3 Key Responsibilities Overseen by Pros With Automotive F&I Manager Training
The finance and insurance (F&I) department of a dealership comes into action once a customer has agreed to purchase a vehicle. During this time, the sales team will pass the buyer onto the F&I department. Professionals in F&I educate customers on financing and insurance options. In addition, the F&I department will often sell add-ons like auto service contracts or guaranteed asset protection. It’s often where a customer will sign the final papers and receive the keys to their brand new vehicle.
The F&I department is a major revenue driver for dealerships, making it a crucial sector of the business. If you are exceptional at sales, forming relationships, and leading a team, becoming an F&I manager could be an ideal career path for you.
Are you interested in pursuing a career in F&I? Read on to discover three key responsibilities you could have during your career.
1. F&I Automotive Business Managers Offer Financing and Insurance to Customers
The main role of F&I business managers is to oversee the selling of financing and insurance options to customers. Once you become an automotive business manager you will have an extensive and detailed knowledge of all your dealership’s F&I options. Knowing the ins and outs of your department will help you make suggestions that suit each individual customer’s needs. It will also help you provide guidance to other employees working in the F&I department.
Oftentimes F&I business managers and department personnel work on a commission basis. Therefore, the better you can satisfy your customers, the more likely you will be to bring in good commissions.
2. F&I Automotive Business Managers Coordinate Programs With the Sales Department
Working closely with the sales department is essential for F&I business managers. By working in unison and supporting each other’s business objectives, you can increase revenue for the entire dealership.
If you find yourself working as a business manager after automotive F&I manager training, you should set up regular sessions to train the members of the sales team on which services the F&I department is offering. Doing this is important because financing rates are always changing. In addition, for some automotive clients the financing rate your dealership is offering could be a big selling point. As a result, having salespeople who are knowledgeable about your dealership’s financing options and can help clients see the benefits of offered rates and could help secure sales.
3. F&I Automotive Business Managers Provide Excellent Customer Service
Above all, F&I managers are responsible for ensuring high quality customer service. In larger dealerships there may be several F&I salespeople working under your supervision. As a result, you may be responsible for ensuring all members of the department are providing quality service to customers. In addition, professionals in managerial F&I positions must have top-of-the-line communication and sales skills. That’s why F&I training teaches students everything from how to use different sales processes to how to qualify customers and more.
Are you interested in enrolling in F&I training in Toronto?
Contact an advisor at Automotive Training Centres today!