F & I Leadership
by: Mike Boolos
 Managing the F & I Office
Let's start with a quick quiz:
Are you happy with the referrals to your office from the sales department?
When payments are quoted, are they with a range or an exact amount?
Does your sales force make a professional introduction when bringing a customer to your office?
Are you 100% satisfied with your finance penetration, product sales penetration, and your income per retail unit?
Is your owner?
If your answer to all of the above questions is a definite yes, congratulations! You have done a great job in managing your office, selling your products and training the sales force. If your answer to any of the above questions is no, the next question is What are you doing to improve these areas? If you are sitting in your office complaining and making excuses, these areas will not improve. Jackie Cooper always said Keep doing what you've been doing and you will keep getting what you've been getting! Are you ready to make some changes and start getting dynamic results?
We all need to keep in mind, what happens in our office is our responsibility. No one is going to make things better for you. Remember you are a MANAGER. This means you either manage your office or someone else will manage it for you. If the latter happens you will be managed out of your office before too long. Let's look at some strategies to make your F&I department the most productive it can be.
In order to make changes in our department, we have to make it happen ourselves. Start by getting out of your office and being visible on the sales floor. Interact with the salespeople by coaching and communicating the way you want them to refer customers and handle F&I questions that come up during the sale. Another tip is to get involved in the sales process early so we can improve our turns on cash deals and outside lien buyers. Take a turn on a customer to make a sale when the sales manager is busy. Doing so will earn the respect of the sales force and develop a better relationship between the two departments. By attending and participating in training meetings we can train our sales force on improving turns, handling questions about rate and payments. You'll make them more effective and create better opportunities for F&I. This also makes our job less stressful and more rewarding.
Take charge of your department today. Start making changes. Keep in mind most problems didn't happen overnight and probably won't be changed overnight. Get started by making a list of things that need improvement. Next, prioritize your list and then start making the necessary adjustments immediately. As each step is accomplished, mark it off your list. You will be amazed at the results if you tackle one problem at a time and stick with it until you improve the process. A great F & I office doesn't just happen you have to put in a lot of hard work. But in doing so you will soon be able to answer yes when you are asked Are you and your dealer 100% satisfied with your finance penetration, product sale percentages and your income per retail unit?
For more information on Mike Boolos and The Assurant group go to www.assurant.com or :
260 Interstate North Circle
Atlanta, Georgia 30339
Contact us toll-free at 1.877.651.1032
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