Get Sales Training From People Who Actually Understand the Car Market
Finance and insurance or F&I departments are the cornerstones of a profitable automotive dealership. An F&I professional doesn’t just help customers access the financing they need; they also promote the upgrades that keep dealers going during the most challenging times. According to the NADA’s latest report, dealerships in the United States still count on their finance departments to increase revenue and drive profitability.
The resources devoted to dealership F&I training are an investment in a company’s current and future success. Although success is a team effort, it’s the responsibility of a dealership’s HR department to stress the importance of this type of training. Here, we will look at sales training and its numerous benefits.
What Does an Automotive Dealership’s F&I Department Do?
Along with a strong sales team, a dealership’s F&I department is its backbone. Automotive F&I professionals have two goals: to improve the buyer experience while increasing the profitability of every sale. These experts help customers in several ways, which are covered below.
Financing. A dealership’s F&I department helps customers obtain the financing needed for a successful vehicle purchase. Approximately 80% of buyers finance their vehicles through dealerships, which means F&I experts must be able to help every customer choose the right financing option. Finance and insurance team members review and complete credit applications before submitting them, maximizing the likelihood of approval. Therefore, any training program must include segments on reading credit reports and understanding automotive lending.
Upgrades. Before sales are finalized, finance and insurance experts have an ideal opportunity to promote upgrades. Upselling customers in a helpful, no-pressure way requires certain skills, however. To increase their chances of success, team members should have training in sales and F&I.
Documentation. While many customers prefer to shop online for cars and trucks, every sale still involves a significant amount of paperwork. Knowing which documents are required streamlines the process and gives customers a better overall experience. As they’re filling out paperwork, an F&I team member will answer a customer’s questions and address their concerns.
A successful F&I department starts with a training program that gives team members the skills they need to maximize the value of every deal while ensuring customers’ satisfaction. Read on to learn more about sales and F&I training with the ACE Group.
Automotive Sales and F&I Training With the ACE Group
At the ACE Group, we are proud to give the country’s automotive sales, finance, and insurance specialists the skills they need to support a dealership in its efforts. With our top-quality F&I training and sales consulting services, we can help any dealership improve its local reputation and generate additional profits. Our training programs cover aspects such as:
Choosing the right retail location
Using automotive financing software
Creating lease agreements
Using retail calculators
Finalizing sales transactions
Learning about and recommending finance companies and lending products
Usage of automotive dealership operating systems
Creating payment plans
Online financing
The rules, regulations, and laws surrounding automotive financing
Prime and subprime lending
Loan structures
Upselling
While they’re learning new and innovative approaches to insurance, upgrades, and financing, we put F&I experts through real-world practice situations that help them retain the knowledge they’ve acquired.
The world of automotive sales and financing is a fast-changing and competitive one, which means frequent training is essential. Keeping sales, finance, and insurance experts at the top of their game provides several benefits, as we will discuss below.
More Satisfied Customers
Through sales, finance, and insurance training with the ACE Group, you can be assured that your dealership’s customers are learning about all their options in a friendly, no-pressure environment. Our training program ensures that every team member is doing their job and that customers get the information they need to make informed decisions. When a customer is satisfied, they’re much more likely to recommend a dealership online and in-person—and we’re here to give dealerships the tools needed to make those glowing recommendations possible.
Decreased Employee Turnover
Working in an auto dealership’s sales or F&I department can be complex and stressful, to say the least, and an employee who has no job satisfaction also has no reason to stay. Dealers spend a lot of time and money finding and training team members, and any loss takes a financial toll on the company. Training with the ACE Group may work to boost employee satisfaction and decrease turnover.
Increased Profits
When an F&I department sells add-ons, it makes up a significant portion of the dealership’s profits. Unfortunately, only a select few team members have the product knowledge needed to do the job. Even the best F&I team can’t maximize its profits if it doesn’t know what it’s selling! With proper training, every team member will learn about the products they sell, thereby ensuring a fast and easy process.
Ensuring Compliance
Dealership training programs don’t just increase profits; they keep companies in line with the law. These programs ensure F&I compliance, which helps dealerships avoid large fines and penalties that may erode their profits.
Protecting Assets
The best customer is a well-informed one, and proper disclosure will protect a dealership from potential litigation and losses. When team members are trained in automotive sales, finance, and insurance, they know about the importance of full disclosure—which means that the dealership’s assets are protected.
Get On the Road to Dealership Success With Training From the ACE Group
With so much of a dealership’s profits and success being tied to its finance, insurance, and sales departments, it’s important to keep those teams in top form. Training with the ACE Group will help any team get through challenging times, gain an edge over its competitors, and unlock its potential.
Every training session sharpens skills and gives team members the tools required to do their jobs effectively. We know that proper training takes time, and our proven approach ensures that each person gets the help they need to thrive. Contact us today to learn how our Kansas City team can help any dealership reach and stay at its peak.
Are you looking for ways to generate recurring revenue for your dealership? Reach out to us here at the ACE Group. We offer a free analysis to help you maximize your dealership’s earning potential.