Although the business of auto dealers is selling cars, the worst kept secret is that F&I products provide the best margin in the industry. Dealers that maximize these products do much better financially. However, they have to be sure to meet all of the compliance standards or it could come back to bite them in the form of penalties. For that reason Financial & Insurance product compliance is more important than ever before.
Dealing with the F&I office can sometimes be a bit of a trial. Efficiency issues run high, and this often leads to unsatisfied customers. When it comes down to it, efficiency and compliance still trump shorter visits to the F&I office. Fortunately those of us at Vanguard Dealer Services have effective programs for dealerships to improve their work flow.
In any sales environment, customer satisfaction is critical, and your dealership is no exception. All dealerships strive to win corporate recognition, earn referrals, and keep their customers returning for more purchases. One of the key aspects of the auto shopping experience is the time spent in the F&I office. Since consumers want a streamlined process, shouldn't dealerships focus on getting the buyer in and out as fast as possible?
The car buying industry is nothing like it was ten years ago. Mobile phones, and the Internet have completely changed the market. The market is now designed for the quickest and most efficient selling tactic.
We've got a handy way for managing automotive finance and insurance training and we'd love to share it with you. It's really a matter of getting back to the basics. Even successful and experienced finance and insurance staff need to keep up-to-date on training lest they become complacent or, even worse, develop bad habits.
You may think running a dealership is only about selling cars, however, there are many factors that go into making a dealership successful.
For example, when a salesperson does notfully understand F&I processes and regulations related to that area of sales, they may misspeak and make promises or statements that are incorrect to customers.
Regular, consistent training is important in every area of a dealership, but the number one place that needs particular attention paid to training is the business office.
The role of the F&I department is ever-changing and diverse. It is important to stay ahead of the curve; you need knowledge, familiarity, skills that come with experience, and ongoing education. Keeping abreast of the latest developments and industry trends keeps the finance & insurance department healthy and successful.