Frequent training is essential for cultivating a culture of dealership compliance, experts and dealership managers agree. But for dealerships with high turnover rates — the majority of U.S. dealerships — staying compliant is a challenge.
For all U.S. dealership positions, the average turnover rate was 46 percent in 2017, the most recent National Automobile Dealers Association data shows. More detailed data from 2016 shows that turnover among finance and insurance managers that year was 39 percent, vs. 43 percent for all dealership positions and 74 percent for sales consultants.
F&I managers, like most dealership staffers, hit their peak productivity in their third year, after they've gained experience and confidence. But the three-year retention rate for F&I managers in 2016 was just 51 percent. That's better than the 45 percent for all dealership positions but below the 65 percent for all U.S. nonfarm employees, data from the Bureau of Labor Statistics shows.