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.
But no matter what changes come to the industry, or your own dealership, there are a few core ideas that build a successful F&I department.
Product knowledge
Understanding your products' features is the foundation of finance & insurance sales success. Customers are more likely to respond favorably to and trust business managers who are enthusiastic, passionate, well-versed in the specifics of their products, and present the benefits accurately and persuasively. You need to be confident in what you are presenting and even more confident that you will get a "Yes". Review product contracts frequently and highlight those areas that seem the most significant features and benefits to your customers. Don't just flip through your provider's brochure and try to sell the "short and sweet" version -- know it inside and out so you are prepared for any questions.
Preparation
The most successful business managers present options to their customers the same way EVERY TIME. Like an actor with a monologue, they have prepared a script that they can flow through and deliver with ease every time. They have prepared themselves to answer any questions in a clear, concise, on-point manner without any hesitation. Good preparation keeps you cool under pressure, practice and repetition help you project confidence and enthusiasm.
Commitment
Commitment is a long-term and day-to-day effort. Business managers have a lot of responsibilities and it is easy to get discouraged sometimes. Every day needs to start with enthusiasm and an expectation of success. Don't sell yourself short before the day has even begun. Commit yourself to excel in the business. Commit to being prepared, knowledgeable, and energetic. Be creative and smart, as well as honest, ethical, and transparent in every deal, every day. Be the person customers are going to look for when they come back in 2 years, 5 years, 10 years.
Vanguard Dealer Services has been a leader among automotive consulting companies since 1999. Providing automotive consulting, dealership training and F&I products and services, we are here to guide your dealership into ever-higher realms of success.