Every vehicle dealership has to focus on profitability by selling quality vehicles and products. However, there is much more than merely ensuring a sale. The challenges are even greater for a Powersports dealership which needs to deal with specialized vehicles such as motorbikes, RVs, and ATVs. Every dealership owner needs to consider taking a Powersports F&I training course provided by the experts in the industry.
What is the Powersports F&I training course about?
The first thing that strikes the mind is the meaning of the F& I Department. It suffices to know that every auto dealership is expected to have one to ensure productivity and profitability at the same time. The Department deals with the financing and auto insurance needs of the customers. The customers usually meet with the F&I personnel after selecting a vehicle.
While the F&I training for all auto dealerships is essential for the new entrants, the dealership owner should have the entire staff undergo the training course. More specifically, this type of training course is beneficial to the following employees: –
- New employees
- The F&I Department staff
- The F&I Manager
- The employees who aspire to join the F&I Department after serving in other areas of the dealership
What does the F&I Department Sell?
Each customer has a need that must be met after choosing a vehicle. Their problems may be resolved by the F&I staff, with both the staff members and the manager who completes the procedure on behalf of the customers. The various products and services offered by the F&I include the following: –
- Financial Services– The F&I staff handles the entire paperwork when the customer needs financing to purchase the chosen vehicle. This may concern getting a loan from a third party, such as a bank or a non-banking finance company. The funds may also be provided by the dealership, subject to certain conditions.
- Insurance Products– It is necessary to buy auto insurance for almost all vehicles as per the mandate of the state. It is the onus of the F&I Department to arrange insurance coverage for its customers. The F&I staff will reveal the available plans and insurance policies to the customer, who is welcome to pick & choose according to the requirement and budget.
- Ancillary Products– This Department is also the first point of sale for various additional products that improve the benefits of the customers. Some of the most popular products that the dealership offers for sale to the existing and new customers alike include the following…
- Extended warranties
- GAP (Guaranteed Asset Protection) coverage
- Service contracts
- Tire & Wheel Care
Regulatory Compliance– The industry standards and legal as well as regulatory standards must be complied with by the dealership. Again, this is the responsibility of the F&I team to ensure that all the paperwork and procedures are done according to the existing standards.
The Powersports F&I training course ensures success for the dealership as the issues are addressed perfectly by ensuring the following:
- Maximizing F&I product profitability
- Building trust with transparent selling
- Mastering the F&I menu presentation
- Improving closing rates by using proven techniques
- Navigating the compliance measures
- Sharpening of the product knowledge across all categories
- Collaborating with fellow trainees to discuss real-world case studies
