For those interested in finding a stable career that offers high income potential, the F&I industry continues to demonstrate outstanding potential. In fact, Automotive News found that total F&I revenue grew for dealerships an incredible 7.5 percent over the course of 2018. This was on top of the 6 percent revenue growth the industry saw in 2017.
This growth is also projected to continue in the coming years. Light vehicle production is projected to start increasing again in 2021 as well, which means that there will be ample opportunity for new professionals interested in building their own careers in the field.
For those interested in starting a career in this exciting field, here is what you need to know.
What Makes F&I Professionals So Important for Dealerships?
F&I professionals have a number of benefits that they offer their dealerships.
They help the dealerships bring in new clients while also helping customers afford the cars that they like. They need to have a solid understanding of finance, including how to interpret credit scores and how to construct loan options. They need to know how to create deals that will appeal to potential customers so that they can help the dealership bring in new buyers.
Not only must the deals they construct appeal to the customers, but they must also generate income for the dealerships themselves. Dealerships rely on F&I professionals to help them sell extras for their cars and encourage people to invest in their cars. They help them generate profits in a way that helps everyone involved.
With F&I revenue growing, as well as the increase in the production of light vehicles, dealerships will want to know that the F&I professionals they hire are ready to do this job well and help them generate strong revenue for their dealerships. However, not all training options for F&I professionals are equal, and dealerships know they want to hire only the most qualified candidates. When it comes to making sure that you have a solid understanding of the finances involved in constructing mutually beneficial deals and successfully navigating the field, aspiring professionals need to make sure that they have a solid education.
When it comes to getting this education, there is nothing better than an in-person, hands-on training experience led by seasoned industry professionals.
Securing the Best F&I Education
To take advantage of the growth and opportunity available in the F&I industry, professionals need to make sure that they find the right educational options that will prepare them for the field. The Automotive Dealership Institute is prepared to provide those interested in entering the field with the skills and knowledge they need to thrive.
The F&I industry requires professionals to have training not only in finance, but also in sales and customer engagement. It is a trade that truly requires a wide range of skills. No one will be able to thrive in the field if they do not have both sets of skills.
Similarly, these professionals also need to make sure that they understand the latest developments in the industry. They have to remain abreast of the latest trends and developments so that they can help their dealership make good sales decisions.
Finally, professionals should have a good understanding of the technology available in their field and how to use it. Technology has had an enormous impact on the F&I industry. Customers have begun to use it with increasing frequency to research their cars as well as their finance options. F&I professionals need to know how to use the software needed to help them create these appealing deals and understand the financing options for different customers. They also need to know how customers use the technology available to them so that they can engage these customers and know the types of deals that will still appeal to them.
The Difference the Automotive Dealership Institute Offers
There is only one school available for professionals that can give them this training. The Automotive Dealership Institute has been in educating emerging F&I professionals for decades and has helped their students get jobs in dealerships across the country. Since they have years of experience, they know what professionals need to thrive. They are also the only licensed institute in the field, offering a unique advantage to those who select their school.
Dealerships know that the students from the Automotive Dealership Institute have received a thorough education in automotive F&I. They know that they can trust these professionals to jump into their jobs and help the business thrive.
It is this trust that allows the Automotive Dealership Institute to boast a job placement rate of over 90 percent. They have dedicated job placement assistance services to help their students find jobs, including help with resume building and the chance to speak with other experienced professionals.
Those interested in becoming an F&I professional when transitioning out of the military will also be glad to know that the Automotive Dealership Institute proudly accepts most VA educational benefits including the Post-9/11 GI Bill to help pay for their education.
The F&I industry offers professionals an excellent opportunity for growth and a career in an exciting industry. America’s love affair with the automobile makes this a steady job, and the projected growth means that dealerships will be interested in hiring qualified employees. Pursuing an education from a qualified institution will set you up for the job you want and a bright future in the industry.
Contact the Automotive Dealership Institute today to see how a diploma from ADI can help you become an automotive F&I manager in as little as four weeks!