It is important to acknowledge the finance and insurance department beyond formality. After all, it is an integral part of the profit process, and many auto dealerships make the bulk of their money in finance and insurance. Therefore, knowing how to maximize F&I to make profits fully is a secret you must know, and we're glad to share it with you.

1. Begin With Knowing Where To Look

Naturally, flashier and bigger vehicles with higher tags on them gravitate towards producing the most opportunities as far as the F&I department is concerned. Hence, they tend to want to focus on bigger sales. However, it is imperative to note that the inverse is also true. For instance, under-qualified and non-traditionally qualified borrowers may also bag the F&I department significant profits simply through margins.

2. Go All In and Follow the Triple 100% Rule

This means that you should show 100% of your products to 100% of your customers 100% of the time. The truth is, you never can tell just when someone will buy, and this rule has proven to improve the buy-ins of customers greatly.

Before an average customer hits the dealership, they arm themselves with quite a lot of information. They can get information like the need to always upgrade the warranty on their vehicles, and not bother about the care package or vice versa. You never can tell where your customers are coming from, and the mindset they could come with, so it is imperative to meet with them exactly where they are.

Realistically speaking, this can be a lot. The numerous packages and products to sell for every vehicle can get cumbersome for customers to process. This is where using technology comes in!

3. Take Advantage of Technology

Moving with the times and the demands placed on businesses, you should focus on the best ways to solve problems. Technology affords dealers to use comprehensive auto dealership sales platforms that can make a sale and swiftly run through the products a customer is most likely going to buy. The good news is that these platforms are user-friendly and efficient. This means a customer is more likely to buy with a longer term in view.

4. Do Well To Follow Up!

It is almost natural for customers to feel regrets after a major purchase. But guess what? That can work in a dealership's favor! What many F&I departments fail to do is follow up with their customers later. You can make them offers by calling back after a few days or weeks, and you'd be surprised that more than a few will subscribe to your offers. Many customers later realize that they feel much more comfortable or have more assurances if they add something more to the vehicle. In fact, you can do well to also follow up with those who left to seek other ways of financing by offering them financing once again.

The F&I department is the core of auto dealership revenue. We are at the forefront of new F&I products?to improve dealerships' sales, profits, CSI scores, and customer retention rates. We can assure you that with us, you’ll enjoy peace of mind that can only be offered by our qualified team of retail automotive and F&I experts who stay on the cutting edge of product knowledge, legal compliance, and F&I training requirements.