As I began my 17th year in the automotive industry, I spent some time reflecting on my career as an F&I manager. Now that I’m on the consulting and income-development side of the business, I see common characteristics in myself and the people I coach and train. The following are five main categories of finance managers, and they all require a different approach when it comes to training and development.
The Rookie
The new F&I manager recently promoted from sales is very eager and will soak up every ounce of information like a sponge. He or she has been sitting on the sales bench shouting, “Put me in, coach – I’m ready to play.” While success can either be immediate or a slow start, it’s best not to overwhelm these F&I managers initially but instead teach in stages. Otherwise, they’ll blow a knee and be out for the season – maybe even indefinitely.
For the first 30 days, the rookie is learning product and process. The second 30 days consists of systems and paperwork. That last 30 is when everything starts to click, and they usually start to see success. One of the top priorities with this type of finance manager is compliance. They don’t know what they don’t know, so immediate compliance training and an ethical dealership culture are essential to long-term success.
The Butterfly
As the rookie starts to learn from mistakes, like overselling an approval or getting a deal returned, she starts to break free from the cocoon and transition into the “butterfly.” Her confidence and abilities start to build. She slides into a process rhythm and gets that natural euphoria from a few high-profit deals. Next comes that first commission check – usually the biggest this person has ever seen. She is still learning and growing, but as she tests out new wings, it can be challenging to keep this type focused and humble. Process and compliance remain at the forefront of the training strategy.
Both the rookie and the butterfly require a significant amount of time and support for the first few months, or even a year. However, witnessing their growth and helping them succeed is worth every minute invested. As time progresses, the butterfly can turn into one of the following: the pro or the shark. It’s up to him and us to figure out which it will be.
The Pro
This manager is a true professional and a dream to work with. His positive attitude is contagious, and he lights up the entire showroom. Willingness for continued training is a paramount characteristic that sets this manager apart from colleagues. Leadership qualities are apparent, and the customer experience is always top of mind. Compliance risk is lowest in this category of managers. They will always strive for more and do the right thing, no matter what!
The Shark
The “shark” has the best senses among the different types of finance managers. He can smell a good deal from a mile away, but he tends to disappear when he senses a cash deal. He is only out for himself, and other employees are collateral damage to his success. The shark will put up some impressive numbers, but it may be good to question how. This manager presents a higher compliance risk than any other type, often functioning in the gray areas that we want to avoid completely. Sometimes he has a negative and demanding mindset that can be toxic to the rest of the department. For the good of the store and the customer, however, it is necessary to be diligent with compliance training and accountability. There is too much risk otherwise.
The Anointed One
Take a moment and visualize the Heisman trophy award. This is the pose I imagine for the “anointed one.”
A gatekeeper will often attempt to redirect me from them toward other employees. This type of manager I call “the lifer.” He or she has been in the office longer than anyone in the dealership and probably came with the building. Usually this person is related to, married to or the child of someone who owned the dealership at some point. To top it off, the manager has been talking about retiring for the last five years. Often displaying a mindset that he or she has nothing new to learn, training is scoffed at and ignored. Patience is a virtue when working with the anointed one because it will take longer to gain trust. The goal is not to change this type of manager but simply to support and connect. A minor suggestion on how to simplify process or make a small tweak in presentation to pick up profit may be the biggest impact we can make on this type.
Throughout the course of my career, I have certainly been all five of these manager types, occasionally, even all of them on the same day. I also encountered all kinds of training as a finance manager. As someone who now works on the other side of that, it’s exhilarating when a rookie turns into a butterfly and then into a pro. Whether I get to work with a shark and shift his perspective or with the anointed one and just connect, that’s how I make an impact on this industry, one finance manager at a time. The ultimate goal is to be the Pro!
My challenge to you is to look at yourself in the business office: What type of F&I manager are you? Which one do you want to be? The power is yours to make that shift.
Cooper sits on the board of directors for the EFI Managers’ Conference, is owner and CEO of Coops Consulting, and holds a position as a national account executive at iA American.
EDITOR’S NOTE: This article was authored and edited according to F&I and Showroom editorial standards and style. Opinions expressed may not reflect that of the publication.
