Kelly’s Korner: Essence of an F&I 20 Group 

Kelly’s Korner: Essence of an F&I 20 Group

The Essence of an F&I 20 groupThe finance department is a department of one or two people who have a huge impact on the present and future profitability of your dealership. They greet each day with a smile and are generally eager to meet the daily challenges. Finance managers are self-starters who often get bogged down by the administrative duties and are in need of outside communication with a group of their peers.

Who does a finance manager turn too when the daily work efforts leaves them a bucket of loan rejections, a run of customer rejections, or when another member of the team disagrees with how they address a compliance issue? The answer is participation in an F&I 20 group.

Is it easy to feel like no one understand what you do, and some times you feel powerless. Communication within the group atmosphere allows for a positive flow of ideas that helps the finance managers find solutions, and mainstream their processes to become more efficient and more productive.

Where is the idea well located at your dealership? When ever there is an objection, or challenge everyone needs to have an idea well to visit in order to find or perhaps to rediscover a solution. If an idea works in one dealership it just might be the magic idea for your dealership.

Finance managers respond to their peers and grow in a positive environment. The facilitator of the group creates as much time to answer questions as needed without getting in the way of progress. The facilitator guides, mentors, and often challenges the complacent ones to grow and reach new heights of productivity.

The new product shows rejuvenate sales professional. Sales managers have their annual educational events. What annual or semi annual events do the finance personnel participate in?

F&I 20 groups often begin with monthly conference calls to discuss a plethora of topics such as who is lending money, objection strategies, presentation styles, follow-up programs and the results. The groups are industry specific, non-competing dealership are the members, the finance personnel are the participants.

In order to build camaraderie it is necessary for the group to meet twice a year in a town of a hosting dealership. Along with a meeting, the on-site dealer visits provide an opportunity for each manager to view a different office set up, and a different process. They discuss the things that are working for them and they discuss what is not working for them. The end result is that they discover solutions, and leave the meetings with an action list of ideas to implement.

If your finance mangers have been to one seminar, the next step in their continuing growth is participating in an F&I 20 group. Visit our website to learn more about joining a group.

Kelly’s Korner, July 07, P. 14