The right mix of technology, training and process can drive improved F&I performance.
Dealerships juggle many demands from their customers, manufacturers, and regulators. To succeed, they need the right processes and people working for their business to manage these priorities effectively.
From the moment a dealership is in contact with a customer, a process is set in motion to build trust and a mutually beneficial relationship between the customer and the dealership. One part of this process is the Financial Services Office.
It is crucial that dealerships partner with the right financial services providers that understand the dealership’s wants and needs and have the tools necessary to help them succeed.
Dealerships can modernize their operations and improve performance by working with a financial services partner that provides three essential components:
- Integrated Technology
- Comprehensive Training Programs
- Consistent Customer-Focused Processes
Technology is the first pillar. Finance partners should offer dealerships integrated technology that supports their workflow and creates an efficient, streamlined process. One that allows them to bundle and customize their products according to what their customers value while presenting them with all eligible products.
This process creates a transparent and consistent customer experience that’s easy for the Financial Services Manager to follow because it’s built into the technology.
Without a measurable process, dealerships can’t effectively determine which changes to make, resulting in a long trial-and-error period that businesses can’t afford. Finance providers can help dealerships use market analysis data to adopt a laser-focused strategy to implement change and see improvements immediately.
The right technology can help dealerships track and document deals to understand where their Financial Services Managers can grow, respond appropriately, and measure their progress. Leveraging technology allows a dealership to take data-driven action that increases performance while remaining compliant and customer-friendly.
A comprehensive training program is the second pillar. Industry-wide, dealerships struggle with high turnover rates, especially in the Financial Services Office, which can result in lost knowledge.
It’s important for dealerships to have set onboarding and standardized training procedures for Financial Services Managers to feel supported and educated in their role so that every customer gets the same experience at the dealership.
In the same way a dealership has a customer greeting and sales process, dealerships should implement a standardized financial services process.
Consistent, repeatable, and transferable processes about product knowledge and best practice customer presentations will help dealerships and Financial Services Managers succeed.
Finance partners should support dealership staff with a variety of training opportunities. This can include onboarding, day-to-day support, pre-, live- or post-deal coaching, and online classes to supplement their knowledge.
This ongoing support will help Financial Services Managers grow and improve the dealership’s process. Specialized training and data-driven performance reviews from an experienced insurance provider can help dealerships take their business to the next level.
By working with a finance provider well-versed in the financial services process, Financial Services Managers will receive the training and tools needed to follow a process proven to increase customer satisfaction and dollar-per-vehicle sales.
A consistent customer-focused process is the third pillar. Creating an exceptional customer experience is vital to a dealership’s success. The basis of that experience is building trust and confidence with the customer.
If the dealership’s entire staff works with the customer to establish common goals and priorities, the customer will feel confident in the dealership’s reputation and the products they’re selling, ensuring their process runs smoothly and efficiently.
The Financial Services Manager’s job is to work with the customer to find the benefits they want with a payment they can afford. This includes meeting them where they’re at, whether in person or remotely, and offering products that make sense for their individual situation.
Implementing a documented process that facilitates the training of new Financial Services Managers when there is inevitable staff turnover benefits all parties.
Specifically, a process that teaches them how to proactively prepare and adapt to a customer’s specific situation and know where they might need additional support. Proper training and technology can support this process, whether it’s a finance, cash, or lease deal.
A good finance partner will have their technology and training procedures built around a process where your Financial Services Managers offer 100 per cent of the products to every eligible customer 100 per cent of the time.
This customer — and compliance-friendly process — has been proven to increase the dealership’s performance. The transparency and documentation of the deal result in the Financial Services Manager following regulatory best practices and helping customers find the coverage they want.
By partnering with a trusted financial services provider, dealerships can implement all these essential elements and rest easy knowing they have the tools and support needed to improve their business and support their Financial Services Managers.
