Finance and insurance (or F&I) is a constantly evolving sector, with new paradigm-shifting regulations and programs arriving at dizzying rates. Keeping up with updates is crucial for dealers and finance managers to effectively serve customers and protect their businesses from legal penalties, but doing so can be challenging without the guidance of a coach or industry expert.
On this episode of CBT Now, host Shyann Malone is joined by Adam Marburger, president and CEO of Ascent Dealer Services, F&I coach, entrepreneur and author of “You’re the F*cking Problem: A Guide to Getting Out of Your Own Way.” For years, Marburger has helped retailers in the automotive sector navigate the changing finance and insurance landscape, in addition to teaching key strategies that make the car buying process more profitable and efficient. Now, he shares some important updates on the status of F&I policy that dealers need to know.
Key Takeaway
1. Profit sharing has changed in recent years, creating new opportunities for dealers as F&I providers launch more robust programs.
2. The reinsurance structure has now changed to give dealers direct control over the F&I process by becoming a dealer-owned warranty company.
3. Dealers should simplify their financing operations by ensuring their transaction processes are sound, their salespeople are effective and understand relational selling, and their business is in compliance with regulations.
4. Hitting F&I targets requires careful planning and close attention to detail. Dealers should train their employees continuously to ensure best practices are kept in place.
5. Marburger urges dealers to manifest positivity in their businesses and strive to provide a work culture that fosters happiness and service excellence.
"When you walk into a store where the GM's having a bad morning, barking down at everyone, now the sales managers aren't in a good mood...you can feel that negative energy at that store, but you can also feel the positive energy in a store where people are doing the right things and people are coming together as a team." — Adam Marburger
