Finding and training a new F&I manager can be a challenge, but many successful dealerships have found that the best approach is often to grow talent from within. While it’s tempting to look outside the dealership for potential candidates, there are significant benefits to developing talent in-house. We’ve got some tips for identifying and training the next great F&I manager right from your own dealership.

Identify Potential Candidates

The first step in growing an F&I manager is identifying the right person for the job. Often, the best salesperson in the dealership is considered, but that may not always be the best fit. Instead, focus on finding someone who has proven themselves as a consistent performer. It’s also important not to limit your search to just the sales department. High-performing candidates can come from various departments such as service, administration, and even the receptionist desk. The key is finding someone with the right work ethic and aptitude, regardless of where they currently work.

Prepare the Candidate

Once the right candidate is identified, it’s time to prepare them for the challenge of F&I. The first step is to set expectations. They should understand that F&I is not a job where they can just rely on someone else for guidance. Before transitioning into the role, the candidate should become familiar with all the necessary documentation in F&I. This includes every contract, disclosure, form, and dealer agreement used in F&I. They need to read through these documents thoroughly, including retail installment sales contracts, lease agreements, brochures for F&I products, dealer agreements with financial institutions, and compliance guides. Essentially, they should understand every piece of paperwork used in F&I, from front to back.

Hands-On Experience

After the candidate has completed their reading, it’s time for testing. The goal here is to ensure they understand the essentials of F&I, and their comprehension of key documents. Once the candidate shows promise, the next step is to give them hands-on experience with the dealership’s dealer management system (DMS). The candidate should become comfortable with the F&I sections of the system, including the fields required to complete transactions and how to utilize print codes and push data to the menu system.

An important part of the learning process is ensuring that all deals entering F&I are 100% loaded with accurate information before being sent. Though the sales managers should ideally have all deals completely ready for F&I, this provides a great learning experience for the candidate. By understanding the full scope of how deals work from start to finish, they can grasp the intricacies of the process and develop essential skills.

Continuous Learning and Growth

The next step is for the candidate to learn how to use the menu system for F&I. Most online and tablet-based menu systems are relatively easy to learn, with plenty of tutorials and training resources available. It’s beneficial for the dealership’s F&I product provider to assist the candidate by teaching them how to rate contracts, build menus, and present F&I products effectively. Once the candidate is familiar with the menu system and can conduct a simple menu presentation, they are ready for the next step, F&I certification

F&I Certification and Beyond

While the candidate now has a solid understanding of the products, systems, and procedures, an F&I certification will teach them the nuances of working directly with customers, handling objections, and closing deals.

DOWC’s Automotive Finance and Insurance Certification (AFIC), is a detailed compliance training program, tailored for dealerships and F&I managers, designed to ensure F&I managers adhere to all regulations.

When the candidate completes our AFIC training, they will be better equipped with knowledge and practical experience, making them a more effective F&I manager. Now is the time to give them a chance to step into the role. With the right preparation and training, the candidate should be ready to take on the responsibilities of an F&I manager.

Building an F&I manager from within the dealership is a rewarding investment. By taking the time to thoroughly train and prepare candidates through hands-on experience, documentation study, and collaboration with F&I product providers, dealerships can produce high-performing F&I managers. The key is dedication, patience, and a commitment to creating an F&I manager who has earned their seat in the office through effort and perseverance. With the right training process, any candidate can become a successful F&I manager and contribute significantly to the dealership’s success.