The Finance & Insurance (F&I) Manager sells new and used car buyers financing and insurance programs. F&I managers also work with financial lenders to give fair interest rates to buyers and programs. As with all positions within dealerships, F&I managers are expected to uphold the highest ethical standards.
Job duties for an F&I manager include:
- Offering vehicle financing and insurance to customers and providing them with a thorough explanation of aftermarket products and extended warranties and a complete explanation of manufacturer and dealership service procedures and policies.
- Seeking new lending institutions and maintaining good working relationships to secure competitive interest rates and financing programs.
- Processing financing and leasing deals accurately and securing approval through financial sources to secure approval and through the proper federal, state and corporate channels.
- Understanding and complying with federal, state and local regulations that affect the new and used-vehicle and finance departments.
- Creating and maintaining a program with the sales department that will ensure all new sales are referred to the F&I department.
- Training and providing the sales team with information on finance and lease programs and the benefits of the dealership’s financing and extended service programs.
It is recommended that the finance and insurance manager is recommended has two years of automotive sales experience and one year in a dealership management position.
Managerial positions are required to maintain the profitability of their department while controlling expenses and maintaining customer satisfaction.
Managers are required to not only understand and keep abreast of the federal, state, and local regulations that affect their operations.
F & I personnel require strong communication skills in order to work with customers, employees and finance and insurance vendors as they represent the dealership.
People working within the automotive retail industry often have to work extended hours, evenings and weekends to achieve their goals.
A college degree or equivalent experience in finance is preferred. A strong background in business, mathematics, marketing and computers is also useful.
F&I managers can become a finance directors with the right experience and with enough experience, can continue to become the comptrollers.
The average annual earnings of finance managers are approximately $70,000 to $110,000. Earnings vary depending on experience, and the dealer’s geographic location and size.
Some dealerships, especially larger ones, may pay bonuses and have special incentive programs for exceeding sales quotas.
Benefits vary be employer, but most dealerships offer health insurance, retirement plans, and other benefit options to employees. Talk with the specific dealer human resource manager about benefit packages.
This job description has been provided as reference only and portions of it’s content is credited to Auto Careers Today.