Does a heavy truck or equipment dealership need an F&I (Finance & Insurance) department? Absolutely. The F&I dept. is one of the most important profit centres in any dealership. The F&I dept. can generate over 40% of the overall profit dollars in a dealership and increase unit sales by over 20%.
Sales and finance must work hand-in-hand in order to positively affect the dealership’s gross profit. It is the F&I manager’s job to train and educate the sales people on the inner workings of the department and how to close more sales. This includes emphasizing the benefits to the customer of the aftermarket products that the F&I department has available for sale.
An F&I manager has responsibilities not only to the dealership but to the customers as well. An F&I dept. produces profit when the F&I manager focuses on providing solutions to customers’ needs. The F & I manager is usually the last person that a customer is involved with in the dealership and creates the last impression a customer has of the whole experience. A pleasurable buying experience can generate future sales.
Through our F&I service we are able to help a dealership:
INCREASE CUSTOMER SATISFACTION