In an automotive dealership, Finance and Insurance (F&I) is an office where buyers sign documents related to their purchase. It’s a crucial department for any business and the biggest profit center.
Increasing revenue streams in a dealership is essential. At the F&I office, customers can apply for loans and other optional add-ons—such as auto service contracts, credit insurance, extended warranty, or guaranteed asset protection insurance (GAP).
Individuals that handle this important office are called F&I managers. To boost your sales, it’s essential to ensure your managers have the right skills for the job—and the best way to do this is by taking the F&I quiz.
How F&I Managers Can Help Your Automotive Dealership Business
Hiring an F&I manager with the proper F&I certification can heighten your business’ reputation and provide instant credibility to your automotive dealership.
The role of F&I managers is not limited to selling cars. They also offer buyers financing and insurance programs as they go through the process.
In order to be sure your customers’ needs are put first, it’s important to hire a certified F&I manager. According to surveyed automotive customers, only 5% of F&I managers appear to actually prioritize buyers’ interests. The results instead indicated that customers see salespeople as the go-to for serving their needs.
To improve your company’s performance, your managers should be trained on how to interact with your customers and satisfy their needs properly.
How Taking the F&I Quiz Helps Your Business Process
F&I managers play an integral part in your sales process, and with the right training, they can considerably improve your business performance.
- Customer Satisfaction
The sales process for purchasing a car has changed to become needs-based, as buyers have started to be more practical when making their decision.
F&I managers are trained on how to deal with customers. When met with helpful, friendly support, customers are likely to refer your business to their friends. This is why properly satisfying your clients’ needs is so crucial.
- F&I Department Income
Training your F&I managers with extensive information about vehicle models and competitive pricing can boost your company’s income. If your managers know how to sell financing and other add-on services, it prevents skeptical customers from negotiating lower prices.
- Maintain Compliance
The Federal Trade Commission places dealership practices of F&I managers under heavy scrutiny. Because it is their responsibility to ensure the transparency of loan and agreement deals, these employees need to be properly trained and compliant-ready.
Training Your F&I Managers with The Ace Group
Automotive dealers that want to rise to the top of the industry should consider training their F&I managers. The ACE Group is dedicated to helping you improve your business performance. With the right training, we can equip your F&I managers with the customer service skills to boost your sales and reputation.
To know more about increasing efficiency and profits, schedule an appointment today!