! This is a warm lead and gives you more credibility than walking into a target store cold.

Offer your services at no charge.

Demonstrate your value as a partner by offering to come into the dealership and work with the F&I team for a few days at no charge. During that time, help the team with product presentations, objection handling, and financing, to put together deals that are advantageous for customers and the dealership. You can also volunteer your time as a consultant to identify areas of improvement. Yes, you may run into a general manager who is offended to have weaknesses identified. However, I’d bet the vast majority would welcome professional volunteer services where the aim is to improve profitability and product penetration.

Invest in yourself.

The biggest advantage any F&I professional can bring to the table is experience. Lean on your F&I administrator for training, and even more importantly, professional development. What’s the difference between the two? Training typically consists of instruction on products and how to properly present them. It’s the nuts and bolts of what you need to know. Professional development, on the other hand, focuses on your specific needs and wants as an F&I professional. The goal is to better understand your motivations, help you be organized and consistent in your work, and identify your professional goals and help you achieve them.

It’s easy to think that new verticals mean a whole new approach. It’s also tempting to throw money at advertising when breaking into new verticals. In my experience, paid advertising will not give you the biggest bang for the buck. Instead, lean on the relationships you already have and broaden your product knowledge with the help of your product administrator. These techniques will pay dividends as you break into new markets.

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