According to Skills Development Provider Intelligo Solutions, “Most dealerships throughout the country have finance and insurance offices to handle the calculation and paperwork involved with the sale of a vehicle.”
In addition, the F&I office provides consumers with the opportunity to purchase ancillary products, such as vehicle service contracts or a maintenance program sold in conjunction with the vehicle.
The role of a motor finance professional
“A professional F&I must make sure that the entire dealership understands where the F&I function fits in the bigger picture for total profitability, and develop a set of optimum circumstances in which F&I productivity can flourish.”
According to Intelligo the primary function of the finance professional is to maximise the overall profitability of the sales through the promotion of value added products and services.
Dealing with financial matters
Besides sales skills motor finance professionals must have a thorough understanding of insurance policies and laws.
The Insurance industry is highly regulated and as a result professionals’ must meet the requirements set out by the Financial Advisory and Intermediary Services Act 37 of 2002 and the Financial Sector Conduct Authority.
Individuals are also expected to be proficient in the National Credit Act and the Financial Intelligent Centre Act.
F&I Training
“There is a need for skilled professionals in the Motor Retail industry”, says Intelligo.
There is a particular demand for Finance and Insurance Business Managers, a position that requires a legislated qualification.
