F&I Managers MUST Do This To Succeed

The Power of Collaboration in F&I: Driving Profit and Culture

When it comes to making more in F&I, one word stands above the rest: collaboration. That’s right—if you want to boost your numbers and create a thriving environment in your dealership, you’ve got to be a team player. Collaboration with your sales managers, sales staff, accounting department, and service department is key to building a culture that embraces F&I as a crucial part of the dealership's success.

Why is this so important? Post-pandemic, customers are coming in with their eyes on discounts and negotiations. The dealer principal is counting on the F&I department to not just deliver cars but to make the kind of profit that isn’t happening on the front end anymore. And that all starts with collaboration.

Get in on the Ground Floor: The CRM Tool

To foster collaboration, you need to be in the know—and that means having access to your dealership’s CRM tool. Just like your sales managers, you need to be plugged into the pulse of the dealership. The CRM tool is where it all starts. Being involved early in the process allows you to form connections with customers before they even sit down with you. It’s about getting in front of potential issues, understanding their needs, and setting the stage for a successful sale.

Start Your Day in Service

Here’s a pro tip: Don’t walk in the front door of the dealership—head straight to the service department. Why? Because that’s where you’ll find golden opportunities. Talk to your service advisors and managers about any potential deals sitting in the waiting room. Maybe there’s a previous customer in for an oil change with 35,000 miles on their vehicle. That’s a prime opportunity to offer service contracts or other products. Building these relationships in the service department is a game-changer for collaboration.

Train Your Team, Gain Respect

If you want respect in your dealership, you’ve got to earn it by being part of the training process. Train your sales staff on how you want to be introduced to customers and make sure they follow through. But here’s the kicker—you need to follow through on your own process too. Consistency in your process is what drives profits, and if you’re on top of your game, your team will follow suit.

Accounting: Be Proactive, Not Reactive

Collaboration doesn’t stop at sales and service. Your accounting department is just as crucial. Instead of waiting for them to bring issues to you, go to them first. Fix problems before they escalate and involve the whole management team in regular meetings to discuss contracts in transit. Assign responsibility and make sure everyone is on the same page. This proactive approach speeds up funding and keeps the whole dealership running smoothly.

Build a Culture That Embraces F&I

At the end of the day, your goal is to build a dealership culture where F&I is respected and valued by everyone. That means getting involved early, managing through others, and making sure every department understands the importance of F&I, especially in today’s market. Whether it’s through service contracts, maintenance programs, or other retention tools, your role in F&I is critical to the dealership’s success.

And hey, if you’re ready to take your F&I game to the next level, check out Product Prep Live. For just $250 a month (with the first 30 days free!), you get bi-weekly live training sessions with industry expert Gerry Gould and access to hundreds of hours of video content. Don’t wait—get started today and watch your collaboration, culture, and profits soar.

Product Prep Live - The future of F&I training is here. Go get 'em!