Selling cars is the main purpose of an auto dealership with most of them also keen to sell associated products to long-time customers. However, selling a vehicle is not always easy. There are instances of deals failing many a time. Ensuring the right return along with profitability is the objective of all dealerships across the nation. This makes it imperative for the Finance and/or the Finance & Insurance Manager to undergo a well-designed f&i manager training course that addresses all aspects of the dealership and shows the path to solving the related issues.
There are many types of vehicles on the road at any given point in time. While the conventional dealerships are engaged in selling traditional automobiles, the training for a Powersports dealership is more complicated with several other aspects discussed to ensure profitability.
Purpose of taking theF&I manager training
The reason for taking the training is clear enough when the primary objective is to sell vehicles. However, the responsibilities of a dealer and a F&I manager are different with the latter having to take on more responsibility when it comes to dealing with a customer. The ability to close a deal successfully is of utmost importance for the manager who is required to possess the following attributes when in charge of the Powersports dealership: –
- Skill-Set– The manager must be equipped with multiple skills that include helping the customer out with financing, providing product information to a prospective customer, ensuring closing by employing the right techniques, and being qualified to earn a certification from the Association of Finance and Insurance Professionals (AFIP). Dealers and F&I managers working in a Powersports dealership may go ahead and get a certification by taking the AFIP’s Powersports compliance program too.
- Requirement & Standards– The best guides providing the training will help the students understand the requirements including the standards in place. The regulations of the Federal Trade Commission (FTC) will be discussed along with the established standards to help the F&I manager achieve compliance for the dealership and the customers. Moreover, the state-related insurance regulations will be shared and discussed to help the managers get clarity about an impending sale. It is most important for the F&I manager of every dealership to be aware of the regulations. This will enable you to ensure compliance thus avoiding legal complications.
- Communication– It is the responsibility of the manager to communicate effectively both with the team and the customers. The trainer is sure to guide for connecting with the customer by listening actively to customize plans for each customer as per their requirement. Communication also plays a key role in providing the right information about individual products by pointing out the pros and cons of each. Furthermore, being equipped with the right sort of communication skills will help the F&I manager validate claims, close a deal, and act as a go-between for the client and the insurance company as and when needed.
You will be able to interact and network with other managers from the same industry when taking the F&I manager training course.
