Better training was the No. 1 choice for improving F&I this year among dealerships responding this month to an informal Automotive News online survey.
And it's no wonder. In addition to finance contracts for loans and leases, F&I managers have to stay on top of a changing menu of products, plus a long and growing list of legal disclosures.
For example, the Federal Trade Commission this year started enforcing the Red Flags Rule, aimed at preventing identity theft. Meanwhile, dealers have said throughout 2011 that F&I products are more important than ever to overall dealership profitability. Those factors add to the F&I manager's workload and the need for more training.