FLADCO News

Helping your sales and finance teams cooperate

Posted by Ian Gamberg on May 17, 2022 8:09:14 PM

The most profitable dealerships often are the ones where the sales & F&I teams collaborate. Too often, these departments act more like rivals, conflicting over basics like front end products and pricing.

The F&I department can only maximize its profit potential when it works hand-in-hand with sales. When this happens, everyone wins.

Customers should enter the F&I office knowing what products they’ll be offered and at what price. Even if they’re not financing, the customer should know what’s available and understand the cost and benefits of the F&I options. In other words, the first selling of F&I products should be done by the salesperson.

Engaging with the customer as one team serves both the customer and dealership. Here are some key elements to a salesperson and F&I professional share in creating a great customer experience:

  • Transparency – Provide clarity in pricing, financing, coverage explanations and other elements of the sale.
  • Time Expectation – Make the process timely without rushing the customer. It can help to have Finance involved in the buying process, rather than just upselling or making a deal official.
  • F&I Product Explanation by Sales– Sales can help the customer understand the benefits of the F&I offerings so the F&I office isn’t seen as a place to upsell.
  • Proper turnover to Finance by Sales – A strong and positive handoff sets the table.

Once the transition to the F&I manager takes place, they must avoid stepping on the toes of the salesperson by keeping the deal for the vehicle separate from financing and F&I products and ensuring the customer keeps good rapport with the salesperson. Having the right front end products and upgrade-friendly addendum adds in F&I is a great way to achieve all-around success.

FLADCO’s programs are designed to encourage and reward shared success and cooperation among sales and finance teams. We can help dealerships build a consistent framework for customer interactions and cooperation between sales and F&I departments that will ultimately deliver considerable profit improvement.

Contact us to learn more.


 

 

Topics: F&I Learning Series


Ian Gamberg


Ian Gamberg is a Business Development Manager at FLADCO (Florida Auto Dealer Co-op).

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