If you’ve ever purchased at a Powersports dealership, you may have heard the term F&I or even have been referred to the F&I or business office to make your purchase. This is the branch of the dealership that provides loans and optional add-ons to customers after they’ve decided to purchase at the dealership.
High-quality F&I products might include Lifetime Battery Programs, Total Loss Protection, Tire & Wheel Protection with Road Hazard, Extended Service Contracts, Elite Care Maintenance, Trailer Guard, Guaranteed Asset Protection (GAP 150), Marine Service Contracts, and more. These products are aimed at ensuring the most prolonged and enjoyable experience.
It’s best if customers go through an easy process where arrangement for payment can be made and additional products can be made available for purchase, creating the optimum scenario for contract signing. F&I managers generally take the down payment and facilitates arrangements for customers to set up their payment plan with the finance company, allowing the dealership to beat any pre-approved interest rates issued by banks or credit unions. F&I managers are highly trained and can help customers with knowledge of all products and documentation involved.
Customers can expect to spend a little time in the F&I office but nothing too crazy if dealerships are on top of their game. Dealerships should collaborate with customers to ensure that customer needs are met and that payments can be made successfully until loan terms have been reached. Loan terms and conditions should always be made as clear as possible and customers should be 100% honest and forthcoming when presenting their income information at the time of financing.
F&I doesn’t have to be a mystery, and any Powersports dealership worth its weight in gold will have a great reputation, not to mention a long track record of success working with the biggest names and the best brands.
Torque Group has over 15 years of experience providing the very best F&I business solutions that power Powersports dealers, helping them become more successful by connecting more effectively with their customers through advanced F&I solutions. We also provide F&I training that will help you further maximize your Powersports dealership’s earning and growth potential.
