Finding the best F&I school for your dealership can be a daunting task. With so many options available, it can take time to determine which school will provide the best F&I training for your staff. Fortunately, there are a few key factors that you can use to help you find the best F&I school for your dealership. With the correct information and research, you can find the perfect school to meet your needs and support your dealership’s success.
In this guide, we will discuss the importance of finding the right F&I school. Also, the criteria to consider when selecting a school and tips to help you make the best decision for your dealership. By the end of this guide, you will have the knowledge and resources to find the best F&I school for your dealership.
What is an F&I School?
An F&I school is an educational program that provides training and instruction in finance and insurance (F&I) principles. This type of school typically offers automotive finance and insurance courses. It can prepare students to become F&I professionals and dealerships.
F&I schools teach students about the types of automotive financing and insurance products available. These courses cover topics such as loan origination, loan processing, underwriting, and vehicle service contracts. Depending on the school, courses may also include instruction in dealership operations, sales and marketing, and business law.
5 Tips to Find the Best F&I School For Dealership
Having the right F&I (Finance & Insurance) school is essential when running a successful dealership. Not only does having the right school help ensure that your dealership complies with state and federal regulations. But it also provides that you and your staff are up-to-date on F&I practices and trends. With so many F&I schools, finding the one best suited to your dealership’s needs can take time and effort. Here are some tips to help you find the perfect F&I school for your dealership.
Research & Compare
The first step in finding the right F&I school is researching and comparing different schools. Start by looking online and reading reviews from other dealerships who have attended the school. It will help you understand how the school has performed for different dealerships and what services they offer. You should also look at the school’s curriculum and ensure it covers the critical topics to your dealership.
Look for Accreditation
Once you have narrowed down your list of potential schools, you should look for any accreditations they may have. Accreditation is a sign that the school is meeting specific standards. And it can be a good indication of the quality of the school. It would help if you also looked for schools that are members of associations or organizations dedicated to F&I training. Such as the National Automotive Finance Association (NAFA) or the National Automotive Dealers Association (NADA).
Check for Licensing Requirements
Another essential factor to consider when choosing an F&I school is whether or not they have the necessary licenses to operate in your state. Different states have different licensing requirements. So, check with your local Department of Motor Vehicles or other relevant authorities to find out what is required for F&I schools in your area.
Look for Ongoing Support
When selecting an F&I school, you should also look for one that offers ongoing support. This could include refresher courses, webinars, or other resources that can help you stay up-to-date on the latest F&I trends. Having this support can help ensure that your dealership’s F&I operations remain compliant and successful.
Get Input from Your Staff
Finally, getting input from your staff when selecting an F&I school is essential. Ask your team what kind of topics they would like to learn more about. And make sure the school offers courses that cover these topics. Also, ensure a good fit between the school’s teaching and your staff’s learning styles. This will help ensure that your staff get the most out of the training.
What is the average cost for an F&I School?
The cost of an F&I school varies depending on the school, the program, and the location. Generally, the average price for a full-time F&I program is around $1000 to $1,868.
F&I schools focus on teaching students the fundamentals of finance and insurance. These courses cover various topics, including financial planning, economics, risk management, investments, and insurance. Students learn to analyze and assess financial statements, develop investment strategies, and recommend financial products.
The Bottom Line
Finding the right F&I school for your dealership can take time and effort. But with some research and thoughtful consideration, you can find the perfect school for your needs. Make sure to look for schools that are accredited, licensed, and offer ongoing support. Also, remember to get input from your staff. By doing all these things, you can find the best F&I school for your dealership.
