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4 Week Internet/F&I
Dep't. Management Short Course:
Curriculum
Highlights:
MODULE 2
PROFESSIONAL INTERNET DEPARTMENT MANAGEMENT
Section 1: Internet History
And Dealer Impact
A complete overview of the internet and its
affect on the Automobile Industry. How the
internet was created, the internet's impact
on the Automotive industry, automotive internet
shopping trends, how consumers are using the
Internet for their car buying experience,
building vehicles through various internet
sites, and begin research on dealerships and
the mystery shopping exercises.
Section 2: The Internet in Dealership
Operations
An understanding of the traditional vs. internet
business method of doing business. How the
internet has transformed dealership operations,
how the internet has changed the way dealerships
interact with customers, traditional business
vs. internet business methodology, begin to
learn how a lead management system works,
internet business model types, identifying
and navigating through automotive web sites,
and continue with research on dealerships
and the mystery shopping exercises.
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Section 3: Internet Business Models
A complete overview of the various business models
used and how the dealership benefits. Recognize key
features of each business model's site, understanding
the customer and dealership process for each business
model, determine trade in value through internet sites,
continue dealership research lesson, learn key components
of the dealership acquisition process, and learn key
procedures for establishing business processes and
lead management to maximize the sales results of internet
leads.
Section 4: Internet Sales Process And Closing Techniques
A complete overview of the internet department guidelines.
Internet sales consultants duties and responsibilities,
understand internet department guidelines for operation,
learn internet salesperson key duties and responsibility,
draft auto response letters, understand key components
of a successful internet salesperson, internet role
play, overcoming objections, internet salesperson
competencies, and learn the effectiveness cycle.
Section 5: Time Management and Internet Sales Challenges
A complete overview of an internet lead, its system
and management of the lead, know the components of
an internet lead, navigate through a lead system,
understand lead status categories and how to assign
leads, interview role play, ability to use a lead
management system, ability to build a complete deal
in the dealer s management software system to determine
terms of purchase, and ethics certification testing
with the Institute for Ethical Behavior.
MODULE 3
PROFESSIONAL FINANCE AND INSURANCE (F&I) DEPARTMENT
MANAGEMENT
Section 1: The Finance & Insurance Manager
A complete overview of the F&I manager position
and job responsibilities. F & I's Role in the
dealership, general policies for F&I, job descriptions,
basic computer operations utilizing Advent's F&I
software program.
Section 2: Finance Contracts
A complete overview of how interest, payments, payoffs,
and reserve income are calculated, interest and calculations,
add-on and add-on conversion charts, calculating payments,
Rule of 78, Simple Interest, payoffs, reserve income,
rate caps, and buy downs.
Section 3: Legal Compliance
A complete overview of the rules, regulations, and
laws that govern vehicle transactions, federal truth
in lending disclosures, Spanish language disclosures,
Equal Credit Opportunity Act, Magnusson-Moss Warranty
Act, IRS Cash Reporting Rules, the Patriot Act, ethics,
DMV and taxes, the Contract, forms, administration,
logs, reports, forecasting, money control, the California
Car Buyers Bill of Rights, and Association of Finance
and Insurance Professionals Certification.
Section 4: Credit Approvals
A complete overview of the credit application, credit
bureaus and reports, loan submission and lender relations,
credit applications, credit bureaus, portfolio spread,
submitting loan application to lenders, and handling
qualified approvals and rejects.
Section 5: Credit Approvals
A complete overview of deal structuring, lender s
rates and guidelines, and advance calculations. Lender
relations, honesty, integrity, reputation, review
of rate sheets, review of invoices and book sheets,
explanation of advance, consumer rate report, deal
structuring, ABC Level Identifying, working with lenders,
working actual deals, and practice deals.
MODULE 4
PROFESSIONAL SUB-PRIME (SPECIAL FINANCE) DEPARTMENT
MANAGEMENT
Section 1: Finance & Insurance Sub-prime
An introduction to sub-prime finance, substandard
finance guidelines, definitions, structure, terms,
customer profile, budget, debt ratio, discretionary
income, debt payment calculations, advance levels,
transmittal of applications to the lender, type of
decisions received from the lender, and deal flow
within the lender.
Section 2: Finance & Insurance Sub-prime
A complete overview of sub-prime lender rates and
guidelines, deal structuring and budgeting guidelines,
credit bureaus, merging credit bureaus, scoring credit
bureaus, budgeting from credit bureaus, income calculations,
determining gross and net income from pay stubs, working
with real pay stubs, and structuring and budgeting
deals.
Section 3: Finance & Insurance Sub-prime
A complete overview of Credit Bureau budgeting and
merging of bureaus and deal structuring, computer
operation, inputting deals, structuring and budgeting
deals practice, advance calculations, down payment,
dealer profit, and income calculations.
Section 4: Finance & Insurance Sub-prime Continuation
Of Credit Bureau budgeting practice, merging of bureaus
and calculating gross and net income from pay stubs,
prospecting and handling phone calls, customer placement,
interviewing and guiding a customer, practice deals,
selecting the right vehicles from inventory, funding,
packaging deals for substandard finance funding, determining
gross and net income from pay stubs, and working with
real pay stubs practice.
Section 5: Finance & Insurance Sub-prime
A complete overview of Underwriter s qualifying procedures,
Special Finance Department business plan proposal,
looking at deals from the lender s point of view,
understanding the lender s loan processing flow, loan
processing procedures, advance structure calculations,
and lenders credit applications and credit bureaus.
MODULE 5
PROFESSIONAL PRESENTATIONS AND NEGOTIATIONS
Section 1: Sales Procedures
A complete overview of the entire F&I selling
process from the meet and greet to contract signing,
Customer Satisfaction Index, preparing yourself mentally,
attitude, product pricing vs. value, being an expert,
preparing an evidence manual, F&I procedures,
preparing to meet your customer, the meet and greet,
dropping defenses, reviewing personal information,
developing meaningful rapport, benefits presentation
and selling process, introduction to the interviewing
process.
Section 2: Goal Setting and Time Management
A complete overview of planning and tracking the road
to success in F&I, long-range and daily goals,
choosing your goals, measuring goals, goal tracking,
meaningful rapport practice, benefits presentation
practice, F&I presentation practice.
Section 3: Objection Handling
How to handle customer objections in F&I in any
situation, 99.9% close, Extended Service Contract
vs. Collision Insurance, Partially Protected Plan
vs. Completely Protected Plan, Extended Service Contract
vs. Unexpected Costly Repairs, the reverse sale, Appearance
Package vs. Lost Value, Dealer Installed Alarms vs.
Outside Installed Alarms, personal safety car-jacking
approach, payment/ price objection handling, product
objection handling, investment objection handling,
Credit Union, bank & insurance company conversions
and cash conversions, F&I presentation practice,
practice videotaping presentation.
Section 4: F&I Sales Presentation
Practice role play and videotaping of the entire F&I
sales process, preparing to meet your customer (mock
deals), practice finance and lease presentation, disclosure,
practice videotaping presentation, interview process
review and role play.
Section 5: F&I Sales Presentation
Final videotaping of the entire F&I sales process
and final videotaping of finance presentation.
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