May 2009 - Cover Story
The 5 Pillars of F&I
When it comes to filling the business manager position, a clerk simply won’t cut it. F&I trainer provides his take on the role of the business manager and breaks down the five pillars of the job.
By Mark Rodgers
Protecting the Dealership
It is an oft-stated fact that the average business
office executes more contracts in a month than the average law office. There are
more than a few places where business managers can find quality information
regarding regulatory compliance, so I won’t belabor those points here. But if
your business manager thinks Gramm-Leach and Bliley are an acoustic music
group, you may want to reconsider who you put in the spot.
Conducting Self Analysis
Sometimes people are just naturals at what they do.
However, it is possible for a business manager to be effective in his or her
job without knowing how or why. The problem with this is he or she often can’t
progress to higher levels. That’s why you want someone who is conscious of his
or her competency. Here are five areas where business managers can objectively
analyze themselves:
• Process
knowledge: You know your sales process and progression.
• Product
knowledge: You can name five benefits to the customer.
• Competitive
knowledge: You know your competition and your advantages.
• Objection
responses: You can rebuff the most common objections.
• Financial
knowledge: You know something about personal finance.
The Enlightened Ones
Far too often, people
in this business think the business manager is just a clerk. But recently we
heard some talk that gives us hope for the future.
At a recent
Harley-Davidson Motor Co. meeting for dealers, we conducted a workshop for
dealer principals called, “Managing the Business Manager.” During the meeting,
two dealer principals commented about the importance of their business
managers. One exclaimed: “He’s one of the highest paid people in the
dealership.” Another announced, “Last year our business manager made more than
me! And I couldn’t be happier.”
These guys get it. Clerks don’t work in the business office.
And as J.C. Penny once said, “Show me a stock clerk with goals and I’ll show
you a person who will make history. Show me a person without goals and I’ll
show you … a stock clerk.” I couldn’t have said it any better.
5 Things Business Managers Are Not
There are several ways to incorrectly describe the business
manager position. Below are five that come to mind:
1. A junior helper for the sales staff. In some dealerships,
the sales department treats the business manager as nothing more than someone
to clean up the not-so-glamorous details.
2. Someone to just do the DMV and titling stuff. No doubt
about it, tags and titles are important. But at the same time, the business
office is responsible for much, much more.
3. The person who does the computer work. Computers are
endemic to all professional positions. Data entry is not.
4. Phone person for lender and insurance company follow-up.
Does a business manager do phone follow-ups? Sure. Is this the entire scope of
the position? No way.
5. A job for the dealer principal’s niece or nephew. We’ve
met many talented and capable family members who were great for the spot, but
we’ve also come across more than a few who weren’t.
Mark Rodgers is an
award-winning author, speaker and consultant. He’s published more than 100
articles and delivered more than 1,500 workshops in the powersports business.
He also served as a consultant with Harley-Davidson Financial Services since
1998. He can be reached at mark.rodgers@bobit.com.