No two financing and insurance departments are exactly equal. There are countless variables by which they can be judged. Do they secure the best rates for your customers? Is the staff constantly being trained? How efficiently can loans be approved and processed? I could go on and on. In this post, I’ll break down a few features that define a standout F&I department.
How to Run a Successful Financing Department
Between financing officer/manager training and ongoing lender relationships, there are countless moving parts that all must be in sync if financing is to be a profitable and efficient part of your business.
There are a few approaches that dealerships will take. However, outsourcing your F&I through a proven company like Finance Solution is an easy way to virtually guarantee that your F&I runs like a top.
The Elements of a Successful F&I Department
Know the Entire Dealership – It’s a mistake to think of F&I as some independent entity that is separate from the concerns of your other employees or the overall goals of your dealership. While the goals of salespeople, financing managers, and other dealership employees are all slightly different, the primary goal is to build a successful business.
With our history in the RV and boat F&I industry, the experts at Finance Solution have a deep understanding of the “machinery” of a dealership. In other words, we’re able to work seamlessly with the rest of your dealership.
Train, Train, Train – The financing industry is always evolving, so why should professionals stay the same? Eventually, experience alone isn’t going to cut it, and the dealership is likely to suffer without ongoing training.
Finance Solution has the expertise you need right now, but our professionals are actively attending ongoing formal training to ensure falling behind isn’t a concern. By remaining open to new ideas and constantly developing new relationships, we are able to serve your customers better and, by extension, move more units off of your lot.
Keeping Up to Date – Beyond training, active practice and interest in keeping up with developments in the industry is critical if financing professionals are going to remain effective. From reading news and formal industry-related publications to attending conferences and seminars, there is always more to learn.
Some might say, “But, wait, isn’t that the same as training?” Sure, there is some crossover, but reading up on the latest developments in the industry for 20 minutes per day is a different animal than sitting in a classroom.
Fostering a Culture of Success
F&I professionals do more than just close loans. Warranties, gap insurance, tire and wheel coverage, and more are all essential components of a profitable department. Financing professionals shouldn’t be thinking of themselves as limited actors in the daily life of the dealership.
Finance Solution offers a full product line that runs the gamut—everything your customers need to drive off of your lot satisfied. Plus, especially for returning customers, a strong service department can be the key to repeat sales.
Though it is possible to manage all of the moving parts of an internal F&I department, working with Finance Solution will take the responsibility off of your plate, provide more profitability, and ensure that all the i’s are dotted and the t’s are crossed appropriately.
Secure Better Rates With a Multi-Lender Platform
Beyond the professionalism of your F&I team, there is a factor that can make or break a financing department and, by extension, the dealership—a broad range of lender relationships.
From managing ever-tightening credit standards to shopping around for the best rates, a financing manager without a proven track record of dealing with lenders is a recipe for inefficiency or, at least, less profit.
We’re able to seek out the perfect lender for each of your customers. No two RV buyers are the same, but we can find the perfect solution for them and move more units for you.
The bottom line is that you are looking for a solution that can work closely with your staff and customers alike while moving more units off of your lot, right? If that’s the case and you’re interested in a perfectly functioning F&I department, let’s start a conversation.