F&I and Showroom, October 2019

www fi magazine com 22 F I and Showroom October 2019 FINANCE INSURANCE A A plethora of resources is available to those who are just starting a career in the F I department A Google search for basic F I training course turns up over 450000 results There are also training programs conferences webcasts and seminars for senior level F I personnel that focus on improving demonstrated success But theres a group of employees too often overlooked when it comes to career training high performing midlevel F I managers Failing to offer professional development opportunities to this group can adversely affect retention and profitability BE A DEALERSHIP LEADER While entry level F I courses teach foundational skills such as a basic understanding of product types compliance and sales processes advanced courses can help turn managers into effective leaders This focus on leadership is critical Done correctly it can help F I personnel learn how to impact and influence others especially the sales team to ensure that deals are structured for optimal success These leadership skills also play a key role in gaining insight into the F I customers mindset This can help reduce the total transaction time and result in a more seamless less stressful experience which in turn can significantly improve your per copy average A key element is learning how to influence and align with the sales team and not just on proper deal structure You should be out on the floor as ambassadors engaging customers and doing interviews before formal discussions begin You need to be able to train and motivate the sales team on processes that influence F I effectiveness Daily strategy sessions with sales managers can help turn bank turndowns and conditions into approvals CREDIT AND COMPLIANCE Another key element of F I leadership training is understanding the importance of proper customer credit interviews and effective bank relations For example if a bank turns down a deal undertrained F I personnel may simply accept it or shape the deal to meet the approval Advanced training on the proper customer credit interview and the three C s of the consumer credit report character capacity and collateral an F I leader can obtain a justification for a particular credit issue and have an intelligent conversation with your bank Just as important as leadership is compliance Ignorance is not a great excuse in a court of law Having a team of F I personnel who really understand compliance and how to manage situations legally and ethically is paramount CHOOSING A CLASS Key among the variety of factors to consider when choosing your advanced F I class is the experience of the training provider Just as important is the format of the training The best classes have a blended approach that combine electronic learning platforms with handson work Elearning should focus on cognitive skills related to products and services as well as compliance issues They can also act as a refresher in the future Hands on work should focus on applying what was learned online and interacting with peers Role playing is a chance to practice real world scenarios and receive real time feedback The use of video is critical You need to see yourself as the customer sees you Finally your trainer must understand key industry issues and trends and how they affect the F I office Technology has dramatically changed the way consumers shop for vehicles Sales pitches have evolved into needsdiscovery interviews Ultimately advanced training for mid level F I managers will result in well structured deals coordination and alignment between the sales and finance departments and a better customer experience all of which play critical roles in supporting your dealerships long term objectives ABOUT THE AUTHOR Dave Worrall is senior director of global training and development for Assurant Global Automotive Email him at dave worrall@ bobit com MID LEVEL F I MANAGERS NEED ADVANCED TRAINING F I managers who are ready to take the next step in their careers must seek out training focused on leadership deal structure compliance and other essential skills for professional development BY DAVE WORRALL GETTYIMAGES COM GUZALIIA FILIMONOVA