A used car built in 2010 and a new car built in 2020 sit on the same dealership lot. And since the two vehicles are completely different, it's up to a dealership finance manager to figure out which finance and insurance products pair best with each.
Companies that offer F&I training to dealerships say it's crucial for employees to know how to sell products for each type of vehicle. For instance, an older-model car with several previous owners listed in its CarFax report requires a different type of maintenance plan than a vehicle that has just rolled off an assembly line.
Core F&I training is often agnostic to vehicle type, according to Chris May, director of JM&A Group's Performance Development Center. JM&A Group is one of the largest independent providers of F&I products to the automotive industry.
"Whether you are primarily a used-car or a new-car F&I manager, you're going to go through the same exact training," May told Automotive News. "However, there are some nuanced differences when you are actually selling those."