In every automotive dealership, the sales team follows a well-defined Road to the Sale—a process that takes customers through critical steps from the initial greeting to the final handshake. Yet, when it comes to the Finance & Insurance (F&I) department, that same clarity of process can often be lacking or nonexistent. While many dealerships rely on external agencies and agents to train F&I managers on product knowledge, the real question is: What is the right process for your dealership’s F&I operations? Is there a structured roadmap in place to set up your F&I team for success?
Establishing a Dealership-Specific Process
Just as the sales process includes key steps like the meet-and-greet, intake, and vehicle demo, the transition to the F&I department should follow a clear, structured procedure. Without a defined handoff and a roadmap, opportunities for selling and addressing customer concerns can easily fall through the cracks. Here are some essential steps to consider when creating an effective F&I process:
1. Seamless Sales-to-F&I Transition First and foremost, how is the F&I manager being introduced to the customer? The way in which this transition happens can set the tone for
the F&I experience. The F&I manager should ideally interview the salesperson to gather valuable insights into the customer’s preferences, concerns, and key details of the interaction. This knowledge helps shape the F&I approach to meet the customer’s specific needs.
2. Interviewing the Customer Once introduced, does the F&I manager conduct their own interview with the customer? This step is critical to understanding any concerns or preferences related to payment options, interest rates, and extended protection products. Personalizing the conversation strengthens rapport and builds trust, leading to a smoother F&I experience.
3. Trade-In Evaluations and Time Expectations Evaluating trade-ins and taking the customer on a trade walk-through further personalizes the interaction. Additionally, F&I managers should reset the customer’s expectations, explaining what happens next and providing an estimate for how long the process will take. A well-informed customer is a more comfortable customer.
4. Early Involvement with Desk Managers A strong process involves close collaboration
between the F&I team and desk managers who structure deals. The earlier the F&I manager is involved, the better prepared they are to address any customer concerns—especially around interest rates, payments, or deal structure.
5. The Need for a Dealership-Wide F&I Process It’s essential that the F&I process is clear to everyone who interacts with customers, not just the F&I team. If a salesperson fails to close a deal, they don’t simply let the customer walk out the door—another team member steps in to salvage the sale. F&I should follow a similar philosophy. If one F&I manager struggles to close on additional products, why not let another try? A fresh approach can make all the difference.
6. Don’t Assume a Process Exists—Document It! Too often, dealership owners and general managers assume that their F&I team is following an effective process. However, if there’s no documented process, there’s no guarantee that it’s being followed. The key is to create a step-by-step F&I roadmap, train your team on it, and hold everyone accountable to it.
Ask Yourself:
1. Do we have a documented process for F&I?
2. Are we training our staff to follow this process?
3. Are we holding everyone accountable?
By implementing a structured, dealership specific F&I process, you’re not only setting up your F&I team for success but also enhancing the overall customer experience. A well coordinated F&I process ensures that every customer touchpoint—whether it’s with sales, desk managers, or F&I— contributes to a seamless and satisfying buying journey.
If you’d like to discuss how a structured, dealership-specific F&I process can improve results at your store, connect with Kevin Murray today at kmurray@ezvds.com or on LinkedIn.