Although car sales have seen a slight dip over the past year or two, the numbers are projected to start rebounding, hitting a decade high in 2025. These promising numbers indicate that now offers an excellent time for interested professionals to get involved in finance and insurance at auto dealerships. Those who understand the market stand to perform well in the quickly coming years.
Professionals in the F&I trade understand that a considerable number of skills are involved in building their position within the dealership. Good F&I professionals not only understand cars and finances, they also have excellent communication skills and know how to build rapport with consumers, encouraging them to finance new auto purchases with the auto dealership. They believe in the products they sell and bring a great attitude to each sale.
With the rise projected over the next few years, taking the time to build and solidify quality skills for the industry now will set these professionals up for success. Here are 5 ways to set yourself up for success in automotive finance and insurance in 2019:
1) Get trained with the leading professionals
One of the best steps you can take to build your skills is to get training from experienced, qualified professionals, like those at the Automotive Dealership Institute. Here, at the Automotive Dealership Institute, you will have the chance to learn from the only licensed trade school in the field. The school itself goes back over 30 years, with students learning from teachers who have taught countless successful F&I professionals in dealerships nationwide.
When it comes to F&I success, hands-on experience and the chance to learn from those who work in the field provides a priceless education. At the Automotive Dealership Institute, you will not only have classes that review all the skills you need to thrive in the industry, but you will also have the chance to speak with those working in the field. You will receive help coordinating interviews, preparing for the job, and support as you work to find the perfect position for you.
At the Automotive Dealership Institute, you will find yourself on the fast track to success. You will receive the training and help you need to jump into this career field, building your resume and launching you into the world of auto finance. Those interested in building their skills for this field should not overlook the power contained here. This education will be the most important step you take towards success in finance and insurance at an auto dealership.
2) Get to know your cars
Many people enter the field of auto sales because they already experience a passion for cars, but some prefer the emphasis on finance or sales. Regardless of whether a personal interest in cars drove your decision to enter the world of finance and insurance, you’ll want to take your knowledge of cars even further.
Every good salesman understands the importance of knowing their products, and that goes even further in the auto industry.
Although your title might pertain to the financing of the cars, you are a key player in the sales process. You need to be able to speak with customers and inspire confidence. You want them to know that you understand the cars thoroughly. You want to uncover potential opportunities for an upsell and understand how that will impact the finances of the customer. You will need to provide them with a reassuring voice that will help them navigate the waters of buying this new car.
To improve your knowledge, speak with the sales people on your team. You might also consider reading the information your dealership receives about the cars. The more you can absorb, the easier it will be to speak about the cars and trucks to your customers and close the deals that come across your desk.
3) Bring a great attitude
Buying a car tends to not be an enjoyable task for many customers. They find it stressful, as they worry about the finances and the decisions before them. They feel concerned about making the right choice for their family, taking into consideration factors such as comfort, safety, capacity, and durability. As a member of the sales process, you must bring a great attitude to the negotiating table.
Bringing this great attitude means really caring about your customers. You have likely shopped for a car yourself, so you know how stressful the process can be. Bring that empathy to the customers and let them see how much you care about them and their needs.
Think about what your customers need from their car and from their financial agreement. Work with them to create a situation where they feel respected and listened to and where you can guide them towards what will work best for them.
At the same time, let your enthusiasm shine. Make the passion you feel for these cars clear and let customers know that you want to help them buy the one they love. Let each customer you speak with know about your excitement for this opportunity to provide them with a car of their dreams.
Keep what is best for your customers in the forefront of your mind throughout the sales process. The better the customer feels about the decision you promote, the easier it will be to make the sale.
4) Believe in what you sell
To convince other people to purchase something you sell, you need to believe in the promise of your product yourself. It is very hard to convince people to buy something if you do not personally think that these products will fit the customer well.
As you research and educate yourself on what you sell, following the tips above, you will find it easier to convince people that financing this particular car deal will be in their best interest.
5) Set attainable goals for yourself
One of the best ways to improve in anything is by setting attainable goals for yourself. This will give you something to work towards and something to celebrate when you reach new heights. Goals help you stay on track and give you something concrete to work towards in your career.
It is important, however, to make sure that you set ‘good’ goals. Vague, broad goals will not help you accomplish much. Instead, follow the acronym SMART. You want your goals to be:
Specific. This means the goals are not broad and difficult to define. You want it clear what areas you will improve and how you will do it.
Measurable. Make sure that the goal can be measured. If you cannot measure your progress, you will have no way of knowing that you definitely reached your goal.
Attainable. Set goals that you can be confident you are capable of reaching. Increasing your dealership’s financing numbers single-handedly by 50 percent might not be attainable in one year. You want your goals to be reasonable.
Relevant. Make sure your goals are relevant to your job and where you want to go. Think about where you want to be in your industry and the goals you will need to get you there.
Time Bound. Give yourself a set period of time during which you have to accomplish your goals. This keeps you to a schedule and focused on your tasks at hand. You will find it significantly easier to accomplish your goals within a given timeframe.
As auto sales remain strong across the United States, and remain poised to grow in numbers in the next few years, those who want to thrive in the field of finance and insurance have the chance to position themselves for success. Those who take the time to follow these final recommendations will find it easier to improve their ability to do their jobs and earn a living doing something they love.
Interested in learning more about our F&I program? Request course info today!