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F & I Coaching and Development Logs
F & I Coaching and Development Logs
F&I departments can be found in automotive dealerships and specialise in consumer credit agreements or optional add-ons for customers that have purchased a vehicle within the dealership. They play a crucial function in generating additional profit for your dealership, extending automotive dealership services out from vehicle sales alone.
Customers typically interact with the F & I department in the early stages of their buying journey and throughout the purchase experience. The funding and protection of such an important asset is an important part of the decision-making process for the consumer.
Optional add-ons that are sold within the F & I department cover many aspects of insurance products, Warranty and Finance, including several types of different insurances bespoke to the motor industry, such as Guaranteed Asset Protection (commonly known as GAP), Cosmetic Repair Insurance (also known as SMART Insurance) and Tyre and Alloy Wheel Insurance. These products give for peace of mind motoring reducing any unexpected maintenance/repair costs and protecting the customer’s vehicle.
The comprehensive and seamless nature of our platform combines with the range of general insurers and administrators we liaise with to make it possible to register a policy quickly and simply without having to exit the TCF software. In addition to this, month-end processes include an extensive review of all documentation in order to confirm that any policies have been registered, removing the potential hazard of unregistered insurance policies.
What Does F & I Coaching Relate To?
F & I coaching is not limited to those within the F & I Department, since placing the customer on the path of considering how F & I services can benefit them, and potentially purchasing F & I, happens from the very start of their customer experience.
Both the sales and service departments of your automotive dealership should ideally be trained in the intimacies of F & I since these departments can help implement F & I throughout the sales journey. For instance, increasing the knowledgeability of the customer service department about F & I provides the customer with another point of reference, and perhaps one they may feel is more objective and approachable than a sales orientated role.
This is not to dismiss the power of the sales department, however, who too can inform the customer about the principles, benefits and features of F & I. Maximising the skill of your departments in customer relations can help introduce the concept of F & I to the customer throughout their journey.
ASUK’s Software Can Assist With F & I Coaching, Training & Development
ASUK’s streamlined software, Treating Customers Fairly, or TCF, can assist with familiarising your automotive dealership staff with F & I – providing coaching, training, and the tracking of staff development. Whilst not only offering a system in which to audit and assist the smooth sale of vehicles, Treating Customers Fairly software moreover covers the F & I aspects of an automotive dealership.
The TCF application further offers the means in which to bring this training to fruition; our live-time development logs and coaching reports constantly encourage the improvement of staff performance and present a coherent and clear way of recording development.
ASUK’s TCF application is regulated by the Financial Conduct Authority, meaning that coaching staff in F & I procedures does not include advice which will go against the regulations for treating customers fairly. Guided by the FCA TCF principles the TCF system helps prioritise honesty, integrity and the fair treatment of customers. FCA automotive related advice means that TCF provides transparent and accurate information for your customers regarding F & I; this will in turn result in increased customer satisfaction and an overall better reputation for your dealership.
Further information about TCF and training programs can be found by contacting Automotive Systems. Regulations for, and information regarding, the FCA can be found on their website.
We can point to the results enjoyed by the dealers we partner with to illustrate just how much working with us lifts our clients’ performance to another level.
Our suite of development and coaching reports cultivates a laser-like focus on a programme of regular reviews and the improvements which they deliver across all aspects of the business.
Our TCF software enables real time data input which can be analysed in depth to create a snapshot of current performance and a strategic overview of longer term trends. This information can then be used to identify problems, illuminate opportunities and highlight key areas for further development.
We’ve worked in the automotive sector for long enough to appreciate the power and value of comprehensive reporting and that’s why we provide reports for all levels of your business, from advisor to group.
The fact that our TCF platform is designed to deliver a bespoke system tailored to the needs of each business means that it can offer a huge range of services including automated business manager and sales advisor commission submissions and authorisations to departments such as payroll and accounts.
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