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Becoming an Automotive Business Manager

Published on October 9, 2014 by in Blog, CATI

Automotive Business ManagerAn automotive business manager is more often called a finance and insurance (F&I) manager, because after a sale is made, they sit down with the customer and talk out insurance rates, payment and additions to the vehicle. Much like with service advisor training in an auto body shop, an F&I manager will process purchases and explain sales details to the customer. Working in a car lot, an F&I manager will have an office in the building where they can give customers explanations on manufacturer and dealership service procedures and policies. As F&I managers are interested in receiving business from the customer when they decide to resell their vehicle in several years, they must be sure to get the most competitive interest rates and financing programs for their customers. If you are interested in attending auto training school for business manager training, here are some suggestions from people who have followed this career path.

Secure Financing

The role of a business manager for the customer is to add value to the buying experience. Rather than just buying a car, a business manager will inform and manage the legalities and financial requirements of the transaction such as loans. A business manager will also offer customers an array of products to add to their ownership experience such as:

  • Factory warranties
  • Extended warranty
  • Paint and fabric protection
  • Insurance
  • Anti-theft alarms
  • Rustproofing

During the sales and financial management process, the business manager will develop a relationship with the customer based on trust in their sales and suggestions. This customer trust will ultimately give the dealership positive endorsement and encourage more customers to do business there.

Automotive schools in TorontoKnow Your Paperwork

Getting your paperwork done right the first time is crucial to making successful sales as an F&I manager. If your paperwork has not been signed properly, this means the customer must be called back to the dealership. Not only does this delay funds to the dealership, but means that customers might second guess their trust in your business’ practices and take back some of their purchases. An F&I manager is also responsible for the paperwork of a sale after the customer is gone. This means that for finance deals which involve loans, the manager must take control until the loan is approved, and with cash deals, they must maintain control of the paperwork until all the money is accounted for.

Motivate and Help Sales Department

The only way your work can be more profitable and the dealership more successful is if you help the sales people working for you. Salespeople are good at selling things, but may need help in areas such as paperwork, or perhaps even assistance with sealing a tough deal. The sales department is who refers customers to the F&I office, therefore helping them do their jobs better is also helping yourself. Many of those in the sales department will not have the best knowledge of what goes on in the F&I office, so training them on the inner workings of finance and insurance and the benefits of products you offer will help them better sell vehicles.

If you think of yourself as a good salesperson and would like to begin a career as an automotive business manager, consider automotive schools in Toronto as your best choice!

 
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