With all the negative press about F&I….
Q. With all the negative press about F&I why should I, as a dealer, have a separate department to do paperwork?
A. F&I is more than a place to do paperwork. It is the crossroads where legal documentation meets intangible sales.
F&I is the last stopping place before a customer leaves for home, hopefully in their new vehicle. The lasting impression the F&I process makes will either endear the dealership to the customer or create a nightmare experience the customer won’t want to repeat. The difference is the quality of training in the job, expectations of the dealer, and management of the department.
Proper education is the key to increased productivity and increased customer satisfaction. Where did you send the current F&I manager for education? Was the training focused on a process or a product?
The professional F&I representative need both product and process education. Just think, the F&I department presents products and services that your customers can’t sit in or drive. They can neither feel the speed with which a claim can be paid nor can they taste the sweet flavor of a friendly voice on an 800 number that is able and willing to help during a time of crisis. F&I personnel offer intangibles and must employ a different set of presentation skills than are used to sell vehicles.
If you as a dealer expect only correct paperwork, then chances are you will get what you expect — accurate paperwork and not much added to the bottom line. The F&I department needs time with the customer to present goods and services. The F&I professional needs time to build rapport and understand customer needs before making any sort of presentation of products and services.
A dealer should expect F&I to produce added income with quality products and services that build strong ties between the dealership and the customer. If your dealership does not currently have products and services to present, ask your local vendors to stop by and demonstrate their wares. They may have just the right things to enhance vehicle ownership for your customers and add revenue to the dealership’s bottom line.
Mr. & Mrs. Dealer, expect greater things from your F&I department. Expect more than proper paperwork. Expect revenue and higher customer satisfaction with your sales process. Expect greatness!
Kelly’s Korner Column, Oregon IADA Newsletter, March 2005, p. 17