Why Powersport Dealerships Should Offer F&I Protection
In the realm of powersports, nothing offers peace of mind like an F&I protection product, and enthusiasts are more than willing to invest in it. Despite their resilience to harsh conditions, these high-performance vehicles can encounter issues. Powersport protection services prove advantageous for both dealerships and customers alike.
Stay on top of market trends
Buyers today desire a convenient solution for vehicle breakdowns. Powersport dealerships must stay updated to better meet this need.
According to Global Market Insights, the powersports industry has generated more than $37 billion in revenue. It is projected to reach $69 billion by 2032. The future looks promising, thanks to ongoing innovations and the increasing popularity of powersport events.
While the powersports dealership industry has been on an incline globally, electric vehicles are a clear contributor to this trend. Electric vehicles have an impressive expected CAGR of 16% between 2023-32. This surging growth in electric powersport vehicles is due to millennials' continual technological advancements to aid in environment friendliness.
The soaring industry innovations make selling F&I protective services an ideal addition for the powersport market. By understanding powersport market trends, F&I managers can use this knowledge to better protect and inform their customers.
The benefits of providing F&I powersport protection products
With the right partner, powersport dealerships have the advantage of utilizing market trends to maximize profits while also satisfying customers. These trends include:
Selling F&I protection products offers a significant advantage in providing a quality service supported by your powersport dealership. While clients may not recall the coverage details or the administering company, their lasting impression will be of your dealership. By assisting customers in understanding the essential features of their service contracts, you can proactively prevent any potential negative reviews related to powersport breakdowns.
In today's market, customers prioritize an effortless and efficient solution to address powersport issues. Therefore, positioning your powersports dealership as a trusted resource will be invaluable in meeting their needs and retaining their business.
Increased Backend Profit
Utilizing an F&I menu can significantly impact backend profits for the powersport industry. MenuMetric's data indicates that partners adopting their F&I menu software experienced an impressive 8% increase in sales. Offering F&I products directly from the dealership gives customers the convenience of financing these services alongside their unit purchase, presenting F&I managers with another compelling reason to promote F&I protection products. This streamlined approach not only enhances customer satisfaction but also contributes to a more efficient and profitable backend for the dealership.
Common Powersport F&I Protection Products
Over the years, F&I managers have meticulously crafted sales solutions to align with customer needs. Modern, transparent presentations empower customers to make informed decisions. While presentations are valuable, F&I managers bring their vetted expertise to offer essential products, specifically safeguarding against common powersport vehicle losses. Services like theft protection, guaranteed asset protection (GAP), and tire and wheel coverage benefit both F&I managers and customers.
After everything, it is clear that powersport dealerships should offer F&I protective products. Customers and dealerships can get many benefits from powersport protection services, and many companies have seen the results.
If your powersports dealership is searching for an F&I menu software, look no further than MenuMetric. Our menu software is perfect for dealerships of any size or workflow to present their F&I protective products. To learn more contact us today!