There are massive benefits to getting your team into F&I training, most importantly to get them up to speed on automotive finance, compliance, and laws centered around auto sales. Since your team will be swimming in the waters of auto sales, it’s to everyone’s benefit what the rules, trends, and processes are for selling a car in your dealership’s state. Making compliance expertise not just for a finance manager on your team can be a good idea to consider as well.
F&I Training Can Save You Trouble Later On
It’s always a good idea to standardize training in any workplace so every employee is on the same page and any aspect of a job and common issues can be addressed. It’s best to leave as little to the imagination when it comes to finance and compliance at a dealership. While you may have experienced team members come in and say they know the landscape well, it’s best to cover those bases and make sure they are up to speed on any changes in the laws or regulation in regard to compliance.
For example, knowing which paperwork is necessary is a vital aspect to a well-run dealership. Also to protect yourself knowing things like how to spot identity fraud or other aspects of fraud can save you plenty of time and plenty of trouble later on when remedying mistakes or oversight in that area.
Laws Change Sometimes In Auto Sales
Money runs the world and it’s the first place politics steps in to have a say (and a cut of the winnings, so to speak). New governors and new legislators move through the system all the time, and staying up to speed on any changes makes you not only look more professional to car buyers, but it also conveys trust and a desire to get it done the right way. Showing your team, as well as the customer, that streamlined, updated policies and procedures are a priority at your dealership. Some customers are sizing up a dealership in aspects like that from the second they walk through the door, so if it’s a part of the culture at your dealership then customers will definitely notice.
At the very least, a customer might ask a question about auto sales that would benefit the image of a dealership if your team knows the answer immediately. It’s best to avoid awkward moments where your team doesn’t know the answer to an important question about buying a car.
F&I Training Boosts Credentials For Your Team
Recruitment and credential building is a concern and a goal for job prospects as well as current team members. In the same way that leadership training is beneficial to your team, F&I training can be beneficial to your dealership. Offering compliance training to your team adds appeal to joining your dealership because it not only benefits your dealership, but if anyone from your team might move on, you’ve given them a gift in adding formal compliance training to their resume. Smart professionals in the auto industry will know the value of that experience.
Resumes are getting longer, a stronger focus on credentials and achievements, adding any aspect of their job that could make them a more desirable candidate could not only get more ambitious applicants, but also help with retention in keeping them on top of their game in all aspects of the job.
Get In Touch With MOTiiV For Auto Industry Best Practices
MOTiiV specializes in preparing and equipping dealerships to build teams that are stellar and effective. We’ve seen many teams benefit from expert consultation, so get in touch with MOTiiV today to see how we can help build your team and get them to the next level. You can contact us at (972) 725-7860, or fill out a form on our contact page!