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7 Top Qualities to Look for When Hiring an F&I Business Manager

Posted by Vanguard Dealer Services on May 24, 2021 4:49:36 PM

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Looking to hire an F&I business manager for your dealership? Considering the critical role that the professional plays, it is important to pick a top performer for the position. Finding a good fit will go a long way in helping you improve customer service, increase customer satisfaction, and positively impact your bottom line. So, what qualities should you look for to ensure you hire the right person for the job?

Here are a few to consider.

KNOWLEDGE AND EXPERIENCE 

When conducting your search for an F&I manager, you will want to hire someone who knows what they are doing. The candidate you choose should be familiar with the complete vehicle purchasing process. They need to have an in-depth understanding of the buyer's journey and the role that F&I plays in ensuring the journey is successful.  The right candidate will also know their responsibilities to both the dealership and the customer.  

TAKING RESPONSIBILITY

The person you hire will be the leader of your F&I team. As a leader, they will have to take responsibility for the results of the team especially in case of underperformance. A top performer understands the potential challenges that exist and will work with other members of the team to find ways to overcome them. They will constantly be looking for ways to thrive and improve, a factor that will contribute to the growth of your dealership. 

HONESTY 

Your F&I business manager will be engaging with customers a lot. To increase the chances of customers financing their car or getting coverage from you, you need to hire someone they can trust. As such, integrity is an important trait to consider when looking for an F&I business manager. The professional should also be able to communicate honestly with their team to ensure they work as a unit to achieve the set goals. 

UNDERSTANDING CUSTOMERS

In addition to being honest, the right person for the role should make customers feel understood. The person you hire should be able to put themselves in a customer's position and be empathetic. This way, when customers are presented with sales options, they will be confident that they will get the assistance they need. The expert has to understand what makes customers happy and develop products that truly meet their needs. 

DESIRE TO WIN

The success of your F&I department will come from continuously improving the sales process. To ensure you achieve the desired results, you should hire an ambitious and self-driven individual to lead this team. The business manager will work on improving their own skills and encourage their team to do the same even when no one is watching. This will, in turn, improve the team's ability to attract new customers to your dealership. 

COMMITMENT AND DETERMINATION 

Before making a hiring decision, you should make sure that your preferred candidate is committed to doing what it takes to get the job done. It takes a great deal of hard work and sacrifice to achieve success in this role. As such, the person you hire needs to be consistent, dedicated, self-disciplined and passionate about their job.  

EXCELLENT COMMUNICATION SKILLS 

Communication plays an essential role in the sales process. This is why the person you pick to be your F&I business manager should have great communication skills. Effective communication will make it easier to interact with the F&I team as well as customers. With good communication, the team will operate more efficiently, serve customers better and avoid most of the problems that emerge due to poor communication. 
    
The importance of hiring a
competent F&I business manager for your dealership cannot be denied. However, discerning the right candidate the first time around can be challenging. At Vanguard Dealer Services, we are committed to helping you build a strong F&I department so you can seize opportunities and achieve increased profitability. Contact us today for more information. 

Topics: Business Managers, F&I Business Manager

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