03 Jun Compliance Training – No Better Time Than Right Now
Sales and F&I staff are slowly coming back to the dealerships as the lock-downs are lifted, the customers may be slow to come back. If you are noticing that at your store, it might be time to take advantage of the extra time by doing a little refresher on sales and F&I compliance.
Doesn’t sound too exciting but it’s a necessary evil in a heavily regulated part of the car buying process. State and federal regulations differ depending on where your store is located but one thing is for sure…it’s training that is more important now than ever.
Here are a couple of reasons why now may be the best time to dive back into compliance training for all departments…
- Lots of Extra Time – Showroom traffic is lighter now and dealer personnel have extra time to brush up on training for sales, service, and F&I. Better to be keeping busy with compliance training now than to have to worry about it when things inevitably get busy again.
When the lot is full and deals are stacked up, there is no time for the time-intensive work involved in training programs. Designate a day during the week to dedicate to compliance training. If your store has no program in place from a reputable source, consider a program offered through an aftermarket provider.
- Not a Good Time for Bad Ethics – Until the industry fully recovers from the effects of the COVID-19 shutdowns, no dealer can afford to have an F&I manager or salesperson go rogue and start engaging in unethical behaviors.
F&I managers in particular took a giant hit in personal income over the last few months and that level of desperation can bring out the worst in human behavior. Compliance training provided now can help reinforce your store’s policies and remind them of what will and will not be tolerated.
It’s more important than ever to preserve and grow the profits that F&I in particular generates. Every dollar counts…if F&I managers are not up to date on the latest regulations and consistently adhering to them on every deal, it can hinder a store’s recovery. If your salespeople are not up-to-date, legal issues can sink your reputation in the community.
We have an easy and user-friendly program that can help keep your sales and F&I staff compliant. Click here to get the details and see how TruCompliance can help.