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F&I move

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GreggCrabtree@

GreggCrabtree@

Green Pea
Feb 21, 2024
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Gregg
#1
I have been in new auto sales for a large GM dealership in texas for 17 years and and have been in the top 5 out of 50 salesmen I have really enjoyed what I do and made a lot of money doing it. I want to make a move to F&I but my GM has a strict policy of only hiring experienced producers and after a meeting with him I have been denied training or a path to finance. I am considering F&I training school.
What advice of path do you suggest for this BIG move ?
 
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#2
GreggCrabtree@ said:
I have been in new auto sales for a large GM dealership in texas for 17 years and and have been in the top 5 out of 50 salesmen I have really enjoyed what I do and made a lot of money doing it. I want to make a move to F&I but my GM has a strict policy of only hiring experienced producers and after a meeting with him I have been denied training or a path to finance. I am considering F&I training school.
What advice of path do you suggest for this BIG move ?
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Experience producers as in experienced finance managers?
 
#6
GreggCrabtree@ said:
Lol, great minds think alike. Considering taking finance training first and pursuing a F&I position elsewhere
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I'm as loyal to my dealer as it gets, but if they aren't invested in your growth and development, there is no loyalty in turn. I don't know that paying for F&I training is necessary. Not sure that I would hire someone straight into finance just based on having that training.
 
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#8
An acquaintance was blocked the same way as you. He moved to another dealership even though he loved were he was at.

I'm not in dealerships but have come across something that might resonate. IF you become indispensable then that means you are too good at what you do and management will want to keep you were you are.

I really would consider moving to another place who is willing to give you the chance. In my industry job jumping every 2-3 years is the only way to keep ahead of inflation. Current company will give you a pay raise of 2-5%. Jumping to a new job could mean 15-25% pay increase and a higher position title. Why stay at the company who won't even pay inflation increase to keep you at your current value? Every year I stay at the same company means my pay will actually decrease depending on the economy.
 
#9
I always hire from within (when I can) because my theory is that if I don't promote my best and brightest, I risk losing them to my competitors. It also keeps my floor fresh and it's great for morale as we run a meritocracy around here. I also have a succession plan in place in case I lose one of my finance or sales managers. Then there is this - I was denied the opportunity to advance when I was a salesrep (in 1988) and it stuck with me.

Now, with that said, I recently promoted my best salesrperson, and she couldn't make the transition. I lost her, but was fortunate enough to bring her back in a different capacity (internet manager). I blame myself but in the process I also learned a valuable lesson. Perhaps it would have been best had I had her very well trained, and then I should have had her start to settle her own deals. I also told her that her best fit would have been as an internet manager, but she really wanted a shot at F&I. In retrospect, she had several challenges, among them that she had a difficult time learning Docupad.

Promotions don't always translate to success. I've seen successful salesreps fail at management, but I've never seen an unsuccessful salesrep make the transition, so that's that.

You've been at your store for 17 years, so let's start there. You should have a very good clientele base and therefore you should be making a good living. I think the best approach is to speak to your GM. Believe me, he doesn't want to lose you. He doesn't want you making other people money. You said that he only hires "experienced producers." I'm sure he's hit on some, but I am also certain that he's also hired some who have failed miserably. Remind him of that. Ask him if you can train on your own time, when you're off shift. Get him to think win/win. Tell him once you're trained, to let you settle your own deals, and then once you're successful doing that, you can move into a full time finance manager.

If he's smart and forward thinking, he will listen to you and work with you. If he's not and you really want to be a finance manager, find a store that will give you that opportunity. Being a finance manager is all about being able to quickly establish rapport with customers, and being a good closer. If you are both of those things, then by all means go ahead and bet on yourself.
 
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#10
Dennis Koulatsos said:
I always hire from within (when I can) because my theory is that if I don't promote my best and brightest, I risk losing them to my competitors. It also keeps my floor fresh and it's great for morale as we run a meritocracy around here. I also have a succession plan in place in case I lose one of my finance or sales managers. Then there is this - I was denied the opportunity to advance when I was a salesrep (in 1988) and it stuck with me.

Now, with that said, I recently promoted my best salesrperson, and she couldn't make the transition. I lost her, but was fortunate enough to bring her back in a different capacity (internet manager). I blame myself but in the process I also learned a valuable lesson. Perhaps it would have been best had I had her very well trained, and then I should have had her start to settle her own deals. I also told her that her best fit would have been as an internet manager, but she really wanted a shot at F&I. In retrospect, she had several challenges, among them that she had a difficult time learning Docupad.

Promotions don't always translate to success. I've seen successful salesreps fail at management, but I've never seen an unsuccessful salesrep make the transition, so that's that.

You've been at your store for 17 years, so let's start there. You should have a very good clientele base and therefore you should be making a good living. I think the best approach is to speak to your GM. Believe me, he doesn't want to lose you. He doesn't want you making other people money. You said that he only hires "experienced producers." I'm sure he's hit on some, but I am also certain that he's also hired some who have failed miserably. Remind him of that. Ask him if you can train on your own time, when you're off shift. Get him to think win/win. Tell him once you're trained, to let you settle your own deals, and then once you're successful doing that, you can move into a full time finance manager.

If he's smart and forward thinking, he will listen to you and work with you. If he's not and you really want to be a finance manager, find a store that will give you that opportunity. Being a finance manager is all about being able to quickly establish rapport with customers, and being a good closer. If you are both of those things, then by all means go ahead and bet on yourself.
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Well said.
 
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