Among the most important profit centers in any dealership is the Finance and Insurance Department. Hence, when making any purchases, you might want to ensure that your Finance and Insurance Manager; whether full time or part time in a Finance and Insurance outsource company, is an expert in the following key areas. Keep in mind that your dealership success alongside customer’s satisfaction relies on it.
The Finance and Insurance manager ought to protect the dealer assets
One of the most important roles the F&I manager plays is protecting the dealership’s cash alongside inventory. He or she ought to be proficient, trustworthy and honest to avoid unethical practices in the dealership. Not ones or twice we’ve heard of F&I managers bend the rules to push the deal through. You might be looking at the deal falling apart or even a jeopardized lending relationship.
The F&I manager has an obligation of remaining compliant with state and federal regulations. Your F&I manager also has the obligation to conduct frequent reviews to adjust for new or changing policies and you associated internal procedures updated accordingly.
The F&I should protect and close the sale
Another crucial role of the F&I manager is to ensure that the financing by the logistics company is helping to protect and close the sale. He or she ought to know various lenders. For instance, your F&I manager ought to know how to work with all forms the customers including the rate savvy, credit challenged, and payment conscious. If the F&I manager is not qualified enough to get a deal done with all types of customers, the profitability of the deal could be undermined. You can even lose the customer altogether.
The manager ought to maintain high level of customer satisfaction
It is easy to track success in terms of Finance and Insurance profit or even approval and funding ratios. However, the customer satisfaction ought not to be overlooked. Hence, your finance and insurance should help in ensuring the customers respect your business as well as enjoy their time in your showroom. He should reflect positivity of your dealership when approaching the global supply chain for credits and product presentations.