F&I in the Social Media Arena: Is There a Place for it?

Although this subject has been at the center of some very insightful debates recently, my opinion is a strong YES! F&I departments in automotive dealerships should be playing a major role in the overall social media strategic plan, especially on Facebook™ and Twitter™. After all, the financial business office serves the public in so many beneficial ways; first as a lender to whom the consumer confides their most intimate and private personal information, and also as the products and services provider, embellishing and safeguarding their clients' newly acquired asset and most precious possession and investment... their car! Social Media affords you a chance to subtly showcase these benefits!

The professional men and women who have made a career as Finance and Insurance Managers/Directors should enjoy an esteemed online presence which is directly associated with the dealerships' social platforms. In terms of relationship marketing, it is vitally important that the F&I Managers represent credibility, integrity and a friendly persona; hence, building trusted relationships with their market audience, replacing the old perception of the frightening experience with the man/woman in the office behind closed doors. By optimizing an online presence through the development of an informative blog, while posting innovative videos and creating educational discussions, the F&I manager has an opportunity to assist the consumer to make the best buying decision. The following are just a few examples of blog topics which would prove to be valuable and beneficial to today's consumer:

Your Credit Score: How does it affect your interest rate?
Leasing vs. Traditional Financing: Which is best for you?
Why it is not Always the Smartest Decision to Pay Cash for Your Car
Featured Product of the Month
Why buy a Service Contract (Warranty)?

People love success stories with happy endings and F&I Department Managers have countless stories to tell! Why not share these stories with the General Public? How many times have you seen your customer in the service lane dropping off their vehicle and picking up their rental car with a giant-sized grin on their face because everything was covered under the service contract? Or how about the customer who visits you to file a GAP Insurance claim after their vehicle was stated to be a "total loss"? It turned out their loan balance exceeded the current market value of their auto and the GAP policy saved your customer thousands of out of pocket dollars!
Today's F&I departments, (on the most part), operate with integrity as the staff is educated in areas of compliance to abide to both state and federal lending laws, which demand full disclosure and transparency. The auto industry has come a long way! F&I departments: It is your time to shine and you CAN shine online! Your online reviews are something to rave about and not to worry about!
Allow me to leave you with this social media fun fact... Did you know "Flo"™ from Progressive Insurance has almost four million Facebook™ fans? Who's next....you?

Written and Submitted by Nancy Simmons, Social Media Strategist for VMS, New York... A Finance and Insurance Provider

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Comment by Craig Lockerd on April 26, 2012 at 1:44pm: I couldn't agree more Nancy!

Comment by NANCY SIMMONS on April 21, 2012 at 11:41pm: Thanks so much Gentlemen...I really got lit up on the F&I group in Facebook by very well respected F&I Directors... I am sticking to my guns here...I have always focused myself more on the "possible" rather then the "actual"...The possible is always much greater than the actual... I would rather swim in the Atlantic ocean than in a small pond!

Comment by Craig Darling on April 21, 2012 at 7:50pm: Need a like button for Jim's comment!

Comment by Craig Darling on April 21, 2012 at 7:49pm: I don't see one point that anyone could argue Nancy. Great Post. More than ever this should be a dealer requirement. (Just for generic SEO alone.) Finance Managers that think they should only talk to a customer when they come into the box are very short sighted. An F&I Manager that lets his or her light shine on social media, is willing to blog or (gasp) follow up, is most likely doing the right things in their practice as well (I would call them a True Professional by the way)... I would bet their gross average and product penetration rates make the short term petty theives they work with jealous.

Comment by Jim Radogna on April 21, 2012 at 6:05pm: I'm a bit surprised that the subject is controversial Nancy. Let's face it, the perception of the F&I office is often dreadful among consumers. Social Media and connecting with customers can only help that image. What do you have to lose?
Again, great post!

Comment by Thomas A. Kelly on April 21, 2012 at 5:37pm: Very good post, thanks.

Comment by NANCY SIMMONS on April 21, 2012 at 3:57pm: Thanks so much Bobby! How many times do you hear about customers returning to a particular dealership for a repeat business transaction because they wanted to deal with a particular F&I manager? All the time!!! Especially when one bent over backwards to get them a good rate or get them financed when nobody else did!

Comment by NANCY SIMMONS on April 21, 2012 at 3:55pm: Thanks Jae...Yes..F&I is a liason to all depts and in most cases to the consumer! The consumer must feel a certain trust to divulge the personal info they do... F&I Managers have a tremendous role and responsibility in the dealership...and should be commended for it!

Comment by NANCY SIMMONS on April 21, 2012 at 3:53pm: Thanks so much Jim Radogna... It is a bit controversial subject and I got a little beat up on Facebook in regards...but I DO believe there is a place for F&I on the SM platforms... Of course, the content must be scrutinized and of course personal info would never be discussed, but I DO believe there are interesting stories to tell!

Comment by Jae Chang on April 21, 2012 at 10:33am: Nicely done Nancy! More often than not, the FIM is the customers' connection to management at the Dealership.