With new unit sales volume likely to be challenging again in the coming year, increased back-end revenue will continue to become a bigger emphasis for many dealerships.
In response, a number of industry companies are offering F&I training in the first quarter of 2009. Here is a look at some of those opportunities.
RpmOne, a developer of F&I products and training services, has begun a virtual training program. The program, called Redline Remote, is an interactive training system conducted on a monthly basis with dealer groups via Web-based video-conferencing. The aim of the program is to help participating dealers achieve F&I performance consistent with the top 10 percent of the industry’s dealers, the company said in a press release. Program participants include dealer principals, general managers and F&I managers. The program is free to qualifying dealer clients.
RpmOne performed the pilot with four groups in November and December. Jason Bremer, vice president of dealer development, said “we have seen great participation and results and look forward to working with many dealers in this exciting training medium. Dealers have been very receptive to this training format due to the frequency provided while keeping travel cost down and providing interaction with their peers.”
These online classes started in January and will continue in the future. Interested dealer staff should contact Bremer at 561/741-4447 ext. 113.
Assurant is hosting a three-day powersports F&I class Feb. 24-26 in Atlanta.
The class is designed to increase finance penetration as well as improve education on key federal regulations. The three-day event also is designed to provide information on:
During the class, time is spent practicing word tracks to overcome objections and role playing to master the menu-selling techniques.
For more information, contact Assurant Solutions’ Sean Adley or Chad Santos at 888/745-3626.
The developer of interactive training and marketing solutions is hosting a new dealership compliance class entitled “Privacy Acts and Red Flags.” This one-week, instructor-led online training class is designed to educate dealers and their staff on the new Federal Trade Commission (FTC) requirements for dealership compliance as they pertain to the Privacy, Safeguards and Red Flags Rules.
The online class, conducted by Dealership University’s lead instructors, offers an in-depth overview of the new federal requirements, discusses dealership roles and responsibilities as part of the FTC guidelines and provides dealers with a systematic way to train their team and have proof of “good faith” should an unexpected FTC audit occur.
In addition to the online material, dealers will receive a “Done for You” Identity Theft and Red Flags Program template, a Safeguards and Compliance written program template and eight more tools to make dealership implementation thorough and easy.
“Until recently, many dealerships were unaware they were affected by these new federal requirements,” Rod Stuckey, president of Dealership University, said in a press release.
Tuition is free for Dealership University members and $379 for non-members.
Classes will be held Jan. 28, Feb. 11 and Feb. 25.
For more information or to enroll in a Privacy Acts and Red Flags class, please go to www.dealershipu.com/safeguard or call 877/242-4472.
F&I certification program
A two-day F&I specialist certification program is being offered for dealership F&I staff this year.
The course covers a number of subjects, including compliance with privacy and F&I regulations, ethical business practices, credit applications and contracts, menu presentation and F&I product knowledge. Course participants also will learn about key performance indicators and benchmarks, including absorption, penetration percentages and CSI.
The course is run by Gart Sutton & Associates and sponsors include GE Money, McGraw Powersports and Powersports Business.
Upcoming classes will be held on Jan. 28-29 in Irvine, Calif., and March 9-10 in Irvine, Calif.
Price per participant is $995. The cost includes competency testing, a course workbook, Sutton’s F&I book on audio CD, F&I toolbox of forms and job aids, current industry F&I benchmarks and Webinar follow-up sessions for students.
Did we miss any F&I training classes? If companies not mentioned in this report are hosting F&I training classes for all dealers, please send all pertinent information to Editor Neil Pascale at firstname.lastname@example.org.