Brandon Cohen – Executive Member, NADA

The role of F&I (Finance and Insurance) in the complete automotive value chain is crucial for the overall success of the industry. F&I professionals play a pivotal role in facilitating vehicle sales and ensuring a smooth financial transaction for customers.

(What is the future of pre-owned car pricing? How are OEM leaders containing the inflationary pressures on new vehicle prices? How will the SA consumer respond to increased availability of EV vehicles – will it be regulatory or consumer driven? What are consumer preferences regarding options on vehicles?)

Optimization and innovation in customer acquisition for auto F&I involve streamlining the customer journey, leveraging digital marketing channels, personalizing offerings, enhancing online presence, collaborating with dealerships, integrating technology, providing customer education and transparency, implementing referral programs, and continuously monitoring and optimizing strategies. These approaches aim to attract customers more efficiently, deliver a seamless experience, and drive business growth in the auto F&I sector.

This presentation delves into what the new customer mandate is and their expectations, the customer maturity cycle and businesses response, caretaking the customer in the digital era, how you can make an individual difference in the absence of technology and customer retention in the digital era.

The job of an F&I manager involves obtaining financing for the dealership’s new and used vehicle buyers and creating additional income for the dealership via the sale of protective packages. This includes auto loans, insurance, protective packages, and evaluating their financial position by checking credit scores before approving the purchase. What is the ultimate sales approach for F&Is to use for customer satisfaction and revenue for the business?

This presentation covers the latest telematics trends in the automotive industry, including the rise of ADAS systems, usage-based insurance, connected cars, fleet management, predictive maintenance, autonomous vehicles, and data analytics. This includes discussions on the implications of these trends for F&I managers, including how they can leverage telematics data to improve customer engagement, increase profitability, and reduce risk. Additionally, we can highlight how F&I managers can adapt their strategies to meet the changing needs of the industry and take advantage of emerging opportunities in the telematics space.

The digital integration of insurance into the dealmaking process refers to the use of technology to streamline and automate the process of obtaining insurance coverage for transactions. The digital integration of insurance into the dealmaking process is seen as a positive development in the insurance industry, as it helps to improve efficiency, reduce costs, and increase transparency and accountability in the insurance process.

Compliance is essential in the automotive F&I (Finance and Insurance) industry as it helps dealerships and finance companies operate ethically, legally, and effectively. Overall, compliance is a critical aspect of the automotive F&I industry. By prioritizing compliance, dealerships and finance companies can reduce legal risks, build customer trust, improve customer satisfaction, enhance efficiency, and protect their reputation.

The automotive industry is heavily regulated and faces increased scrutiny, particularly regarding finance and insurance practices. What are the latest legal frameworks to unpack and how do these affect the work of F&I professionals?

Every motor dealership that is also a financial services provider must adhere to the operational ability requirements demanded by the Financial Sector Conduct Authority (FSCA).

Any non-compliance with any of the requirements will attract sanction and possible heavy fines. As all penalties are openly published, the resultant reputational damage could prove devastating, particularly now that penalties are quick to find on social media.

An F&I manager has one of the most vital jobs in the dealership. Their responsibilities involve protecting the dealer, obtaining financing for the dealerships new and used vehicle buyers and creating additional income for the dealership via the sale of protective options. Additionally, F&Is are required to promote a customers’ financial wellbeing and education.

1. The art of upselling: Increasing benefits without compromising customer satisfaction
2. Negotiating for success: Tips and tricks for optimizing earnings in deals
3. Understanding the value proposition: How to communicate the benefits of your product or service
4. The power of add-ons: Strategies for increasing earnings through additional products or services

How to develop standardised document requirements and processes across the industry. The impact of inconsistencies on customer experience. How to use technology to streamline document collection and reduce errors. Tips to implement effective training and quality control measures to ensure consistency across the value chain.

Everybody is looking for the magic formula to turning a customer’s “No” into a “Yes” in less than 60 seconds. But there is no formula, and no one is naturally gifted at overcoming objections.

FIC (Financial Intelligence Centre) compliance is an essential component of the regulatory environment in the automotive F&I (Finance and Insurance) industry. FIC compliance is necessary for dealerships and finance companies to adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) laws and regulations. This break away session looks into key considerations for FIC compliance in automotive F&I.

What are the top 5 core competencies for F&I professionals to develop now? auto F&I professionals should focus on developing core competencies in financial expertise, product knowledge, customer service, ethical practices, compliance, problem-solving, negotiation, technological savviness, and a commitment to continuous learning. These competencies will enable them to excel in their roles, deliver value to customers, and drive success in the auto F&I sector.