The best F&I managers have a unique set of skills: business focused yet super customer focused
A day in the life of a business manager, much like the iconic Beatles song, is often like a pendulum swinging between different personalities.
The F&I manager needs to take on an analytical and strategic approach, while also presenting a warm and approachable environment to create a perfectly balanced experience for customers.
Sounds easy right? If only it was. Given that finding people who possess this perfect balance of sales and personality is hard to do, the question that has to be asked is which of these skills is most important to have in a business manager?
Sales skills are at the heart of an F&I manager’s toolkit. They’re the gears that keep the F&I machinery humming smoothly. Product knowledge is power here. To confidently present finance and insurance products, business managers must be well-versed in the intricacies of extended warranties, GAP insurance and more.
But it doesn’t stop there. F&I managers are negotiators extraordinaire. They are tasked with finding the balance between securing the best financing terms for the dealership while ensuring that customers continue to be happy with their deal.
Now, let’s talk about the art of persuasion. F&I managers are storytellers with a purpose. They need to convey the benefits of products in a way that resonates with customers.
However, sales skills alone won’t cut it. Personality traits are equally important for F&I managers. These traits set the stage for overall dealership satisfaction. When a customer steps into the F&I office, skepticism often tags along. A warm and trustworthy personality can dispel doubts and establish the bedrock of trust and rapport.
This customer-centric approach is a game-changer.
F&I managers who prioritize the customer’s needs and preferences make sure that F&I products also align with individual situations, enhancing satisfaction and loyalty.
It’s not just about pushing products; it’s about making the customer feel that they are receiving tailored solutions.
And let’s not forget about problem-solving skills. Being a people person helps customers feel comfortable enough to ask questions and seek advice. When customers hit a bump on the road to the sale, they need someone they can trust to find solutions.
Although most dealerships are always looking for natural salespeople, the bottom line is that sales skills can be taught. Most dealerships invest in comprehensive F&I training for the business managers. Vendors of F&I products also offer training workshops that focus on a variety of selling methodologies and most business managers have attended more than one of these sessions.
F&I training workshops also rarely end at the certificate and are often the starting point of an ongoing learning process, where F&I managers continue to fine-tune their skills with regular coaching and feedback.
This commitment to continuous improvement ensures that good F&I managers can become great, equipped with the knowledge and expertise to excel in their roles and deliver exceptional results for the dealership.
Unlike sales skills, soft skills like communication, empathy, and active listening are much harder to teach but as earlier stated invaluable in what they offer. Developing these skills is about more than just following a script; it’s about being able to quickly develop genuine connections.
Dealerships are recognizing that trust is the currency for our industry and providing exceptional customer experience is essential for growth. As part of this realization, best practices see recruiting efforts starting to prioritize identifying candidates who excel at making people feel at ease. They are the ones who effortlessly draw people in.
So if you’re still scratching your head over which quality holds more weight, consider this: discovering the right personality is a little like stumbling upon a unicorn in a field of horses — rare and priceless. In the world of F&I managers, it’s this unique charm and authenticity that truly separates the good from the great.
