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.

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