Interested in finance and insurance (F&I)? Love cars? Looking for a way to merge the two into a long-lasting and fulfilling career in the automotive industry? It’s time to consider a career in auto sales and F&I management. Now is a great time to invest in F&I training, which can provide everything you need to succeed in this career. That means you will acquire excellent leadership and communication skills and have the expertise required to handle the financial and legal aspects of a sales transaction.

Automotive Business Manager programs are designed to teach the skills required to oversee the financial and legal aspects of the automotive industry. Students in these automotive training programs are trained in finance and lease options, sale of after-market products and the use of specialized software.

Becoming an F&I manager means you will be in the center of the action. It also means you will have a direct impact on profitability and be rewarded accordingly. Need another reason to invest in F&I manager? Job Futures 2000 predicts that more than one-third of all jobs created in Canada will require a skilled trade designation or a college diploma.

What about the extensive restructuring of the automotive industry? There has been a lot of change, but the automotive industry remains one of the world’s largest and most important business sectors. Moreover, a surge in demand is expected as consumers make purchases that would normally have been made in the last two years and additional demand is created by increases in population, new consumer offerings and improved manufacturing technology. Employment prospects for automotive sales and F&I management are good for the following reasons:

A growing shortage of well trained individuals to fill sales occupations
Service Canada predicts there will be strong demand for qualified candidates in Sales and Service, Business, Finance and Administration “because this sector will account for more than 45% of all retirements over the next five years.”
Significant worldwide growth within the automotive industry

You know what happens when demand for a specific job goes up. Salaries also go up. That’s exactly what is happening for F&I Professionals. Key elements of F&I training programs can include the following areas of study:

Business Manager’s Role in the Dealership
Financial Institutions and Their Requirements
Getting the Contracts Purchased
Credit Reporting Overview
Understanding Credit Scores and Risks
Reading Credit Reports
Prequalification Using Credit Reports
Cash Conversions
Bank Conversions
Use a Customer-Friendly, Aggressive F&I Process
Qualify Your Customer, Use The Right Words
Product Knowledge
Effective Selling Techniques
Menu Selling Leasing Skills and Techniques

The automotive equipment industry deals with the production of every kind of tool and machinery that is needed for the manufacture, maintenance and repair of vehicles including cars and car parts. As such, the industry produces several different varieties of equipment starting from basic hand tools to more complex machinery.

Different Kinds of Automotive Equipment

Automotive workshops and garages will be unable to function without automotive equipment. Shop furniture, lifts, exhaust hoses, air compressors, lubrication equipment, electric and light reels, jacks, vehicle servicing equipment, fluid storage tanks and trans-air piping are some of the many different types of automotive equipment that are used by automotive manufacturing and automotive repair businesses.

Common Types Of Automotive Equipment

* Hand Tools: Automotive repair shops use several different types of hand tools for their repair and maintenance projects. Some of the commonest items include ratchet sets and wrench sets, crowbars (also known as pry bars), socket sets, screwdrivers, star and clutch-head drivers, hammers, pliers and wire cutters, electric drills, hacksaws and torque wrenches.

* Pneumatic Tools: Most automotive workshops now use pneumatic tools as an alternative to electricity powered motors because the latter is more prone to fire hazards. Such tools are powered by compressed air and are high powered versions of the more traditional hand tools. Common examples of pneumatic automotive equipment include air compressors that can be used to power a variety of tools including hammers, drills, ratchets and spraying tools.

* Availability of pneumatic equipment makes it easier for mechanics and technicians to undertake repair and maintenance work because they are powerful and easy to use. For example, a set of pneumatic shears can cut through sheet metal at a faster rate and leave behind a smoother edge when compared to traditional tin snips. Similarly, air hammers outfitted with chisel or punch bits have multiple uses. They can they be used for straightening dents. The chisel feature can be used to break rusted parts loose and the punch bits can be used to remove old rivets and bolts that are too difficult to take out by hand.

* Lifts: several different kinds of lifting equipment are used to lift and secure cars so that mechanics and repair persons can easily work under the vehicle. These lifting tools include both low-tech tools such as basic floor jacks, car ramps and jack stands as well as hydraulic lifts and floor jacks for better efficiency and performance.

* Vehicle Exhaust Removal Systems: vehicle exhaust removal systems are used to capture and remove harmful exhaust fumes to insure optimal air quality in automotive maintenance and repair facilities. These are mandatory equipment as per OSHA Standards in order to limit exposure to harmful vehicular emissions. Common vehicle exhaust removal systems include hose drops as well as reels.

* Lubrication Systems: Automotive lubrication systems include several different types of oil meters, ATF meters, gear lube meters, dispense valves and grease dispenses valves.

The automotive industry works the same as any other business. Everything from local garages to car dealers know that making a customer feel welcome while getting the best service builds relationships that will last. If the dealership or the garage does not have professionalism when it comes to treating their customers, the customer will go somewhere else. One of the biggest objectives is making a personal connection with customers so they feel like they have somebody in their court when it comes to auto repair or automotive sales. One of the best ways to boost the morale of the automotive industry is to integrate an ERP system.

Enterprise Resource Planning (ERP) is a software package that integrates internal and external management data for an organization. This allows business to have information at their fingertips when problems or promotions arise. An ERP system can be used with accounting, manufacturing, customer relations, and sales. Not only does an ERP system benefit a business, this type of software can pay off for the customer as well.

Promotions are a tried and true way of generating business. Whether your dealer is offering a 0% financing deal on a specific car or your garage is offering a free oil change, this type of promotion can’t bring in business if the consumer does not know about it. Wouldn’t it be nice if you had a software program that could automatically give you a list of all of your customers from the last six months? This is essentially one feature of having an ERP system in place.

Accounting is the backbone of any business. Making sure that your books are in order and you have all of your invoices in place can give stockholders and employees confidence in the company. An ERP system will allow a flow of data between your finance department and the accounting firm that you are dealing with. If you have an in-house accountant, they will have access to all of the accounts and payments made to the company. Say that your company is planning on expanding. An ERP system will be able to list all of your fixed assets, receivables and budgeting when the time comes to apply for an expansion loan.

The human resources department in your garage or dealership keeps files on every employee in the company. An ERP system will give them an organized way of handling payroll and training issues that may arise. This software package can also give them up to the second answers for any questions regarding benefits, 401k, or diversity management within the business.

The automotive industry requires special orders and parts management for specialty products needed for repairs. An ERP system can also help with inventory of your items, order entry, supply chain planning or purchasing. Organization to the different cars that need specific parts will not only save you time in completing the job, it will also keep you in good standing with your customers.