The F&I Center: Final Stop & Last Impression
F&I is the last major stop in a vehicle transaction. The F&I producer will be the one the customer remembers long after the memory of the sales representative fades. When a client signs their name on a stack of papers resembling escrow he or she will recall the person who disclosed the figures and explained all the forms.
The mission of the F&I manger is to secure the sale, close the deal, and have the customer authorize by signature all legal documents associated with the sale. To accomplish this mission, the F&I manager must:
• Protect the sales department profit. The profits from the F&I department can make a marginal deal a good deal. In fact many dealers have told me privately that without F&I their business would not survive. Profit must be realized in every deal.
• Build customer retention. The sales department brings the customer into the dealership family with the sale of the first vehicle. The service department keeps the customer in the family. The F&I manager drives future business to parts and service through the F&I process.
• Increase CSI. A satisfied customer will return to the dealership and recommend the business to their friends and family. Every F&I manager can influence 250 people without using the Internet! There simply is no substitute for face-to-face world-class service.
• Increase dealership profitability. Profit is necessary for business growth and development. Profit pays for facility improvements, inventory, employee benefits, and employee education. F&I makes a positive difference.
• Complete all legal documentation. No deal is complete without documentation. Proper disclosure is part of the documentation. The F&I manager must comply with disclosure regulations and protect every customer’s non-public information by treating it with the utmost confidentiality.
The professional F&I manager helps the customer feel at ease with this process. The professional F&I manager presents all options available to the customer. The professional F&I manager provides every opportunity for the customer to say “yes” and enjoy the advantages of a service contract and other policies designed to protect their future repair budget.
F&I produces profit when F&I centers on providing solutions to customer needs. When F&I successfully manages full disclosure, confidentiality, and proper documentation, the customer’s last stop for one deal will not be the final one for your business.
Dealer Marketing Magazine, February 2004, p. 15