The complex and ever-changing rules of Finance and Insurance compliance may be frustrating to keep track of, but they exist for a very important reason. These rules keep dealerships from even accidentally taking advantage of customers. Without strict enforcement of F&I compliance, a single stray salesperson could ruin the fair business record of an entire dealership. While constant re-training is necessary for absolute compliance, you can prepare your team to always work in the spirit of F&I protections by training them in transparency and good-faith sales.
What's Best For the Client
F&I rules are complicated and there are a lot of them. Why? Because there are an unfortunately massive number of ways to mishandle a vehicle sale. While most people may discuss the risks of scam sales and corrupt agents, these protocols also help the dealership protect clients from identity theft and ensure documents are provided in the buyer's native language. When closing a deal, remember that your most important job is ensuring that the customer gets the car and services they need.
What's Best for the Dealership
Unfair or badly chosen deals are not just potentially harmful to the customer. By conscientiously selecting your sale menu, you have the opportunity to also make the best sales for your dealership. Every ideal service package sold turns a single car sale into years of dealership loyalty. A truly personalized sale can even successfully sell additional and unexpected services that the individual buyer will love.
Good Faith Preparation
The exact rules of F&I compliance will continue to change, but their purpose won't. When your team is trained in the spirit of the rules, they will have an easier time working with the current rules and adapting to the next set of minor changes. Focus on careful financial consideration and the needs of the client when building and finalizing sales will keep them in the right mindset for continuous F&I compliance.
Whether your dealership wants to sharpen their F&I compliance methods or to brush up on the most current F&I updates, Vanguard Dealer Services is ready to help. Contact us today to speak with one of our F&I experts.
