F&I managers play a vital role in the day to day running of many dealerships. Whether they are leading salespeople or negotiating with lenders, F&I Managers can impact the bottom line significantly.
One of the best ways to raise your profit margin is by hiring a competent F&I <anager. The chosen candidate's skill-set will have the greatest impact on your dealership's growth curve.
In this article, we highlight the four intangibles of a good F&I Manager that you can identify in an interview:
1. Leadership
High-performing F&I Managers accept responsibility for results- whether they be good or bad. They also own their communication and processes. As a dealership owner, make sure you hire a professional that doesn't play blame games.
By identifying and rising above existing elements, a good F&I Manager can help create and sustain a positive atmosphere for both your employees and clients.
If your next hire isn't capable of steering the F&I department in a clear direction, then your company may be set up for headaches. Employees will become frustrated and prospective clients will turn away without second thoughts.
Ask the candidate if they have ever come up with a problem-solving idea and, if so, how it helped improve their former company. If you spot inconsistencies in their answers, that may indicate that they lack integrity and professionalism among other essential manager traits.
2. Sales Background
The role of dealership F&I Managers is gradually changing to include various aspects of the sales cycle. Due to more competitive pricing, the next ideal way for dealerships to make a profit is through the F&I department. This puts pressure on managers to sell insurance, financing, and other added services.
Your next hire may not have worked in the F&I sector or sold cars, but if they have some sales training or sales experience in their background, it can be a big plus. Having a steady understanding of the customer's journey and habits can make for a seamless transition to the head of Finance and Insurance.
3. A Strong Sense of Ethics & Morals
Remember, a resume won't come out and say "I am not a great salesperson." However, interviewing a potential F&I Manager can help you get the hang of their ethical and moral compass.
Role-play scenarios are a great way to judge the answers you get. Have they worked in a sales environment before? If yes, how have they managed situations where shortcuts would have been a quick alternative to net more revenue? Provide a real-world scenario and inquire on how they would have managed it.
Hypotheticals, when done right, can give you all the insight you require to decide whether the candidate is the ideal fit.
4. A Real & Engaging Personality
Many customers are guarded the moment they start to engage dealership personnel about F&I. A real and engaging personality can help your dealership overcome that.
A resume won't tell you this. The interview gives you an idea of whether or not the prospective hire can make the human connection necessary to succeed as the head of F&I. Ask questions on what they enjoyed or disliked about their own car buying process or about how they handle nagging buyers in other jobs. Look out for behavioral clues like fidgeting, direct eye contact (or lack of it), or an easy smile when you greet them.
Your F&I Managers have to be not only empathetic but also professional. They should stand out as the approachable salesperson who takes time to understand what the customer really wants. An injection of energy and a sense of humor helps, too. A boring and dull F&I Manager simply won't cut it and could negatively impact your turnover.
Conclusion
Conducting a thorough interview for an F&I Manager is key in achieving a high-profit dealership. It is, therefore, important that you strive to improve the hiring process for your Finance & Insurance department. This will ultimately help you to provide new buyers with an exceptional car-buying experience while retaining existing clients.
Contact us today to learn more about the right interview process when it comes to F&I.
