Sell more Creditor Insurance:

Tired of not selling enough Creditor Insurance?
If you answered yes, then I have a challenge for you. Before I share a very simple yet practical solution with you, let’s make sure you are qualified to apply the techniques covered in this article.

  • First of all, do you have a sense of humor and want to increase your earnings?
  • Do you see value in the products you offer to your customers?
  • Are you convinced that people who carry debt, could benefit from having creditor protection for their loans?
  • Do you ever wish that some customers would let you finish explaining your product benefits before giving you their objection?
  • Finally, are you tired of hearing from your customers that they already have enough insurance, or are covered through work?

Well, if you answered yes to any of the questions, then congratulations! I believe that you are definitely qualified to try something new. So, let’s begin by taking a closer look at what doesn’t seem to be working. The traditional way of presenting Creditor Insurance goes something like this (over simplified): “Mr. & Mrs. Jones, do you normally insure your loans?”  Or, “Did you want the life and disability insurance on your loan?” The typical customer responses include variations of the following: “How much is it?  Do I have to take it? Not interested, I am already covered through work!”
The real issue that I have with the traditional presentation is that it happens to be in direct contrast to what common sense dictates. Let me explain what I mean. We sell Creditor Insurance or Loan Insurance and the customer must have a loan in order for them to have a chance to purchase your product. The loan is something that requires you, the Financial Services Manager, to arrange for them.  Since that has not yet happened, it is impossible for them to already have your product. Think about that for a moment please! Remember, as long as the customer thinks you are trying to sell them something they already have and pay for, they will most likely say no to whatever you have to offer.
Please consider the flow of your Service Contract presentation for a moment and this will make perfect sense. Isn’t it true that you first discuss the difference between what is and is not covered on the vehicle before you offer the upgrade? If the customer has a question about the powertrain or comprehensive factory coverage, it is dealt with before any new product upgrade has been introduced. This makes it easier to avoid confusion and the customer sees that the new plan you are offering is an upgrade or an enhancement as opposed to a duplication of their existing coverage. This method has worked for over 30 years in many industries so, why not use it to sell more Creditor Insurance with much less resistance from your customers?
I am willing to bet there is not one experienced or inexperienced Finance Manager who would think of selling Service Contracts without first discussing the existing coverage on the new vehicle. Yet, when it comes to reviewing a customer’s existing insurance coverage, we have been doing the opposite. I don’t know why this has gone on for so long but, it is time for a change. Every successful salesperson knows that before you can make a change, the first step is to accept that the current system just doesn’t work. So, if you are still reading along with me, hopefully that means you agree and are ready to try something radically different yet, incredibly simple at the same time. Please remember that with this change comes improved results, better CSI and more income.
Now, when I said earlier that you may need a sense of humour, I wasn’t kidding.  We are going to look no further than the character George Costanza from the Seinfeld show. The episode I draw the analogy from is the one where George decides that ‘doing the opposite’ is his best chance for success in his troubled life. Nothing ever seems to go right for George until he decides to go against his instincts for the first time and it actually produces a positive result.
If we apply this strategy to selling Creditor Insurance, instead of showing your product and then waiting for the customer to tell you they already have enough insurance, why not discuss their existing coverage first? This allows you to show the difference between what they have and what they need. It also helps to eliminate the notion that you are attempting to duplicate their existing coverage. Once the customer realizes what you are talking about, they become more willing to engage in a dialogue with you and eventually they will purchase your protection.
So, here is a simple challenge for you. For the next 30 days, commit yourself to using the same flow with Creditor Insurance as you do with Service Contracts. Explain or discuss the coverage they already have and then show how yours will complement, supplement, or enhance it. You be the one to bring up their coverage in a positive light instead of them bringing it up as a negative roadblock.
I guarantee you will have more fun selling the products and definitely have more success.
Tune in next time when we will go through a specific step by step model with word tracks to help you sell even more.
If you have any questions, please feel free to write to us at .
Gordon Swail National Corporate Training Manager, SAL Group Industrial Alliance Insurance and Financial Services Inc.

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F and I (Business Office) Trainers:

What should you look for in a F & I (Business Office) trainer:

  1. They should have experience working as a Business Manager in a dealership for a number of years with a proven track record and ideally as a sales consultant or in an upper management capacity if possible. 
  2. They themselves have completed a credited formal F & I training program and participates in on-going learning.
  3. They train nationally for all franchised dealerships, independent used vehicle operators,suppliers, the lenders and the manufacturers.(they fully understand your demographics, the culture of your store or brand and have had experience dealing with such variables)
  4. They have proven track recor of success. (just because a trainer generated a high gross profit per unit average as a Business Manager does not necessarily equate to his or her abilities to develop Business Managers)
  5. Review their testimonials and feel at liberty to contact their previous clients and most importantly your own suppliers / lenders. (results’ driven trainers usually work for major suppliers for obvious reasons – if one of your supplier offers training, the training can be self-serving so just because it’s free, don’t limit your resources)
  6. They “walk the talk”: they…
  • offer real world solutions with no theory or conjecture
  • are able to execute turn overs competently using any sales process
  • have the ability to overcome any objections
  • provide sample scripts for every product presentation
  • provide P.O.S. materials
  • provide multiple sales processes to choose from (there are at least 5 currently being used)
  • provide multiple presentation strategies
  • know how to get more deals approved and delivered
  • know how to read a credit report and understand lenders appetites
  • are competent at dealing with credit challenged customer scenarios
  • have modern and effective strategies for converting cash from savings or cash from credit line customers
  • have established relationships with lenders and suppliers to provide you with resources and ‘under-the-radar’ strategies and Intel
  • have the ability to leverage other departments, managers and salespeople to support the Business Office
  • are able to provide you with a consultative report about your department before you invest in their services
  • provide action plans for the Business Office and the Business Managers and all departments
  • provide reports after each training or coaching session
  • provide an on-going development and support strategy (training is not a one tom event but rather a process)
  • provide modern and effective strategies to promote the sale of Business Office products in the dealership, on your website and in your marketing executions)
  • provide entertaining yet informative training to keep Business Managers engaged and motivated to improve
  • hold Business Managers accountable for improvement

Results’ driven Business Office ( F & I ) trainers will always provide you with solutions.

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F&I News – Automotive News:

MDA’s 28th Annual Charity Golf Classic -Red Deer Alberta: Sept 16 & 17

2012 BC Auto Industry Conference – Vernon, BC: September 16 & 18





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Do vehicles need rust protection?

Find out what the experts say at

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Should I buy an extended car warranty?

Find out what the experts say about this at

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Increase Your Insurance Sales

I still see many Business Managers selling less than 10% of their qualifying finance or lease customers with a Creditor Insurance policy. While most Business Managers may never enjoy the same type of penetration levels that extended warranties or vehicle protection products yield, adopting some different strategies will dramatically improve results.  Here are some examples:

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