Top 5 Traits Every High-Performing F&I Manager Should Have
F&I managers play a vital role in the day to day running of any business. Whether they are leading salespeople or negotiating with lenders, F&I managers can impact the bottom line by millions of dollars. So, it comes as no surprise that a Finance and Insurance manager remains a highly influential position in the dealership.
One of the best ways to raise your profit margin is by hiring a competent F&I manager. While the role of this position has many aspects, in the end, it is the candidate’s skill set that will have the greatest impact on the revenue and overall CSI.
In this article, we highlight the four traits of a good F&I manager that you can identify in an interview:
LeadershipHigh-performing F&I managers accept responsibility for results- whether good or bad. They also own their communication and processes. As a dealership owner, make sure you hire a professional that doesn’t play blame games.
By identifying and rising above existing elements, a good F&I manager can help create and sustain a positive atmosphere for both your employees and clients.
If your next hire isn’t capable of steering the H&I department in a clear direction, then your company may be set for nightmares. Employees will become frustrated and prospective clients will turn away without second thoughts.
Ask the candidate if they have ever come up with a problem-solving idea and, if so, how it helped improve their former company. If you spot inconsistencies in their answers, that indicates they lack integrity, professionalism, among other essential H&I manager traits.
Sales Background
The role of dealership F&I managers is gradually changing to include various aspects of sales. Due to more competitive pricing, the next ideal way for dealerships to make a profit is through the F&I department, which puts pressure on managers to sell insurance, financing, and other added services- just like real estate or even retail.
Your next hire may not have worked in the F&I sector or sold cars, but if they have some sales training or sales experience in their background, that can be a big plus. Having a steady understanding of the customer’s journey and habits can make for a seamless transition to the head of Finance and Insurance.
A Strong Sense of Ethics & Morals
Remember, a resume won’t come out straight and say ‘I am not a great salesperson,’ but interviewing a potential H&I manager can help you get the hang of their ethical and moral compass.
Role-play scenarios are a great way to judge the answers you get. Have they worked in a sales environment before, and if yes, ask how they managed situations where shortcuts would have been a quick alternative to net more revenue? Provide a real-world scenario and insist on how they would have managed it.
Hypotheticals, when done right, can give you all the insight you require to decide whether the candidate is the ideal fit. You simply cannot afford to hire a person that you have reservations about their honesty.
A Real & Engaging Personality
The use of the word ‘real’ may seem a little weird, but with the reputation of F&I managers have taken a significant tumble lately, many customers are guarded the moment they walk through the doors of the F&I. In fact, many customers cite the F&I as their least favorite aspect of the car buying procedure. A real and engaging personality can help your dealership overcome that.
A resume won’t tell you this. The interview gives you the idea of whether or not the prospective hire can make the human connection necessary to succeed as the head of H&I. Ask questions on what they loved or despised about their own car buying experience or about how they handle nagging buyers in other jobs. Check out for behavioral clues like fidgeting, direct eye contact (or lack of it), or an easy smile when you greet them.
Your F&I managers have to be not only empathetic but also professional. They should come out as the approachable salesperson who takes time to understand what the customer wants. An injection of energy and a sense of humor helps, too. A boring and dull F&I manager simply won’t make it and could negatively impact your turnover.
How We Can Help You
Conducting a rigorous interview for the F&I manager’s position is key to achieving a high-performing dealership. It is, therefore, important that you strive to improve the hiring process for your Finance & Insurance department. This will ultimately help you to provide new buyers with an exceptional car-buying experience while retaining existing clients.
Is your dealership looking for an F&I partner to help attain maximum profits? Look no further than Vanguard Dealer Services. We offer a vast product offering tailored to your dealership needs at every turn. Our staff boasts substantial experience in the retail automotive industry, so you can trust to identify profitable opportunities for your firm every time they arise.
Contact us today and let us help you create customers for life!