Top-Tier F&I Training Drives Top Performance Results
The right training can unlock the true potential of an employee, turning a good FSM into a superstar. That’s what Jim Shorkey Auto Group, a leading Mid-Atlantic dealer group with 10+ rooftops, discovered when they enrolled one of their emerging talents in the Automotive Training Academy by Assurant . The Automotive Training Academy helps train and develop top FSM talent.
Training for the Auto Finance Department
Dealership management identified Jessica M. as a high-potential employee within their finance department. In an effort to take immediate advantage of that potential, dealership management enrolled her in our FSM 101 class in Chicago. This intensive one-week course ensures that FSMs learn the ins and outs of improving sales and leadership skills while learning industry best practices. Course study includes:
· Ethics and compliance
· Regulations and disclosures
· Principles of selling
· Structuring a menu presentation
· Pre-interview and interview discovery process
· Objection handling
Immediate Impact of F&I Training
After training, Jessica immediately improved production, averaging a market leading standard in PVR. And that was just the beginning. A dealer representative from Assurant continued to work with Jessica one-on-one to reinforce core skills and refine behavioral skills.
“While Jessica was already great at gaining trust and providing a great customer experience, she could be shy and nonconfrontational when it came to customer objections,” said Chris George, a District Manager for Assurant. “We spent several months working with Jessica to ensure her interview processes and objection handling were aligned with the best practices she learned in her coursework.”
Long-Term Impact of F&I Training
Jessica’s numbers continued to increase year over year, achieving a 21% PVR increase in 2018 and another 20% increase in 2019. She also achieved a 50% VSC attachment rate, a 69% GAP attachment rate and financed 89% of her customers in 2019.
“Jessica became more confident both in herself and the process. Dealer management is definitely thrilled with her performance. She has become a top 3 producer in the import store, and her attachment rates are exceptional,” George noted.
By providing knowledge, tools and hands-on training, Assurant helped Jessica thrive as an FSM, and become a competitive advantage for Jim Shorkey Auto Group.
“The Automotive Training Academy taught me to provide a customer experience that is more than just presenting products and services. By engaging the customer in a conversation about their lifestyle, driving habits and budget, I’m better equipped to address objections and offer value where it’s most relevant. And the training never stops. Chris is here every month to assess my performance and help me set specific targets, so I can continue to improve my process, my PVR and overall performance.”
How Assurant Helps FSMs Thrive:
• Improve leadership and management skills
• Develop effective listening and communication skills
• Educate staff on regulations and compliance
• Coach handling customer objections
• Provide post-class one-on-one training to further develop skills
Assurant is a pioneer of the F&I business, with more than 50 years of experience in the auto industry. Our F&I specialists provide end-to-end performance support, helping dealers optimize operations, increase profit margins and realize their full potential. When you partner with Assurant, you get more than a product provider. You get a performance partner.
Discover what a partnership with Assurant can do for your business. Contact us today.