We have all walked onto a dealership lot to take a look at a car we are interested in, or may even wanted to take it for a test drive. As you enter a car showroom the first person that walks over to you and asks if they can help you, is most probably a car sales professional. While we all know there are plenty of capable and ethical car salespeople who are genuinely knowledgeable and intend to help us find our dream car, the profession still continues to struggle with a stereotype that is, unfortunately, quite unfair.
There many other industries that have salespeople that are far more unethical than in car sales, for instance, some of the sales people that work at Dish Network, Comcast, Spirit Airlines, Walmart, Sprint, Bank of America, or others. The fact remains that some people are ethical and others are not.
Auto sales professionals are often under more scrutiny because car buyers see themselves as being at odds with car salespeople, since they want the lowest price possible and the final price of a car affects the paid commission for the salesperson who’s assisting them.
After all the salesperson helps the buyer with the vehicle, arrange and usually go along on a test drive, start the negotiation for purchase, discuss finance options, and even work with the sales manager to get a good deal.
In many cases, salespeople will also begin the financing process by taking information for a credit application. Knowledgeable salespeople are helpful in pointing out certain features on the car in more detail than simply reading online.
But this profession is demanding and after a few years, an auto professional usually wants to explore career development options that are relevant to their experience as an auto sales professional.
The F&I manager is the person who completes the sales process, goes through the financing options and the contract with the car buyers to make certain that the buyer’s financing and documentation are all in order. The F&I manager also presents and arranges dealership financing as well as external loan financing options from a list of lenders that may be best suited for the car buyer’s credit circumstances. Often, the interest rates offered by the automakers are the lowest available, so this can be a valuable step in the process in helping car buyers get the best loan rates for their car.
Additionally the F&I manager will offer add-ons such as extended warranty and services like paint protection or a car alarm system. These items can be very profitable for the dealer. Hence, this is a very important role in a dealership, in some ways as important as a sales manager, and can bring in lots of high-profit revenue for the business.
Another option in career development for an auto sales professional is to move to Internet sales manager role.
The Internet sales manager role often involves getting the online shopper to walk into the dealership so sales people can have a chance to help them. This role involves knowledge of the Internet marketing and technologies and social media content campaigning. Engaging with potential clients online, producing content and promotions using digital format and video is also requirement, in most cases.
During the prospecting phase of online campaigns, there will be a sales call at some point to facilitate the initial handshake and to communicate with customers through phone calls, texts and email, but they also meet face to face with car buyers to arrange test drives and car delivery. Many people believe that working with an Internet sales manager or sales professional is key to getting the best deal with the least hassle.
In the auto industry, as in the case with many other industries, sales professionals that want to develop their careers further with potential for a higher-income as well as a career that has endurance, do understand the need for training. Every penny spent for a formal, structured, and hands-on training from expert instructors is worth its weight in gold.
Automotive Dealer Institute (ADI) is the most respected, trusted, and the only licensed and independent F&I school in the USA, with over 32 years hands-on training experience by industry recognized F&I experts. Courses are designed and structured under the supervision of previously experienced dealership General Managers who know all the ins-and-outs of F&I.
With training at The Automotive Dealership Institute, you’ll get the best possible training to prepare you for a lucrative career in automotive finance.
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.