This post is an introduction to a 2 part series.
A Finance Department cannot operate alone. To fully realize its income potential, the Finance Department must have an outstanding working relationship with every other department within the dealership. This is accomplished by fostering a professional work environment among all dealership management and support personnel. This, in turn, helps generate sales. While this cooperation is required dealership-wide, nowhere is it more vital than between the Sales and Finance Departments. In fact, how successfully a dealership’s Sales and Finance Departments internally relate to one another largely determines whether or not the dealership itself will succeed.
Attending sales meetings shows the salespeople that the finance manager is a team player and is open to questions and discussions. This is also a great opportunity to train the salespeople on very crucial matters, such as the proper introduction to finance, how to promote F&I products on the sales floor, and the benefits of all the available services. If they understand what happens in the Finance office and the benefits of the services, they will be more inclined to influence the customer in a positive way toward finance.
Management meetings give the dealer a chance to review successes and failures with each department and solve problems. It is important for the finance manager to attend management meetings because it gives the finance manager an opportunity to learn the operations of the other departments and to understand their problems and accomplishments. This perspective often leads to better communication.
Ultimately, this cooperation between the Finance and Sales Departments can translate into success for the entire store. When member of Sales and Finance lead by example, their practice of respectful, consistent interaction helps the dealership craft the right “game plan” for the entire dealership. After all, they’re all players on the same team.
Be sure to stay tuned for Part I: Working in Sync with the Sales Department!