The Industry's Leading Source For F&I, Sales And Technology

Article

Up Close With F&Idol's Stephanie Cooper

Stephanie Cooper went from newbie to seasoned pro in just a few years thanks to hard work and the support of her product rep and sales team. In September, she became the winner of the 2013 F&Idol contest.

November 2013, F&I and Showroom - Feature

by Brittany-Marie Swanson

When Stephanie Cooper stepped into the role of finance manager at Timbrook Automotive’s Kia store in Cumberland, Md., she felt like she was in over her head. But what Cooper lacked in F&I experience, she made up for in hard work. Four and a half years later, this self-professed “car girl” was named the 2013 winner of the Innovative Aftermarket Systems (IAS)-sponsored F&Idol contest.

The deciding vote took place on Tuesday, Sept. 17, at F&I and Showroom‘s 2013 F&I Conference and Expo in Las Vegas. She and two other finalists reshot their video entries onsite, a first for the competition. “[The reshoot] took the variables out of it, because everybody’s in the same environment; there are no distractions,” says Bob Corbin, president and CEO of IAS. “So I think the quality is much better and it’s certainly standardized.”

The change threw Cooper for a loop at first, but she quickly regained her footing.

“Of course I was still nervous during the video — it was a different environment. But it was like, ‘Why am I nervous?’” she recalls. “I do this every day.”

Cooper, who made the final round by winning the contest’s vehicle service contract (VSC) category with her five-minute video submission, took home $1,000 for being a category finalist and another $2,500 for the overall prize. She is the second straight F&Idol winner from Timbrook Automotive, following in the steps of the contest’s 2012 winner, F&I Director Dina Wilson.

Jumping In
Following a career in newspaper ad sales, Cooper jumped right into the F&I business thanks to Fred Timbrook, Jr. He first spotted Cooper’s potential when she worked in his body shop prior to her stint in ad sales. After he purchased the Kia rooftop in 2009, he hired her as an F&I manager.

“Even though I was struggling that first year, the owner and my rep from Resource Automotive didn’t give up on me,” Cooper says. “They kept pushing me and pushing me and pushing me, telling me, ‘You’re going to get this. One day it’s just going to click.’ And one day it did.”

Cooper now averages $1,400 per retail unit (PRU) on new vehicles and $1,200 on used. The dealership’s sales manager, Dave Lindsey, says Cooper’s greatest attribute is her ability to get customers to see the value in the protections she offers.

“For example, Kia has one of the best warranties in the business … and she has over 50 percent [vehicle service contract] penetration,” Lindsey says. He praises her ability to identify the limits of the factory warranty and explain how customers can augment that coverage by tying the service contract to their monthly payment.

Cooper attributes much of her success to Timbrook’s focus on roleplaying. The repetition of the exercise, she says, has been especially helpful when facing objecting customers. “You have to have a quick response and be on your feet, and it just becomes like second nature,” she says. “I swear, some nights I wake up at 2 a.m. giving my presentation in my sleep.”

Setting Goals
For the past three years, Cooper has worked closely with Colvill Omanwa of Resource Automotive, a division of The Warranty Group. He visits the dealership twice a month to review objection handling and processes with Cooper, who sets new goals for herself each month.

Stephanie Cooper, standing with IAS’s Bob Corbin and F&I and Showroom’s Gregory Arroyo, accepts her award after being named winner of the 2013 F&Idol contest at the F&I Conference in Las Vegas.
Stephanie Cooper, standing with IAS’s Bob Corbin and F&I and Showroom’s Gregory Arroyo, accepts her award after being named winner of the 2013 F&Idol contest at the F&I Conference in Las Vegas.

“I push myself to beat the month before,” Cooper explains. “This past year, the majority of my months were over $1,400 a unit. In August, I had over $1,800 a unit [on new cars] and last month I was at $1,600.”

Using a customer interview process taught by Resource Automotive, Cooper says she averages between 1.3 and 1.5 products per deal. About 20 to 30 percent of her per-copy average comes from reserve.

“We have had that process in place for four years,” Cooper says. “We follow it to a ‘T’ and we have the highest numbers in the company.”

Part of this process entails the use of a hybrid menu Resource created for the store, which F&I producers print on legal-size paper before presenting to  the consumer. As for format, the menu is divided into columns containing different products. The first column contains the service contract while the second contains what Cooper calls “the preferred plan.” It includes key replacement, LUXCARE paint-and-fabric protection, GAP and a bundled product offering dent and ding, tire and wheel, and windshield chip repair.

“When I present products to customers, I usually give them two terms instead of asking an open-ended question,” Cooper says. “I always give an either/or question: ‘Do you prefer Option A or Option B?’ or ‘Do you want that for 60 months or 72 months?’”

This method has earned Cooper a 62 percent acceptance rate on GAP. And on leases, she adds, the three-in-one product penetrates at 70 percent.

Going the Extra Mile
Situated a short distance from both West Virginia and Pennsylvania, Timbrook is located in a fairly rural area but is adjacent to several major cities. The area is dominated by credit unions — five of which have a relationship with the dealership — but that hasn’t impacted Cooper’s 85 percent finance penetration.

Cooper’s initial pitch when she gets a “TO” centers on the convenience of financing a vehicle purchase through the dealership. But she knows that whatever rate she secures for her customers must be competitive, especially with credit unions having such a heavy presence in the area.

“That means a lot of my deals go out at buy rate,” she admits.

Comment

  1. 1. Robert Loftus [ December 14, 2013 @ 08:51AM ]

    What a Motivational message and inspiring dialog which provides the exact enthusiasm needed for success. Keep the message going!
    Bob Loftus. Loftus and Associates.

  2. 2. Andy [ December 14, 2013 @ 12:20PM ]

    just look at her, who wouldnt purchase back end products!

 

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

Blog

So Here's the Deal

Ronald J. Reahard
Capture Missed VSC Sales

By Ronald J. Reahard
In response to a reader question, the magazine’s F&I wiz updates his plan for re-pitching service contracts to customers who declined the protection at the time of delivery.

The Dealer Moved My Goal Posts

By Ronald J. Reahard
Top trainer has hard-earned advice — and a word of warning — for F&I pros whose dealers seem to change their pay plans every time they have a good month.

Addressing F&I’s Internet Problem

By Ronald J. Reahard

(Video) Selling Eight Products Without Losing the Customer

By Ronald J. Reahard

Done Deal

Gregory Arroyo
Game Almost Over

By Gregory Arroyo
With the CFPB’s controversial guidance officially repealed, the editor delves into what the bureau was really after in its targeting of dealer participation.

The Repair Is Covered

By Gregory Arroyo
The editor opens up about his first service-contract claim, which resulted in a covered and repaired vehicle as well as a few lessons.

Change Is Happening

By Gregory Arroyo

Who Will Take Up the CFPB's Torch?

By Gregory Arroyo

Mad Marv

Marv Eleazer
I Love F&I. How About You?

By Marv Eleazer
His Madness challenges F&I professionals to decide right here and now whether F&I is your career or just a job.

Is That Legal?

By Marv Eleazer
Is manipulating a sales agreement to accommodate a customer’s request to cash out of a dealer-arranged retail sales contract allowed? His Madness gets answers from the industry’s top legal mind.

Overcome Your F&I Weaknesses

By Marv Eleazer

Proper Deal Structure Moves Mountains

By Marv Eleazer

On the Point

Jim Ziegler
Bound to Fail

By Jim Ziegler
Da Man returns with a message to vehicle manufacturers jumping into the subscription waters: It ain’t gonna happen.

Sharpen Your Survival Skills

By Jim Ziegler
‘Da Man’ has a plan you can use to survive the collapse of the car business and remain profitable through the dealer apocalypse.

Sales Rock Stars Still Exist

By Jim Ziegler

The New Stooges

By Jim Ziegler