23 Jul Call Your F&I Manager by the Professional Title They Deserve
There is movement among some in the dealer industry that has suggested that one position in particular should have a complete overhaul of their title within the dealership…the F&I manager.
The mere mention of ‘F&I Manager’ will turn off buyers and immediately make them feel on-guard and resistant to the presentation of products or other finance options.
The answer? Some dealers called these professionals ‘billing clerks’ or ‘business clerks’ or my favorite, ‘delivery coordinator’.
Not necessary. This is not the answer to your ‘buyers hate the F&I office’ issue.
Here are three reasons why your F&I staff should maintain the title of ‘F&I Manager’:
1) Huge Responsibility – Your F&I staff has the heavy burden of holding high PRU’s to add dollars to the dealership’s bottom line. It’s often the case at most stores that F&I, along with Service, make the most gross profit. They have the responsibility of getting the deals bought, paperwork executed within all the new regulatory requirements, posting down payments, issuing tags, etc. With that level of authority and responsibility, that goes well beyond the duties of a ‘clerk’.
2) It’s Accurate. – If a buyer is told by their salesperson that their next stop is to see the ‘billing clerk’ to finish up paperwork, that is not exactly honest. This person is still tasked with reviewing financing options. This person will still be presenting or ‘selling’ aftermarket products and services so it’s not REALLY just signing a few pieces of paper and driving off in your new car. It’s more than that.
3) They are Professionals, Period. – Dealers expect a great deal of their F&I staff. They spend thousands to provide proper industry training to keep them current on best practices and state & Federal regulations. Their higher compensation reflects the focus on maintaining a high level of profit-per-unit and quality CSI. They are often asked to come out to the sales floor to help close deals and support the sales team. In short, they are expected to be professional in every way. The title ‘manager’ reflects that expectation.