May 2009 - Feature
10 Steps To The top
What separates mediocre from successful is very subtle, but that separation can make a big difference. F&I expert rolls out his 10 steps to get to the top.
By Ron Martin
7. Compile Your F&I Policies And Procedures
If you want others to know what the policies and
procedures are for your department, write them down. Include things like a list
of documents needed for a finance customer, a lender call backlog, descriptions
of products sold in the F&I office, and a written explanation of how to
properly turn over a customer to the F&I office.
8. Look for New Ideas
Top F&I managers
are always looking for new ideas. You may not need them now, but you might in
the future. The more people you talk to about your profession, the more
educated you’ll become.
9. Read About Your Profession
The best F&I managers stay on the cutting edge of
their profession. They read about the latest developments in their field and
respond proactively to the changes that make sense.
You need to read daily about your profession. There are a
variety of publications in our industry that are a good source of information.
Reading 20 minutes a day will give you an edge on the competition. And don’t
limit yourself to only industry-related information; there are plenty of other
good sales books and publications that can also help.
10. Establish a Goal-Setting Plan
The superior F&I people set weekly, monthly,
quarterly, and even yearly goals. The goals can range from one’s expectations
for yearly income, dollars per retail unit, sales meetings per month, or any
other task that will get you the results you are looking for.
I recommend brainstorming and coming up with a list of things
you think are important to accomplishing your job as a F&I manager. Once you
have the list, make a plan for each goal. Each goal should include a definition
of your goal, an established timeframe, a way to measure progress, and a plan
of action for each goal.
Remember, F&I managers with that driving edge are all
looking for that subtle advantage, and they expect to be the best. I once heard Tiger Woods say that he shoots
for “professional excellence.” I’ll take that every time.
Ron Martin is the president of Vision Menu Inc. and the
Vision of F&I Inc. He provides F&I sales and compliance training, as
well as electronic menu solutions to powersports dealers. He can be reached at ron.martin@bobit.com.