As a car dealership, the success of your business is largely dependent on the quality of your sales staff and their ability to sell vehicles effectively. The most important aspect of this sales staff is ensuring that your sales team is adequately trained in finance and insurance (F&I). Having an F&I school that provides your dealership with the training and education needed to be successful in the F&I department can be essential to your dealership’s success. In this guide, we will share some effective tips on how to choose a great F&I school for your dealership.
What does F&I stand for in a car dealership?
F&I is the department at the car dealership that handles all the paperwork and financial aspects of buying a car. That includes arranging to finance, arranging an extended warranty, or offering other add-ons such as gap insurance, rustproofing, or other services. The F&I manager is responsible for helping customers understand the different options available and working out the best financing package for them.
6 Best Ways to Choose a Great F&I School for your Dealership
With so many schools to choose from, it can be challenging to know which will provide the best training and prepare your team for success. To make the decision easier, here are a few tips to consider when selecting an F&I school for your dealership.
Research the School’s Reputation
The first step in choosing a tremendous F&I school is to research the school’s reputation. Find out how long they have been in business and what type of reviews they have received from past students. It’s also important to determine if the school has affiliations with major automotive organizations such as the National Automobile Dealers Association (NADA). It will give you a better understanding of the quality and credibility of the school.
Look for Flexible Course Options
When selecting an F&I school, one must look for one that offers flexible course options. You want to ensure that the school can accommodate your needs and schedule. Look for schools that offer online courses, as well as on-site training. That will give you the flexibility to choose the best option for your dealership.
Consider the Curriculum
It’s also important to consider the curriculum offered by the F&I school. Ensure that the courses focus on the areas essential for success in the F&I industry. Look for courses covering sales, customer service, product knowledge, and finance topics. Additionally, ensure that the school offers hands-on training so your team can gain the necessary skills to succeed in the F&I industry.
Look for Experienced Instructors
When selecting an F&I school, it’s essential to look for one with experienced instructors. Ensure that the instructors have years of experience in the F&I industry to provide the best possible training. It’s also essential to look for instructors that are passionate about the industry and are committed to helping your team succeed.
Get quotes from multiple schools and compare prices. Ensure you understand what is included in the price and what additional fees may be required. Look for schools that provide discounts or special packages to help make the cost more manageable.
Making the Right Choice
Choosing an F&I school for your dealership can be an important decision. It is important to take the time to properly research the school and make sure that it meets all the criteria listed above. Doing so can ensure that you are getting the best possible training and education for your dealership’s F&I staff.
What to Look for in an F&I School?
When choosing an F&I school for your dealership, there are several factors to consider. Here are a few of the most important ones:
1. Relevant Curriculum: The curriculum offered by the F&I school should be relevant to your dealership’s needs. It should cover all the topics necessary for your sales staff to succeed in the F&I department, such as understanding finance and insurance products, legal and regulatory issues, customer service, and sales techniques.
2. Experienced Instructors: The instructors used by the F&I school should be experienced professionals in the automotive industry. They should have strong knowledge of the F&I department and a proven track record of success.
3. Flexible Scheduling: The F&I school should offer flexible scheduling for your sales staff. That can include in-person and online classes and the ability to customize the training schedule for each salesperson.
4. Cost-Effective: The F&I school should be cost-effective for your dealership. It means that the cost of the training should be reasonable, and the return on investment should be high.
5. Reputation: The school should have a good reputation in the automotive industry. A quick search online should tell you if the school has a good track record with other dealerships.
Choosing a tremendous F&I school for your dealership is an important decision. It’s essential to do your research, consider your dealership’s specific needs, look for quality instruction, and evaluate each school before you make a decision. By following these steps, you can choose a great F&I school for your dealership and ensure that you select the right school.