In the latest episode of Training Camp on CBT News, Adam Marburger, F&I expert, shares key insights into improving automotive finance and insurance operations. He highlights the profound impact of early involvement in the deal-making process, showing how F&I professionals can significantly boost profitability and customer satisfaction by engaging with the sales team and retail customers from the start.
Adam Marburger opens the discussion by painting two contrasting scenarios for F&I professionals in the automotive industry.
- The first scenario depicts an F&I department that remains isolated from the rest of the dealership, only getting involved after the deal is finalized. This traditional, hands-off approach is typical in many stores but fails to build rapport or enhance the customer experience.
- In the second, more ideal scenario, F&I professionals are actively involved early in the transaction. They introduce themselves to the customer before the deal is complete, collaborate with the sales desk to structure the deal and work directly with the customer throughout the process.
Marburger emphasizes that the second scenario is the key to a successful F&I operation, as it leads to higher profits, better relationships with the sales team, and an improved customer experience. He stresses the importance of F&I professionals getting out of their office and becoming more integrated into the showroom environment, helping salespeople and engaging with customers directly. This not only helps close deals more efficiently but also enhances the overall dealership “mojo” and customer satisfaction.
By working closely with the sales team and being proactive with customers, F&I professionals can positively impact the financial outcomes for both the dealership and the customers. Ultimately, Marburger underlines the significance of continuous training and action to make meaningful changes in the dealership’s operations.
“The earlier F&I is involved in the transaction, the more profitable that transaction becomes.” – Adam Marburger