So, you want to become an F&I Superstar, or achieve Master status? This 5-part series will help keep you focused on the intangibles that will help get you there. A word of caution, these are reserved only for professionals who are proactive in their professional advancement and are serious about accelerating their performance and earnings. You’ve been warned.
1. Make It Easy For Your Customers and Peers To Do Business With You:
The key to success in any occupation is to build your own brand. The more valuable you become, the more successful you will be. Let’s look at what some of the F&I office’s main value propositions are
• Valuable Business Manager protects the dealerships assets and ensures that compliance by everyone involved in the sales and F&I process is being adhered to.
• Valuable Business Managers ensure that every vehicle sold and gets delivered, and that front-end gross profit remains intact.
• Valuable Business Manager help lenders and the store they work for approve as many deals as possible by providing them with the information they need to make a favorable decision. This is why its so important to not just sit in your office and submitted deals with out meeting your potential customers.
• Valuable Business Manager create an atmosphere in which customers want to listen to buy.
4.Manage Your Time Wisely
5.Continue Training On A Daily, Weekly, Monthly Basis
Reminder, this is a 5-part series. The May edition of UDS RoadMaster will detail #4, Manage Your Time Wisely.
CFPB Regulation Changes Ahead
The Consumer Financial Protection Bureau will no longer instruct auto lenders on how to govern dealership practices, Acting Director Mick Mulvaney said during a speech Tuesday at the American Bankers Association conference.
The comments were in line with previous statements Mulvaney made in regards to “not pushing the envelope,” but in this speech he took went a step further to specifically call out how the CFPB under former Director Richard Cordray targeted dealerships, according to reports. While the CFPB does not have authority to regulate dealerships, the regulator has used its power over lenders to make the financial institutions themselves police their dealer partners.
“We are going to do what the law says, but not what the law doesn’t say,” Mulvaney said in reference to Dodd Frank’s restrictions on regulating dealers. “We are going to look at those, we are going to follow those and we’re going to abide by those [limitations].”
Objections in the business office occur on nearly every deal that comes across your desk. Most are centered around price or affordability. With the 1st quarter of 2018 already in the books, it may be time to take a look at how you have progressed so far this year. Are you on track to hit your personal and professional goals? If not, it may also be time to invest a few minutes in honing your skills when faced with these popular objections.
Below you will find three short videos that will detail how to overcome the Price Objection, the Affordability Objection plus how to properly transition into your objection response with empathy.
Mark your calendars! Our next award-winning F&I Certification program will be held at UDS' Training Center the week of: May 7-11, 2018
This session is designed to create the next generation of qualified F&I professionals. Perhaps you have a current manager that has never been through a formal F&I School, or you are in need of a qualified backup – this is the school for them!
For over 35 years, UDS has been a market leader in F&I Training, and has been voted top F&I Training Provider in the nation for the past 13 years.