Finding Finance and Insurance Careers in the Automotive Industry

Interested in finance and insurance (F&I)? Love cars? Looking for a way to merge the two into a long-lasting and fulfilling career in the automotive industry? It’s time to consider a career in auto sales and F&I management. Now is a great time to invest in F&I training, which can provide everything you need to succeed in this career. That means you will acquire excellent leadership and communication skills and have the expertise required to handle the financial and legal aspects of a sales transaction.

Automotive Business Manager programs are designed to teach the skills required to oversee the financial and legal aspects of the automotive industry. Students in these automotive training programs are trained in finance and lease options, sale of after-market products and the use of specialized software.

Becoming an F&I manager means you will be in the center of the action. It also means you will have a direct impact on profitability and be rewarded accordingly. Need another reason to invest in F&I manager? Job Futures 2000 predicts that more than one-third of all jobs created in Canada will require a skilled trade designation or a college diploma.

What about the extensive restructuring of the automotive industry? There has been a lot of change, but the automotive industry remains one of the world’s largest and most important business sectors. Moreover, a surge in demand is expected as consumers make purchases that would normally have been made in the last two years and additional demand is created by increases in population, new consumer offerings and improved manufacturing technology. Employment prospects for automotive sales and F&I management are good for the following reasons:

A growing shortage of well trained individuals to fill sales occupations
Service Canada predicts there will be strong demand for qualified candidates in Sales and Service, Business, Finance and Administration “because this sector will account for more than 45% of all retirements over the next five years.”
Significant worldwide growth within the automotive industry

You know what happens when demand for a specific job goes up. Salaries also go up. That’s exactly what is happening for F&I Professionals. Key elements of F&I training programs can include the following areas of study:

Business Manager’s Role in the Dealership
Financial Institutions and Their Requirements
Getting the Contracts Purchased
Credit Reporting Overview
Understanding Credit Scores and Risks
Reading Credit Reports
Prequalification Using Credit Reports
Cash Conversions
Bank Conversions
Use a Customer-Friendly, Aggressive F&I Process
Qualify Your Customer, Use The Right Words
Product Knowledge
Effective Selling Techniques
Menu Selling Leasing Skills and Techniques

Sell More Automotive Finance and Insurance Products

The automotive world can seem heartless and when you’re working in it you have to find meaning behind what you’re doing or you’ll drive yourself nuts! Here are some things to ask yourself so that you can have a better feeling about what you do for a living and make a better living on top of that!

Consider this a worksheet to figure out what makes you tick and how to make yourself more efficient at ticking instead of ticking yourself (or someone else) off.

1) Find out what your driving force behind doing a great job is!

-There has to be something out there that makes you want to do a great job. Mine is to support my wife and give her the lifestyle that she deserves (not what she wants because she’s perfectly content with what we have). Another great angle here is that I want people to be protected out there on the roads; so helping them purchase a service contract, tire protection, or GAP insurance really makes me feel great!

2) Find out what doing a great job is.

-A great job, to me, is maxing out my pay scale. If I sell more than 1.4 products per unit (on average) and average $800 per unit sold, I get 19% of the back-end profit! I average around $1100 per copy and 1.86 products per unit, so not only am I maxed out, but I don’t have to scramble to get more cars to make more money (simply because I’m making more off of less cars than some other business managers). If I’m having a slow month I’m still making a little over $200 per car, so if I put 40 cars on the road that’s still $8,000 per month, plus bonuses from the dealership and from the service contract company. Plus I still sell about four cars per month, so that eats away my draw throughout the month so when my monthly F&I check comes, there’s nothing being taken away from it!

3) Figure out your niche!

-My niche is coming across as being helpful instead of someone who’s trying to sell the crap out of anything to anyone. My fellow business managers tell me that I have a certain look about me that comes across as being someone who you can be open and honest with. Do I take advantage of this? You bet I do! Do I lie to people to sell them things? Heck no! Do I ask questions that make it hard for them to say no to me after I know the answers to them? Dang right! I know that if I get someone who’s straight to the numbers, I’m not the strongest so I will actually T.O. to another business manager who is stronger with them. But when they get someone who they’ve made upset by being too pushy, they’ll come and T.O. to me because I can build rapport very quickly and become a part of their shopping team instead of someone who’s pushing products.

Start with these three things, write out your answers and think about them. Once you figure out these three things you are on your way to making more money!

Is this the be all end all of lists to help you make more money? Absolutely not!

But will this help you to catch some momentum and build a happier work day? You hit the nail on the head!

Role of A Service Consultant in The Automotive Industry

The automotive industry has undergone tremendous changes and development in the 20th century and so far there is no stopping to it. Since the rolling out of the first car, the automotive industry news reports a steep rise in sales, as more and more cars are being produced. In recent times, with so much economic liberalization, attractive finance schemes and tax benefit laws and with increase in the income of the local people, car sales have been hitting new highs. However, with changing times, the mentality of people has changed and today services provided by car manufacturers play a crucial role, apart from car designs and models.

As more companies jump into the automotive sector, buyers have more freedom of choice to select the best of the lot. Unlike earlier times, buyers today pay more attention towards the services provided by the car producers. And with a variety of media around, buyers research and gather more information, before they step into any car dealerships. Hence, with so much of emphasis given on service, the role of the automotive service manager is vital to every car company in the market.

Not only does the automotive service manager coordinate and supervise the duties performed by the service staff, he looks after all the operations carried out by the service department. He has to make sure that all the employees working under him are adhering to company policies and other applicable standards and laws. Because the automotive service manager deals with customers and the service department, he has to be calculative about keeping both, the customer and his staff happy. Also, he does need to have a decent knowledge about mechanics of automobiles, and a pleasing personality to maintain customer satisfaction ratio.

Those employed in the service manager job have to ensure customer retention by not only providing repair and maintenance service but also by communicating and understanding customer’s priorities. He has to analyze and identify market reports, and have a good understanding of current trends making waves in the automotive sector. With so many things in one platter, it goes without saying that the service manager job requires leadership qualities, management know-how, counseling skills, apart from the customer service parameters.

At times, it becomes an arduous task for the automotive service manager to cope up with so many responsibilities and duties, which is time when he needs a service consultant, who will help him to get out of his overloaded work schedule. The main purpose of the service consultant is to counsel service managers, who are buried under the work load which comes with their job profile. Service consultants help service managers on how they can perform their duties in an organized way, which will not only bring down their stress level, but also pump out more productivity.

Service consultants also provide insight to those in the service manager job or service director job on how to calculate the productivity of other employees, and educate them with work practices to enhance their customer service skills. Service consultants take service advisor training as part of the service consulting module and set standards to make sure employees always have a positive approach towards their work and are updated with skills and knowledge so that they can provide a better experience to their customers.