Every modern dealership needs an F&I department.

This even includes smaller dealerships and those that sell used cars.

In fact, you could make the argument that it’s especially important for such dealerships to have F&I departments because they represent so much potential for extra profits. Of course, in order to boost F&I profit, you need to know what tactics work best.

The Best Possible Way to Boost F&I Profit

Simply having an F&I department at your dealership isn’t enough anymore. Customers want departments that offer lots of options and the information they need to make educated decisions.

Fortunately, there are three reasons why simply focusing on better training can help you boost F&I profit.

1. Customers Won’t Pay for What They Don’t Understand

The biggest reason so many F&I professionals struggle to meet their quotas – much less exceed them – is because their customers aren’t entirely sure what they’re being offered. You can’t expect a customer to make such a big commitment if they’re unsure what exactly it entails and how it’s supposed to benefit them.

Furthermore, each year, vehicles are featuring greater amounts of technology. This technology – everything from Wi-Fi to collision-avoidance systems – requires specific F&I products. Offering them requires an employee who understands these new features and the products that will protect them.

2. The Customer Experience Is More Important Than Ever

Similarly, customers have more options than ever before when it comes to purchasing a new or used vehicle. The auto industry is currently experiencing the age of the empowered consumer, which means if your dealership doesn’t have what they want – including F&I products – they’ll just go elsewhere.

At the same time, this empowerment can work to your advantage. If your dealership features a team of F&I professionals who are knowledgeable and helpful, you’ll enjoy greater profits from appreciative customers.

3. Your Other Investments Depend on Trained Employees

As we mentioned earlier, your dealership could see increased returns by investing in better technology. You could expand your offerings, as well. Even improving the marketing behind the F&I product you already offer could help.

Unfortunately, if your staff doesn’t have the competency required to position these products once a customer is in your dealership and answer any questions they have, you won’t be able to boost F&I profit – at least not in line with your increased budget.

Before you add any other tools, technologies, or tactics to your F&I department, start with the foundation by giving your employees the training they require.

Start Using Training to Boost Your F&I Profit Immediately

At ACE Group, we offer the kind of F&I training that leads to greater profits and increased customer satisfaction.

To learn more about how we can help your unique dealership meet its profit goals – and then some – please contact us today.