F&I and Showroom, September 2015

24 F I and Showroom September 2015 Finance Insurance 5 Ingredients for F I Success I n todays fast paced business environment dealers expectations and views are constantly evolving Prompted by past economic fears consumer concerns and at times peer pressure there is an increased demand for superior compliance improved efficiency and greater productivity This is particularly true in the F I department The role of the F I manager has become very diverse In todays ever changing climate it is important to stay ahead of the curve when it comes to F I and yes your dealerships sales processes You need knowledge familiarity and advanced skills to really make a difference today Im not referring to the kind of knowledge familiarity and skill that come with experience because the most successful F I managers dont rely solely on the training they received in the past They seek ongoing education and familiarize themselves with the latest developments and industry trends to enhance their skill sets Bottom line continuing to do it the way it has always been done and justifying your actions by saying Thats how its done in the car business is irrational especially when you consider the amount of information available to us and the ease of obtaining it Yes your idea of F I success may be different from those of other producers but there are five key ingredients that make up the recipe for a prosperous career in F I Lets take a closer look at each one 1 Industry Knowledge F I managers are responsible for more than simply making additional profit on deals Regardless of your role in putting deals together you are ultimately responsible for delivering the vehicle You are also expected to have contracts cashed and money in the bank as quickly as possible and in a manner that does not put the deal or your dealership in jeopardy As if that werent enough you also must maintain a high level of customer and employee satisfaction To succeed in all these areas you need to stay abreast of cutting edge techniques and procedures seek out critical details when the situation demands it and be aware of changes to the rules and regulations that govern our business When it comes to compliance you have to ask yourself is it a knowing problem or a doing problem The answer of course is it doesnt matter Once you know it you have to do it There is simply no excuse for ignorance Theres also the issue of old school vs new school I visit a lot of dealerships and sometimes I feel like Ive gone back in time You wouldnt believe some of the outdated tactics and techniques I still see in The definition of F I success may vary but sustained production depends on industry and product knowledge commitment preparation and self discipline By Gerry Gould ISTOCKPHOTO COM СЕРГЕЙ ХАКИМУЛЛИН