The Road to ROI with F&I

When it comes to the automotive dealership world, the Finance and Insurance (F&I) department plays a pivotal role in driving revenue and customer satisfaction. However, this dynamic field demands well-prepared employees who can navigate its complexities with finesse.

For a dealer, selling a vehicle is a process, not an event. For salespeople to be successful, they need to understand all the essential parts of the sale. Each element of the sale, from building rapport with customers to understanding objections before they arise, is like adding a brick in the wall. The fortitude of those building blocks and strength of the bricks will always matter. Just how well-honed is your team at its sales process? If you want to unleash a team of unstoppable sellers onto your lot, you will need to constantly provide them with updated, empowering, effective sales training.  

One of the most exciting things about the automotive industry is that it continually leads the way in the innovation and adaptation of some of the most advanced technologies in the world. Most noticeably, in the past few years the automotive industry has been incorporating key components found in the field of information technology, with the explosion of smart devices, AI (artificial intelligence), and the IoT (internet of things). Of course, one of the main channels the industry uses to convey the value and usefulness of these new features to customers is through their sales team. Dealerships who strive to obtain the highest level of salesmanship by incorporating a multi-pronged approach to training, including the all-important technical training and other vital training aspects, stand uniquely poised to move themselves above and beyond their competition.

Finance and Insurance Departments are a staple of any dealership. They bring in revenue and are a key piece of customer service. But just as the dynamics of sales have changed with technological advancements and online consumerism, F&I is a competitive field that requires active engagement and constant learning to stay ahead. A good way to stay abreast of the best practices in the field and grow your business network is by attending yearly F&I Conferences and Expos with your team. Listed below are 4 reasons an F&I Conference can improve your dealership.

Car sales is a competitive business. In any given town in America, you can bet that if there is one car lot, there is always at least one more. Most of the time there are several more. How can you manage to find that niche, that one special thing that your car dealership offers that attracts customers?

Yes, it could. When you own a business, there are a few things that you can skimp on- the cheap coffee for the waiting room, the discount receptionist desk, and even the low-quality paper that you use in your copier. One thing you should never be stingy with is training. It is important that your finance and insurance manager have the correct F&I training. 

The sales team of a dealership is the primary connection between the customer and the location. This means that the sales team needs to be educated on all that is being offered and all that needs to be disclosed to the customer. Mandatory automotive F&I training can take care of this in its entirety.

The automotive industry is facing a dramatic demographic change. Millennials, those buyers who are 20 to 35 years of age, are predicted to become the largest, most important group of auto buyers within the next decade. Millennials have more information-gathering tools and better research skills than any previous generation of auto buyers; they are well-informed and have often already made their purchase decisions before setting foot in a dealership.

The F&I Department is one of the key sources of profits for many successful dealerships. Implementing F&I training and focus throughout your entire dealership can dramatically change the way your dealership functions. Ward's Auto provides some great insight into how instilling F&I into multiple facets of your dealership can help you thrive.

Absolutely stellar automotive finance and insurance training is fundamental to every leading automotive dealership. We all know that F&I managers who do not understand current state and federal regulations expose the dealership to legal liabilities; continuing education is essential for the career minded F&I manager. Those who strive to be the very best also understand that dedication and commitment to training allow the practice of the craft not just with ease and grace, but also with the thinking human touch that sets them apart from their peers. The F&I manager who commits to and embraces training will directly, and positively, affect every member of the team.