Lots of Product Training, No Performance
Q. I want to get the F&I department off and running. My F&I manager has had lots of training from our vendors. Why isn’t the performance there?
A. Glad to see your F&I department has the dealer’s attention. F&I personnel need to receive training in both product knowledge and sales process. Each type of training is critical to the performance you are looking for.
Product Knowledge
Learning the features, advantages and benefits of each product the dealership offers is essential. Your product vendors typically provide this training as part of their service to the dealership. Believing in the products is another important factor. Other than a potential source of revenue, why have you chosen the products you offer to your customers? Would you buy them yourself? Would your managers buy them?
Do you demonstrate the value of your products throughout the dealership? Sales, F&I, and service should all be members of your product promotion team. Positive affirmation from each contact person at the dealership often means the difference between a sale and lost opportunity.
Sales Process
Every F&I manager should also receive training focused on the sales process and customer satisfaction. The dealer typically assumes the cost of this training. Effective sales training ensures that what you know about products can be applied to how you present these products to customers so that their needs are met and they are satisfied with their choices.
You may well wonder why product training cannot also satisfy the sales training requirement. Dealerships often change vendors, sometimes with minimal explanation. These changes can create temporary confusion, resistance, and a downturn in profitability.
The best way to prevent a production lapse is to ensure that your F&I personnel are thoroughly trained in a comprehensive sales process. When your F&I manager can routinely identify and address customer needs in ways that increase CSI and dealership profitability, product transitions are less likely to impact the bottom line.
With proper product and process training, your F&I department will be off and running. When you set reasonable production goals, let your F&I manager know what you expect, and insist on support from all dealership management, the F&I performance you seek will be there.
Go to the Articles and Reprints section at www.JLKelly.com for answers to other FAQ’s. Then view the Training Calendar for a list of ‘02-’03 seminar dates and locations.
Kelly’s Korner, June 2002.