Auto Finance and Insurance for dealership profitability

New finance and insurance opportunities for auto dealers

New York auto dealers, in particular, are requesting more auto finance and insurance (F&I) sales training for their Auto F&I Finance Managers as consumer preferences trend toward an omni-channel sales and financing experience. This brings challenges as well as opportunities for all auto dealers, not just the ones based in New York state.

But what if F&I Managers need more training or need to get a formal refresher course to be able to meet the challenges of the new trends?

Since the beginning of Covid, car buyers have resorted to less showroom visits and more online research. These buyers are highly engaged on social media and on new consumer sites that discuss their topic of choice or car model. They’re spending their free time thinking and talking about a car model you sell in your dealership. This is where an omni-channel sales campaign will results in exploring new possibilities.

auto finance and insurance (F&I) sales training for their Auto F&I Finance Managers

These same potential customers are also looking at F&I products. This offers new avenues of engagement and discussion. You’ve got an opportunity here to tap into some real insights from the people who discuss your products who may also be considering a change in their preferences. You can watch, learn, engage, ask for feedback, and then actually use the engagement to market your F&I products.

New groups are forming in New York state with the intention to help auto dealers in the state to achieve “frictionless” experience for car buyers. These new social groups intend to connect dealers from across the state to help each other overcome hurdles and grow together as an industry, and promote F&I products (and reduce complexities of auto purchasing) on an informative basis focusing on educational guidance and insight.

The goal is to provide dealers with immediate access to resources and strategies for F&I Managers, as well as receive news and insight directly from the local source that is focusing on customer needs and purchasing behavior.

There are also automotive conferences planned in the near future to promote changing trends in the way car buyers view and purchase F&I products. The conferences are intended to allow dealers to consistently share best practices and ideas.

This will allow automotive brands have the opportunity to explore trends and engage with audiences and build fan communities in a way that just wasn’t possible before. Prior to Covid, the industry was predominantly: “look, feel, and touch”, unless car buyers were simply buying a car they already had owned before and were very familiar with it.

In fact, other states are also looking for ways to bring together their statewide dealers or even nationwide dealerships to effectively exchange the knowledge gained from an active community which contributes to the development of its F&I products through omni-channel sales process.

This offers a completely new opportunity to sell cars and F&I products by focusing pre-sales solely on providing useful content, information, tips and engaging car buyers to share their knowledge and help each other exchange needs and wants.

While auto dealerships are experiencing some decreases in foot traffic, online traffic has grown quite dramatically, with dealerships reporting industry web traffic increasing by almost 20% and web leads increasing by over 14% compared to pre-pandemic 2019.

F&I managers are taking refreshers courses to help the dealership prioritize messaging for F&I product sales. Well trained F&I managers know the importance of staying in front of your market with a caring, community-first approach, positioning your dealership for exploring the new trends opportunities.

For most dealerships F&I department is an essential part of their profitability. The F&I managers are hard-working, talented professionals in the auto industry workers.

The Auto Finance and Insurance with the Auto Industry generates plenty of employment opportunities every year for auto F&I managers. And this trend will continue to grow. Job postings for F&I managers in New York offer compensation anywhere between $200,000 and up to $400,000 per year.

Some auto sales professionals may aspire to make their career in the sales department and become salespeople. As they have traditionally, they might aspire to sell cars to the potential clients that are showing interest in buying their cars.

However, the entire career of an individual aspiring to work in the Finance & Insurance department of a dealership depends on skills. In this Industry, you have to develop skills and keep improving every day.

How to start a career in Auto Finance & Insurance (F&I)?

To take advantage of new opportunities in the field of Auto Finance & Insurance, you most probably need to opt for some formal professional training.

Opting for some training courses such as Finance manager training courses can actually boost your chances of becoming an auto finance manager and starting your new career. Courses for finance manager training will develop your hands-on skills and get you ready for your new job. These courses help you to use your potential to its fullest and aid you in achieving your goals and you will also get job placement assistance (depending on the school you attend).

Automotive industry experts believe that F&I product sales will remain healthy and growing throughout this year and for the next couple of years. Some surveys suggest that dealerships forecast that the Auto Finance and Insurance industry staffing will grow as much as 25% this year.

Auto dealerships, especially in New York state, are going to be highly focused on growing their profitability through collaboration. Other states, will follow soon, no doubt.

If you are interested in a career as an F&I Manager, you can CONTACT us to discuss our finance manager training courses. Our audited job placement assistance program has an over 90% job placement rate within 90 days of graduation across all 50 states.

 

 

If you are considering becoming an F&I Manager and work for a car dealership, Auto Dealer Institute can help. We provide Auto F&I Manager Training courses and we are the only licensed, independent F&I Training center in US. or over 32 years. Our Automotive Finance and Insurance Management training program has been teaching students the necessary skills to become a successful automotive finance and insurance manager, internet sales manager, desk/sales manager, or dealer representative.

Other articles you may be interested in, include: 1) F&I Process Management Trends; 2) 9-11 GI Bill Veterans benefits for education cost and finance manager training courses; 3) Auto sales lead generation techniques and trends; 4) The best and top 10 car sales professionals in the world; 5) Auto finance and insurance products and opportunities; 6) Electric Vehicle (EV) $7,500 federal tax credit; 7) Digital Edition of The Encyclopedia of Finance & Insurance Management; 8) Auto F&I finance manager training course financing options; 9) How to be a great auto sales professional; and 10) Auto Finance Manager Training Testimonials

Auto F&I trends

F&I Process Management Trends

The automotive industry has gone through a major market transformation over the last two years that’s highlighted the importance of robust, compliant F&I departments and their managers. This year’s NADA Show was a great opportunity to observe how collaborative team work and constant refresher courses help your F&I support team to achieve more consistency and ultimately higher profitability for the dealership.

Auto dealerships of all brands and sizes tend to hold a few universal goals regarding F&I: selling more F&I products per deal and earning a higher return per vehicle sold. This is a very essential component of profitability for a dealership.

Five years ago, dealers reported most car shoppers purchasing F&I products such as tire and wheel protection (37.9%), exterior appearance products (37%), windshield repair (35.6%) and key fob replacement (34.8%).

Based on recent data that was revealed during the NADA Show recently, consumers today have prioritized ancillary packages in the following order: key fobs, tire & wheel replacement, windshield repair, exterior appearance protection, interior protection and theft deterrent.

Consumers (car buyers in particular) do more research online prior to walking into a dealership showroom than ever before. This has effectively changed the way car buyers’ preferences are shaped prior to purchasing a car.

Personalized product recommendations should be based on individual shopper needs. Shoppers learn about protection plans most suited to their lifestyle and driving habits while researching their model of preference. Dealerships can engage with their customers in a fun and exciting way to generate awareness and build trust. And by delivering specific product recommendations directly to your customers, you will be able to engage in more personalized conversations with prospective buyers.

This has significantly changed the F&I trend for dealerships. Previously, F&I managers educated and guided a customer through their preferences and choices. But now, customers walk in with preset expectations and preferences.

 

F&I Training Courses Online

Educating buyers before visiting dealership showroom

Auto F&I managers must begin the process of educating buyers before they ever arrive at the dealership.

They must use proactive platforms and online tools/networking to engage and discuss F&I products, and the first place to start, is the dealership website.

You can’t wait for a shopper to search for a dealership in your area, the current trends suggest that dealerships and their F&I teams must engage the audience where ever they can be found (e.g. social media discussing cars or looking at the latest models), and enticing them to visit the dealership website where the models are presented and F&I options are discussed (even if briefly).

78% of shoppers would be more interested in meeting with an F&I manager after learning about available products on a dealer’s website.

F&I products are critical to a dealer’s profitability, but the sales process often leaves car buyers confused and dissatisfied. Using the dealership website to discuss F&I options is a simple but effective approach to educating consumers before they ever arrive at your dealership.

 

Collaboration on F&I process

F&I focus meetings are much more constructive if they were held once a month, with dealership principals attending, discussing, and hopefully supporting the entire process as well as change implementation. The trends are changing rapidly, as oppose to traditional dealership operational management timeframes.

Rather than simply going over the numbers, managers need to discuss market changes, technology and tools, customer engagement prior to showroom visit, current performance obstacles, role play customer friendly techniques, and share best practices and discuss overall goals.

Monthly meetings are crucial for success. The more frequent these F&I meetings, the better and more effective will be the implementation. Collaboration between the dealerships’ teams, is essential in planning out and executing a successful F&I process.

 

Greater turnovers of F&I managers

Throughout last year, dealerships saw F&I employee turnover firsthand and about 72% of franchise dealers struggled to find and hire the right F&I employees in 2021. Unfortunately, this trend has been continuing in 2022 and many expect it to last will into 2023.

F&I Auto Finance Manager Training Refresher Course

High turnover on the F&I team not only affects the dealership business processes but also result in lowering profitability.

Additionally, it also creates potential for liability.

When onboarding new F&I managers, relying on dealership training may lead to short coming with the quality of the professionals that are in charge of a very important aspect of a dealership’s business.

Many dealerships are now resorting to sending sales people to be training at a professional school for their F&I training in order to receive a thorough, and highly hands-on professional training.

In order to combat turnover and support your current team, offer continuing education programs.

Online training can serve as refresher training allowing F&I staff to easily complete modules, saving you the time and money and helping improve staff motivation.

The best way to prepare for changes in market trends is to be proactive.

Preparing, additional training, and supporting your F&I team to adapt to changes that can help drive revenue through 2022 and beyond will be the only logical approach to the long-term success of your dealership business.

If you are interested in a career as an F&I Manager, you can CONTACT us to discuss our finance manager training courses.

 

 

If you are considering becoming an F&I Manager and work for a car dealership, Auto Dealer Institute can help. We provide Auto F&I Manager Training courses and we are the only licensed, independent F&I Training center in US with more than 32 years of experience. We help you with job placement as well as ensuring that our comprehensive sales training courses can provide you with what you need to learn to grow and adapt in a rapidly changing marketplace.

Other articles you may be interested in, include: 1) F&I Process Management Trends; 2) 9-11 GI Bill Veterans benefits for education cost and finance manager training courses; 3) Auto sales lead generation techniques and trends; 4) The best and top 10 car sales professionals in the world; 5) Auto finance and insurance products and opportunities; 6) Electric Vehicle (EV) $7,500 federal tax credit; 7) Digital Edition of The Encyclopedia of Finance & Insurance Management; 8) Auto F&I finance manager training course financing options; 9) How to be a great auto sales professional; and 10) Auto Finance Manager Training Testimonials

Post 9/11 GI bill benefits to pay for auto finance manager training Course

Post 9/11 GI bill benefits to pay for auto finance manager training Course

There is so much discussion regarding the benefits of Post 9/11 GI bill for our nation’s veterans. The Post-9/11 GI Bill helps our heroes to pay for school or job training. If you’ve served on active duty after September 10, 2001, you may qualify for the Post-9/11 GI Bill to train for a career, trade, or industry. So what fees are covered by the Post-9/11 GI Bill and does this cover formal training to become an auto dealership finance manager?

The Post-9/11 GI Bill includes payment of tuition and fees, a monthly housing allowance and a stipend for textbooks and supplies.

Top Earning Potential for Post 9/11 GI Bill Veterans: F&I Training

So, the next obvious question you may have is: Am I eligible for Post-9/11 GI Bill benefits?

You may be eligible for the benefits if you meet at least one of these requirements.

 

At least one of these must be true:

  • You served at least 90 days on active duty (either all at once or with breaks in service) on or after September 11, 2001, or
  • You received a Purple Heart on or after September 11, 2001, and were honorably discharged after any amount of service, or
  • You served for at least 30 continuous days (all at once, without a break in service) on or after September 11, 2001, and were honorably discharged with a service-connected disability, or
  • You’re a dependent child using benefits transferred by a qualifying Veteran or service member

 

Note: If you’re a member of the Reserves who lost education benefits when the Reserve Educational Assistance Program (REAP) ended in November 2015, you may qualify to receive restored benefits under the Post-9/11 GI Bill.

You may be able to get a maximum of 48 months of VA education benefits—not including Veteran Readiness and Employment (VR&E) benefits. But many applicants are eligible for only 36 months.

Why Veterans are interested in Automotive F&I Manager training course?

Auto dealerships work in often stressful situations and can benefit from hiring Veterans. Military personnel are great under pressure, focus on the task at hand, often cross-trained in multiple skills and have experience in varied tasks and responsibilities.

Discipline is the core value of our Veteran heroes. Many Veterans have learned what it means to put in a hard day’s work and appreciate the challenges and satisfaction of a job well done. Much of this experience can translate to their participation in the workforce making the Veteran an asset on the job for any car dealership.

 

Training for Post 9/11 GI Bill Veterans: F&I Manager Online Training New York

Veterans can bring many positive traits to a dealership environment

– Working well in a team is what they had to do all the time. Teamwork is considered an essential part of daily life of a solider and is the foundation on which safe military operations are built.

– Having a sense of duty to serve country with honor. Responsibility for job performance and accountability for completing missions are something to take pride in and is part of the core values of being a solider.

– Experiencing self-confidence under pressure and in stressful situations. Holding a realistic estimation of self and ability based on experiences is expected of each Service Member and this can help enormously F&I Managers that have many tasks to complete from working with lenders to bridging the financing with the car buyers needs.

– Needless to say, our Veterans needed to be highly organized and disciplined to do their tasks.

– Possessing a strong work ethic is part of every aspect of military training to make sure that the mission always comes first.

– Having the ability to think out of the box, improvise, adapt, and to follow through on assignments, even under difficult or stressful circumstances.

– Possessing a variety of cross-functional skills, such as extensive training on computer programs and systems, interacting with various people with different skills to accomplish a task, and coordinating and troubleshooting problems in novel and known conditions – all of these help a Veteran to become an highly valuable and essential part of the finance team in an auto dealership.

Veteran often become a dedicated employee who develops valuable teamwork, leadership, and job skills, with the ability to problem solve quickly, adapt to changing situations, and able to follow rules and schedules.

Why dealerships are so keen in leveraging Veterans’ core skills

Much like car buyers, every member in a car dealership team has a different background, knowledge base and set of skills. Dealership management hope to leverage a Veteran’s individual strengths and values utilized as an F&I Manager to improve and complement the team in both day-to-day productivity, as well as to help sales managers and sales representatives to ensure a focus on key business objectives.

such as:

  • Upholding high standards of customer service
  • Building positive and profitable relationships
  • Developing sales and F&I strategies
  • Communicating new ideas and business opportunities

As the borders around dealership positions continue to fade a little, managers will increasingly rely on individual team members with strong discipline and devotion to take on specific roles based on their skill sets.

In the case of Veterans who have extensive knowledge and experience working in a team, have utilized technology, and have strong personalities – they may be the best option for motivating and keeping a team productive.

If you are a Veteran and are interesting in becoming an F&I Manager, the Automotive Dealership Institute is the only licensed and government-approved F&I school to accept Post 9/11 GI Bill® benefits. Veterans interested in pursuing a career in auto F&I can reach out directly to the VA Liaison at Automotive Dealership Institute, today!

Additional resources/reading material:

 

f&i manager training courses online

F&I Manager Training (the only licensed F&I Certification in USA)

Have you been thinking about making big career moves in 2022? One of the career opportunities with the best starting salary as well as a higher than average growth rate for the coming year is F&I manager training in the automotive dealership industry. AutoDealerInstitute.com is glad to offer F&I Manager Training, the only licensed F&I Certification in USA, with more than 32 years of experience.

We put together this guide on how much in F&I manager makes, what F&I managers do on a day-to-day basis, and how you can start your career as an F&I manager to get you started.

Let’s jump right into how you can become an F&I manager.

How Can I Become an F&I Manager, and what can F&I Certification achieve?

Unlike other jobs, the path to becoming an F&I manager is very clear. It all starts with getting experience working in the automotive dealership industry and then working your way toward specializing in F&I manager. Here’s how it all starts.

Some of the most promising candidates for becoming an F&I manager have a positive background in sales at an automotive dealership.

This is a great way to get a sense of the industry you will be working in as well as build up the core experiences that you’ll be using as an F&I manager.

It’s also common for an F&I manager to have a degree in accounting or related field. This can help give you a broader knowledge of sales, finance, and related topics.

 

f&i certification manager training course

A career in making dreams come true: the excitement of financing their first car

 

Well this isn’t strictly necessary for becoming an F&I manager, many jobs are starting to require at least a bachelor’s degree for this particular career.

You can become an F&I manager by taking our in-person or online F&I management courses.

These courses are divided into four modules that cover everything you need to know to become an F&I manager.

Our classes range from teaching you the local and federal laws that cover financing and leasing to developing your own sales tactics.

Our support for your career as an F&I manager doesn’t stop in the classroom. We also offer an unbeatable job placement service for our graduates.

To date, we boast a 90% job placement rate for students who graduate from our program.

How Much Does an F&I Manager Make 2022

Now let’s get to the heart of the issue. If you’re looking for a way of expanding your career in automotive dealerships or jumping into a new industry altogether, one of the first things you need to consider is how much you’re going to make as an F&I manager.

The median salary for F&I managers is $134,180. This means that half of F&I managers make more than this amount while another half make less than this amount. That comes out to nearly $65 an hour! The statistical average salary for an F&I manager is around $100,000!

There are many F&I managers who make under six figures a year while there are some F&I managers who can make upwards of $160,000 a year. A lot of this variance comes down to the automotive dealership you work at, the region you’re selling vehicles in, and other industry specifics.

What does an F&I Manager Training Do for me?

F&I managers have one of the most challenging jobs at an automotive dealership. They’re responsible for helping potential customers to secure funding in order to purchase a new or a used vehicle. They have the challenging task of balancing finding a customer the best possible financing for their purchase while still making sure that the dealership makes money.

Here’s a few of the key responsibilities an F&I manager is going to have to balance.

  • Providing customers with financing options
  • Explaining dealership financing policies
  • Helping customers with aftermarket products and extended warranty contracts
  • Processing financing, leasing, and other financial transactions
  • Understanding the State, Local, and Federal laws that govern automotive financing
  • Supporting the sales team and providing them with training on financing and leasing topics
  • Helping the dealership improve revenue

Selling After Products

Selling after products is a big part of an F&I manager’s job. However, a lot of people don’t know about this particular side of being an F&I manager.

Let’s take a closer look at selling after products and how this impacts your day-to-day work.

The first thing we should talk about is what are after products.

F&I managers are responsible for helping customers and clients get insurance, and other coverage options, that they need when they’re purchasing a vehicle.

This includes everything from gap coverage, that covers the cost of the difference between the outstanding loan balance and the value of the vehicle if the vehicle is totaled, and other Insurance options like coverage for fabric and paint.

After products also feature combo deals that can come with a vehicle. This can include a set number of oil changes or a maintenance warranty. Selling after products is a vital part of an F&I manager’s job.

Job Growth for F&I Managers in 2022

There is great news for potential job growth if you’re looking to become an F&I manager in 2022. According to the Bureau of Labor Statistics, job growth for F&I managers is growing faster than average.

There is an expected 17% growth for F&I Management jobs next year. This means that there’s going to be more F&I management jobs opening up over the course of the next year.

What does this mean in practical terms for people looking to get into this industry?

Over the course of the next decade, we’re expecting to see over 100,000 new F&I jobs opening up across the country.

Starting your F&I career today is going to set you up to do well in a rapidly growing arena. Not only will there be plenty of jobs in F&I management, but there will also be room for advancement as this field expands.

Start Your F&I Training Today

What’s the first step you should take if you’re ready to start your F&I training today? You need to reach out to an experienced and accredited school that can teach you everything from the basics to the advanced techniques of being an F&I manager.

Get in touch with us today to start your F&I training.

Call Ray today, 1-877-592-6313, and ask about your new career as an F&I Manager.

f&i certification in auto finance manager online training course

How To Sell More Cars In 2022

As the auto industry continues to rebound following the COVID-19 pandemic, auto manufacturers and consumers alike are looking to move beyond the tough year that was 2021. The question asked by many auto sales professionals is: How To Sell More Cars?

While a surge in electric vehicles saw an increasing shift toward proactive energy consumption, other trends made it less clear what was in store for 2022.

As shortages continue to impact the auto industry, including shortages of semiconductor chips, prices are expected to rise as dealerships struggle to keep their lots full.

For professionals or aspiring professionals in the auto industry, learning how to sell more cars in 2022 can require a more proactive approach than ever before.

Today, we are going to use some tips and guidelines put in place by the Automotive Dealership Institute to better prepare for the 2022 automotive sales season.

Practice Makes Perfect – Especially in Sales

In the constantly changing and evolving world of automotive sales, it is more important than ever to stay abreast of current changes in the marketplace.

This means that we have to be proactive in how we practice and perfect our skills to make sales.

Athletes need to simulate games to better prepare themselves and sales professionals need to simulate interactions with customers to properly navigate potential outcomes.

When a salesperson practices, they prepare themselves for potential outcomes. The more we train, the more we familiarize ourselves with potential problems that could manifest.

When we are prepared for potential problems through a training regime, we can be ready to overcome them in the moment.

Aspiring sales professionals should practice calls, simulate interactions at the dealership, and practice any techniques that they plan to implement during their career.

In order to find some guidance for your training and practicing efforts, consider reaching out to the team at the Automotive Dealership Institute.

The Automotive Dealership Institute is the only licensed and independent F&I school in the United States. With more than 32 years of experience, the F&I program at ADI is ideal for preparing any professional for the field.

Automotive F&I Management School

Building a Foundation of Trust

Working in a position of sales comes with it a degree of earned distrust. After all, your clients are coming to you to make a purchase, they have to trust that you have their best interests in mind.

In order to reach across this gulf of distrust, a sales person must be able to impart significant knowledge in a digestible way, all while knowing what they are talking about.

In order to build a foundation of trust with your clients today and for years to come, make sure that you present yourself as an authority.

You should either be able to answer questions or find out the answers to any questions your customers may ask, even if you feel like those questions are absurd.

To better prepare for the questions that may come, consider undergoing training with ADI.

Trust isn’t only about supplying someone with something. Trust is also about learning how to communicate so that both parties end up feeling heard.

Practice active listening to show your clients that you hear, understand, and intend to help them as best you can.

F&I Is Important As Well

While most of our focus is directed toward what happens on the showroom floor, it is far from the only thing that matters. Whether you are working in front or in the finance office, learning to talk about money is of the utmost importance.

You should be able to connect with clients while discussing contracts and financing while maintaining an air of comfort. You should be as interested in your client’s BMW as your next client’s old Pontiac.

Of course, offering better service is about more than just knowing what you are talking about. Treat customers with the respect that they are owed and work within the paradigm that they establish.

If you know their budget is only so large, then offer options that can match their income. Discussing trade-in value while discussing potential deals is another great way to foster trust, build a rapport, and develop a better sales record.

You don’t have to be Tom Cruise, but you do need to play the role of a professional at every step of the journey.

Embrace Modern Sales Changes

Selling a car thirty years ago versus selling one today will reveal major differences. Despite these major changes, the core experience still needs to remain the same: informed guidance fueled by a professional demeanor.

With that being said, there are some changes that we have to acknowledge before we can overcome them.

First and foremost, the traditional car buying experience has changed forever. People are no longer looking to spend an entire day at the dealership while test driving a dozen cars.

Now, people do their research ahead of time and on the internet, often using email and text messaging to begin their journey.

Before customers ever step foot onto your lot, they are often more informed than ever. Understanding this change is core to success.

Next, you need to embrace change by pivoting to technology. We live in a world of instant communication and information overload. Make communicating key information as easy and accessible as possible, often through the use of video.

Videos embedded in emails have an increased response rate when compared to non-video embedded emails.

Video learning is a great way to connect with audiences while providing them with essential information.

Finally, understand your core goal is to get a customer onto your lot and into the showroom. While scheduling appointments is great,  the true goal of communication with a client is to inspire them to visit you in-person.

Understanding this mindset will allow you to communicate through calls, emails, and chats with more clarified goals.

 

Automotive Finance and Insurance Management training program

Get Started With the Automotive Dealership Institute

Are you ready to take your career to the next level? If you want to fulfill your goals in the automotive field, the Automotive Dealership Institute can help.

Based out of Scottsdale, AZ, the Automotive Dealership Institute offers an industry-leading F&I training program with more than 90% of graduates finding job placement within 90 days of graduation.

Get started on your path to the top by reaching out to ADI today to ask questions regarding F&I Training program.

 

Call Ray today, 1-877-592-6313, and ask about your new career as an F&I Manager.

f&i training online course from licensed school

How To Choose The Best F&I Training Program For You

Finance and insurance management is one of the biggest sectors of the automotive industry. No wonder why so many people ask, how to choose the best F&I training program for their next career.

There are many paths to becoming a finance and insurance management professional. The most successful and proven way to become an F&I manager is through a licensed F&I training program.

AutoDealerInstitute.com offers training program that will earn you an F&I certificate, the ONLY licensed independent school, recognized throughout the nation for its successful training programs.

Let’s take a look at how you can find the best F&I training program for you.

What is an F&I Training Program

An F&I training program prepares you to work as a finance and insurance manager at an automotive dealership.

The program covers everything you’ll need to know when it comes to the ins and outs of auto sales. You learn the basics like pulling a credit report and preparing the financial paperwork for car sales And you’ll also learn the nuances that push people to the top of this field.

The idea F&I training program offers you certification from a licensed and accredited Institution. This will give you an official accreditation that you can use to access jobs as you move forward in your auto dealership career.

The training program also prepares you for real-world job conditions. You’ll be working with the same equipment that finance and insurance managers are using today.

So, how do you pick the right F&I training school?

 

automotive finance and insurance manager

How to Pick an F&I School

Here’s the number one thing you need to look for in an F&I school.

Licensing accreditation is the most important thing to find in any Institution. Without these independent certifications, it’s just another business offering you training programs. Licensed programs are actual schools who meet nationally and locally certified standards for teaching and excellence. Before you start asking about features and job placement, make sure that the program you’re talking to is licensed or accredited.

After that, you want to find a program that lets you learn your skills using real-world technology. It’s one thing to learn the technicalities of pulling a credit  report, but it’s another entirely to actually do one of the software that people use in the field today.

You also want to make sure that the program offers you job placement. An F&I training institute is here to further your career and they should be able to help you find work that will put your freshly earned skills to the test.

The F&I Software Advantage

What’s going to be the biggest hurdle you face when you enter the real world of automotive sales?

Most people don’t realize this, but the technology you use everyday for this job is all specialty equipment. From the software that runs credit checks to other vital programs, you want to find an F&I training program that uses the technology you’ll be working on in real life in the classroom.

Institutions like the automotive dealership Institute use real world automotive sales technology. You’ll be using the latest technology just like you would find in any dealership across the country. You’ll be pulling credit reports, looking vehicle histories, and using every bit of Technology you’ll see out there in your day-to-day job.

One of the most important things to find in an F&I training program is being able to learn your skills on the same equipment you’ll be using on the job.

Do You Need an F&I Training Program?

There are countless benefits to kick starting your career in an F&I training program. Even experienced management are sending their staff to F&I training programs in order to improve they’re on the job skills.

Whether you’re just getting started in your career or you’re the leader of an automotive dealership looking to improve your sales and empower your team, F&I training is the best place to start.

Find a Licensed Program

It’s important that you find a licensed F&I training program.

Did you know that most F&I training programs are not licensed? Those programs might be able to offer you some training, but they’re not going to be able to offer you the formal education that a licensed F&I program can provide.

Licensed F&I programs, like the automotive dealership Institute, are held to a higher standard of Education. Earning their licensing means that they’re independently accredited and their educational methods are tried-and-true.

When it comes to taking your education to a new level, you want to work with people who are experienced and proven. Your education is the seed that’s going to grow the future of your career. You want to make sure that the institute you’re working with has the experience you need to realize your potential.

 

Call us today: 1-877-592-6313, to learn more about AutoDealerInstitute.com

 

Make Sure They Offer Job Placement Programs

When it comes to F&I, one of the most important things that you can find in your training program is a job placement program.

The automotive industry is one of the most competitive fields out there. There are countless job opportunities, but there are also plenty of people racing to the top of this industry. You want to make sure that you have every advantage in securing your career. Whether you’ve been in auto sales for years or you’re considering the exciting, and lucrative, field of auto sales for the first time, the job placement program helps you achieve success quicker.

F&I training programs, like the one offered by the Automotive Dealership Institute, come with an F&I  job placement program. They can help you push your newly learned skills to the test in real world auto dealerships. You’ll be able to hone your craft side-by-side with experienced salespeople as well as get a strong start to your career.

The certification you got from the Automotive Dealership Institute connects you to real-world job placement.

Contact an F&I Training School Today

Are you ready to take your career in the automotive dealership industry to the next level? Get in touch with one of the certified F&I training programs today. The Automotive Dealership Institute is here to ensure that your career gets off to a strong and successful start.

 

Call Ray today, 1-877-592-6313, and ask about your new career as an F&I Manager.

Priceless Lessons to F&I Success

While everyone defines success differently, all successful people have certain things in common. They have a constant drive to better themselves, to provide value to a team, and to set attainable goals for themselves. F&I managers are tasked with helping an automotive dealership maximize profits and helping their team members flourish.

Whether you are a seasoned veteran or new to the F&I space, there are some key lessons you can always consider when you are striving to improve your performance.

Having the humility to recognize your imperfections is the first step to overcoming them. Think about what you can take away from the following principles and how you can apply them to your sales strategies moving forward.

Listen Actively to Your Customers

There is a difference between listening to what a person says and understanding the meaning behind it. If you are not aware of what your customers truly want or need, you will not be able to satisfy their demands. Active listening involves letting the other person know how you’ve interpreted their words so that they can clarify their needs if you’ve not understood them.

Use statements such as “what you told me earlier” or “I understand that you” when you are communicating. You can then connect the dots between their needs and certain products that you may be able to offer them that fill those needs. Also, try to understand what may be holding a customer back.

Is it that the customer cannot afford the product or that he or she doesn’t understand the value?

Make sure also that you are talking with your customers rather than at them. The most successful approach is to let them do most of the talking and simply to confirm with them that you understand.

Open-ended questions accomplish this goal because it puts the conversation back in their hands and presents you with more opportunities to determine if you have a product that suits their needs.

Do Not Oversell

One of the stereotypes that you need to get past is that of the overly pushy salesman. Many customers will arrive with their guards up, determined not to spend a single dollar more than they deem necessary.

The perfect way to make them even more uncomfortable is to push a product that they did not express interest in.

This is where active listening can assist you, but you also need to recognize an opportunity when it presents itself. Making assumptions is another thing that hurts F&I managers.

Do not be afraid to ask for the close if you have listened to the customer and successfully conveyed the value of your product.

Befriend Your Customers

People are more likely to purchase things from people that they trust. While you are talking with them, do not focus solely on the sale. Doing so can make you seem cold and robotic.

When your customer reveals something that he and she may have in common with you, take that opportunity to build rapport.

Don’t be afraid to crack a joke. If you are likable, your customer will begin to see you as more than an F&I manager behind your desk.

The more you can get your customers to smile and laugh, the more you will find that the close comes more easily and without the tension that normally accompanies automotive sales closings.

 

Finance Manager Training F&I Online Courses

 

Use Visual Aids

Not everyone processes information the same way. While some people can understand when you give a verbal rebuttal to an objection, others need to see examples.

Instead of explaining the math, you can find a way to show the person instead, such as explaining the cost of vehicle repairs by putting a recent work order from the service department on your desk for them to read.

Visualization is a powerful tool. From the beginning of an automotive sale until the end, it can be effective in making a customer feel as though something belongs to them.

They take test drives so that they can visualize driving the car to or from work or parked in their garages.

If you show them the possible downfall of not having warranty coverage via that bill, they will understand what they are risking. That may be what it takes to turn a “no” into a “yes.”

Review Your Work

Take some time every day to review every one of the deals that you worked on. Even if it went smoothly, there was something you could have done to improve it.

Investing this time will help prevent you from falling into the same routine with every single customer. When this happens, you can come across as monotone, disinterested, and insincere.

Did you tailor your approach to the customer and properly access his or her needs? What could you have said differently? What opportunities did you miss?

Making yourself aware of all these things will allow you to brainstorm ways that you can tackle the next day more effectively.

This step is especially important if you have found yourself in a slump. Every F&I manager will experience droughts.

Sometimes, it has nothing to do with what you are saying or doing, but as frustration builds, you may begin to do things differently. If you are aware of these mistakes, you can correct your course.

Continue Your Training

Successful F&I managers are humble enough to know that there is always something to learn. If you are finding yourself in a long-term slump or just want to continue to become better at your job, you should consider ways to add tools to your skill-set.

Bouncing ideas off of others who are in the field can help you while also improving their performance— providing a benefit to each party.

You can also take classes to hone and improve your skills. Sometimes, the information you learn will shake off some of the rust that has gathered since you last attended a training course.

In other cases, you may learn something that completely transforms your business and makes all the difference for you.

The Automotive Dealership Institute has been training F&I managers for over 32 years. We provide classes in person as well as online.

Our online courses make it easy to learn at your own schedule without needing to attend a school. If you are looking to take the next step in your career, learn more by filling out our online contact form or giving us a call at 877-998-7200.

image of f&i manager

F&I Manager vs. Sales Manager Careers: Which is Best for You?

Both the sales manager and F&I manager play critical roles at any car dealership. If you’re looking for ways to climb the ranks in your sales career, you may be considering which path to take. This guide covers the duties and responsibilities for each position so that you can decide which one is right for you.

What Does a Sales Manager Do?

The sales manager has the most influence on the sale of vehicles off the dealer’s lot. When sales representatives are struggling to close a deal, it’s the sales manager that steps in and has the authority to offer discounts and services that would sweeten the deal. Sales managers hire, train and manage sales staff and set their schedules to ensure that there is floor coverage when it’s needed the most.

A sales manager also prices the vehicles in inventory, determining the most attractive prices while providing the most return on investment possible for the dealer. To be a sales manager, you need to have very strong sales and organizational skills. Sales managers do a lot behind the scenes that customers and sales representatives may not realize or appreciate.

The following skills are needed to be an effective sales manager:

Ability to Relate to People

Sales managers need to have empathy toward other people so they can determine the best way to help customers. The purchase of a car is a major decision for most people and often requires taking on a car payment that lasts for years into the future. Customers can be stressed over their purchases and whether it’s the right time for them to close the deal.

Sales managers need to be understanding and relatable so that customers feel their concerns are valid. This creates trust. People are much more likely to make major purchases when they trust someone.

Strong Negotiation Skills

Sales managers are constantly challenged to find the middle ground between what benefits the dealership and what makes the customer happy. Because sales managers need to know how to close sales with the most difficult customers, they need excellent negotiation skills. They need to show customers the value they’re about to receive from their purchase and be able to know when to give ground.

Verbal and Written Communication Skills

Sales managers need to be able to get their point across clearly when interacting with sales representatives, other department managers and customers. They need to be able to produce documents without errors, listen to the concerns of customers and motivate sales representatives to achieve their goals.

Promotional Skills

Sales managers are behind the events and sales that draw customers into the dealership. They need the ability to manage an advertising budget effectively and deliver a return on marketing investments. Customers have many dealerships to choose from when shopping for a car and it’s the role of the sales manager to make his dealership stand out in the crowd.

 

Auto F&I Manager Training

What Does an F&I Manager Do?

The role of an F&I manager begins after a sale is already closed. F&I stands for finance and insurance. The focus of an F&I manager is to work with banks to secure loans for customers and then to provide insurance products such as warranties to add value to the deal. Some would argue that the F&I manager is the most important person in the building, because all sales reach their desk before the customer leaves in a new car.

The following skills are needed to be an effective F&I manager:

Strong Communication Skills

The F&I manager is often behind the scenes negotiating with lenders to determine the monthly payment a sales representative or sales manager brings to the customer. What seems as simple as delivering a number is much more complicated than you realize. Dealerships work with many lenders and the finance department needs to find a financing option that fits in the affordable range for the customer.

F&I managers need strong written and verbal communication skills to be able to negotiate with banks and then explain the terms of a loan to the customer. This begins with running a credit check and then submitting the correct forms to financial institutions to get approval offers. Some creditors might have special terms behind their offers, so the F&I manager needs to communicate those terms clearly.

Strong Sales Skills

Many customers reach the finance department after a stressful negotiation over the price or payment for a vehicle. The F&I manager then tries to add warranties and service packages to the deal. This can be a delicate situation that requires excellent sales skills to manage because any product you add to the deal also adds to the payment.

Time Management Skills

F&I managers often work on multiple deals simultaneously. Sales representatives are bringing in potential deals and details about the customers’ desires. The F&I manager needs excellent organizational skills and has to be able to manage their time effectively. No one likes to wait in line for the finance office to free up and it’s stressful for sales representatives and customers who want to complete their business and move on.

Training in Finance Operations

While there’s no formal educational requirement to become an F&I manager, many dealerships would prefer that their F&I managers have some degree of training in finance. The dealership may send someone to a training seminar or workshop to develop the needed skills to perform the job or could provide on-the-job training. It’s most ideal for F&I managers to receive both forms of training and to attend seminars regularly afterward to continuously learn and improve their skills.

Which Position Pays More?

It can be difficult to determine for sure what you can expect to make as a sales manager or F&I manager. Income varies depending on where you live and how well you perform your job. On average, a car sales manager can make around $134,625 per year. F&I managers are in greater demand, resulting in greater pay increases over the last five years.

Compared with five years ago, the average pay for sales managers has risen 5.4% while F&I managers make 7% more now than five years ago. Today, they make more than $142,000 per year on average. Both careers are lucrative enough to consider pursuing and what’s right for you depends on your skillset and what you feel most comfortable doing.

Learn More About Sales and F&I Training at the Automotive Dealership Institute

Whether you’re pursuing a role as a sales manager or finance and insurance manager, the Automotive Dealership Institute can help. Our programs last four weeks and provide you with all the skills you need to succeed in your desired role. Call 877-592-6313 to learn more.

Finance Manager Training for Automotive Dealerships: Why Dealerships Send Their Managers to ADI

Ask any dealership owner what the most challenging aspect of running their operation is, and they’ll start talking about their finance department. Our finance departments are made up of complicated paperwork and legal technicalities, but they’re also one of our biggest opportunities for sales. This is why finance manager training is so important.

At ADI, we strive to empower your managers to become masters of automotive finance. After completing our program, they will not only be wizards with all of that complicated paperwork, they’ll also be your new secret sales weapon.

Here’s what every dealership owner needs to know about finance manager training at ADI.

Starting at the Top: Improving Your Bottom Line

We’re starting with what’s on everyone’s mind. It can be challenging to make a living operating an automotive dealership. There’s a lot of moving pieces in this financial puzzle. However, there’s one area of dealerships that we consistently see owners and managers overlooking.

Dealerships often treat their finance department as a technicality. This is where paperwork gets shuffled around and nothing else. However, that’s a misconception that could be costing you money.

Your finance department is one of your strongest assets when it comes to improving your sales. Your sales staff out of the dealership floor have the challenging job of making the initial sale, but it’s the finance department in the back that closes the deal.

Giving your managers and expertise of automotive finances is going to allow them to become your strongest resources when it comes to sales. With this training, they can shore up one of the areas where you’ll be able to make considerable improvements in your profits.

 

Finance Manager Training Online Courses

Get Your Managers Trained Quickly Online

Automotive dealerships are currently faced with plenty of challenges regarding mobility restrictions and physical training.

We’ve adapted our entire program to change with our times. We now offer a full online course. The managers at your dealership will be able to enroll in and complete our course without having to travel outside of their homes.

Completing their training online also prepares them for an increasingly digital world of automotive sales. As the technical aspects of finance, and the business of car sales itself, increasingly moves into the digital space this training gives them an extra edge against the competition.

Fill in Gaps in Your Staffing

We’ve seen countless dealerships reconcile the financial duties to under trained staff. This is more than a staffing issue, it’s one of the biggest limitations to your ability to turn a profit.

The role of the finance manager is something that can’t be replaced in any automotive dealership. Car financing has gotten much more complicated in recent years. It’s no longer viable to just place all of these additional duties on to your regular managers. Your dealership needs specialized training to ensure that every transaction goes off without a hitch.

Closing the deal is the most vital part of car sales. You want to make sure that the staff that are locking in that final transaction are at peak performance.

Empower Your Team to Improve Sales

The finance manager training at ADI gets rave reviews. Managers that have graduated from our program might have been able to grow their careers as well as improve sales at the dealerships they work at. One of the biggest benefits of this training is the empowerment that your staff will gain.

Finance manager training allows your managers to become well-versed in some of the most technically complicated aspects of automotive sales. After completing our training, they will never have to worry about answering a customer’s technical finance question correctly ever again. This gives them the knowledge they need to encourage sales without any interruption.

It also improves their confidence. We’ve seen countless students of our program graduate with a newfound zeal and energy for sales.

There’s nothing quite like the confidence one earns after completing a new challenge in their education.

ADI’s Track Record Aims Toward Success

At ADI, we’ve proven our track record for success. Our satisfied students have been able to advance their careers as well as push the envelope for automotive sales forward. We’re helping to create a new standard for what customers expect when they visit their local dealership.

Our success is your success.

The more students that we train to become finance managers, the more experienced car sales staff will be working dealerships throughout the country. This will help customers not only find the cars that they want, but also speak with qualified representatives who are able to walk them through all the technical, financial details of a sale.

This is a holistic approach to service that puts the customer first. Now they’re getting everything they need in one location rather than being shuffled around through departments and individuals.

Location, Location, Location

This is one of the oldest pieces of wisdom in any industry or business. Your location is one of the most key aspects and what you’re able to offer the community around you. That’s why we’ve situated our training center in Scottsdale, Arizona.

Everyone in the Scottsdale area knows that the bread and butter of this community is automotive sales. Car and truck sales drive the local economy and have for generations. What better place to train your managers on vehicle finance?

When you send your managers to our physical location, they’ll be able to get first-hand training in one of the vehicle sale hotbeds of the country. It’s this kind of first-hand experience that makes for an unbeatable education.

Education Built on Cutting-Edge Technology

Your dealership managers are going to be trained in a cutting-edge facility. We distill this information through the latest technical standards for automotive finance.

All of this education is backed by our use of the most cutting-edge educational technology out there.

We replicate the finance department of a modern car and truck dealership. This is complete with customer credit reports, new and used vehicle inventories, as well as fully functioning workstations. Our students also use real databases that have them pulling up records and completing sales that are identical to the real thing.

It’ll be like they’re back home and doing real transactions at their dealerships.

Discover Your Potential Today

It’s time you gave me your managers the tools they need to succeed. Get in touch with us today to learn more about enrolling your dealership managers into our financial manager training.

 

Contact an F&I Training School Today

Are you ready to take your career in the automotive dealership industry to the next level? Get in touch with one of the certified F&I training programs today. The Automotive Dealership Institute is here to ensure that your career gets off to a strong and successful start.

 

Call Ray today, 1-877-592-6313, and ask about your new career as an F&I Manager.

How to Become an F&I Manager

You can make good money working as a finance and insurance manager. In fact, it’s one of the best-paid positions in any automotive dealership.

With the right skills, you can generate more profit for your dealership with a generous salary to compensate you for your hard work.

The newest F&I software allows finance and insurance managers to perform better, even with less experience. Today’s finance and insurance platforms help F&I managers stay organized and do their jobs more effectively.

How Do I Become an F&I Manager?

Working as a salesperson at an automotive dealership is an excellent first step. After building a positive sales record, you will find it easier to apply for a position as a finance and insurance manager.

However, you need to be familiar with this aspect of the dealership industry. First and foremost, always treat customers with respect and maintain a professional attitude while you keep learning.

Earning a degree in finance or accounting can help you get the job you want, but seeking certification as a finance and insurance manager ensures you have the specific knowledge and skills you need, so you stand out from the other applicants.

At the Automotive Dealership Institute, you can earn your certification both in our classroom and online.

We organized our curriculum into four modules that cover various topics like federal laws relating to finance and insurance in the automotive industry, dealership retail operating systems, finance software, structuring special finance deals, finance menu presentation, and menu selling.

 

How to become an auto F&I Finance Manager

 

The online training allows you to pause modules and work at your own pace. We also offer telephone support for online learners.

Each section of our curriculum includes interactive features with printable books, real-life examples, voice overs, and graphics. Individuals qualify for the program with a high school diploma or GED.

Good math and writing skills are also essential. Financing options and student loans are available. Regardless of whether you complete the program online or in person, you will qualify for job placement assistance throughout the country.

We boast a 90 percent job placement rate within 90 days of graduation and will help you find the job of your dreams as soon as possible after graduation.

The Automotive Dealership Institute F&I manager certification qualifies for VA educational benefits. Individuals who qualify for Post 9/11 veteran’s benefits can get full tuition coverage and travel expenses related to the program.

How Much Can I Make?

As of 2021, the average salary for F&I managers is around $133,000 with a range between $60,000 and $150,000 per year. The payment range varies by location.

The average salary for F&I managers is about four percent higher than other managers in various departments at automotive dealerships, making it an appealing managerial position.

Most F&I managers can expect to work 50 hours per week with varied schedules. Although car sales slowed down during the pandemic, they are picking up once again as the economy recovers.

What Do Finance and Insurance Managers Do?

The primary role of finance and insurance managers is to help customers secure the financing they need for a new or used car.

They work directly with lenders to help customers get the best interest rates while looking out for the dealership’s profits. F&I managers are held to a high ethical standard. Some of their duties include:

In short, successful F&I managers require product knowledge, empathy, and professionalism to handle customers appropriately. F&I managers need excellent people skills, along with financial knowledge and skills.

What After Products Do F&I Managers Sell?

F&I managers often sell extended service contracts and maintenance plans, along with other products. These plans could include a bundle of oil changes and only apply to the dealership’s service center. Finance managers may also promote anti-theft products, such as VIN etching, car alarms, and GPS locators. Combo warranties may include damage to wheels and tires, offering protection against damage caused by potholes. Paint and fabric protection applies a chemical sealant to the paint and fabric to protect them long-term. You may also offer gap insurance to pay off the difference between the car’s value and the amount the customer still owes on the loan if the car is totaled in an accident. For leases, customers can benefit from excess wear and tear protection in case the car is damaged beyond normal wear and tear. Finally, credit insurance plans can help customers continue paying for their vehicles if they lose their job or suffer from a disability and can’t work.

How Are F&I Managers Doing Today?

F&I managers enjoy a stable career with minimal risks. While most finance and insurance managers work 40 hours per week, some may be scheduled to work up to 50 hours. Overtime may be required, particularly when expedited document processing is required. F&I managers have plenty of room for growth with a high salary cap, providing a stable income for years to come. It also opens the door to working in other financial sectors in the future. With the car industry rapidly growing, there’s an excellent opportunity to find the career you want with a high living wage.

The Future for Finance and Insurance Managers

The future is bright for those interested in working as an F&I manager.

Car dealerships now offer low interest rates and easy credit approval, making buying a new or used car attractive for buyers.

Finance and insurance managers make a high salary with excellent benefits, including retirement plans, health and dental insurance plans, and more.

If you’re thinking about a career in finance and insurance, The Automotive Dealership Institute offers the F&I training you need to get a step ahead and launch your new career. Give us a call at 1-877-998-7200 to get more information. You can also visit the F&I training overview page on our website.

We are a certified institution that serves with integrity and the qualifications you need. After completing your training at The Automotive Dealership Institute, you’ll get the complete training you need to start your lucrative career in automotive finance and insurance.