Starting A Career as a Car Dealership Finance Manager

As a car dealership finance manager, you will have the opportunity to play a critical role in your car dealership. You will get to work hand-in-hand with the sales team, helping customers by producing finance arrangements that would allow them to obtain the car of their dreams.

Not only does this position allow people to combine an invigorating and fulfilling career with the chance to work with cars and directly impact the lives of customers, current car sales trends indicate that now is an excellent time to join the field. Car sales are expected to start increasing in a few years and continue to rise for several years. Dealerships watching these projected trends will want to be sure they are poised to take advantage of this growth.

Additionally, those who enter this field will find that they have excellent earning potential. Starting salaries can be over $100,000, giving professionals entering the field excellent motivation to get the education they need and the right start, so they can find a position in this lucrative field.

Here is what those interested in becoming a car dealership finance manager should know about the field and how to get their career off to a great start.

What does a car dealership finance manager do?

As a car dealership finance manager you will need to have a thorough understanding of the products your dealership sells as well as all the relevant procedures and policies available. You will work closely with financial institutions and understand how to interpret important data, such as credit scores and loan options. You will know how to construct lending options for customers that not only would financially benefit your dealership but also appeal to the customer and help them secure the car they want. Additionally, you will know how to construct these deals in accordance with all local and national regulations and restrictions.

Within the dealership, you will also work closely with the sales team. You will help them understand information regarding the finance and leasing options available so that they can help present your solutions to prospective customers.

As someone interested in pursuing a career as a car dealership finance manager, you will be expected to have a good understanding of finance but also sales. You will need to work both directly with customers and closely with sales teams and lending institutions, which means that your people skills will need to be an asset.

As the main driver behind the financial deals that the dealership offers, you will have a big impact on the health of the dealership. Dealerships earn a considerable amount of their revenue through the money generated from these deals. Therefore, your skills in this field will play a critical role in the success of the business.

How do I become a car dealership finance manager?

To find a position that will allow you to excel as a car dealership finance manager, you will need to have an education that teaches you business and finance. You will need to have experience with the computing software needed to thrive in this field.

When people initially decide to enter this field, they often discover a number of different self-professed training programs that promise to teach their students what they need to know to thrive in this industry. Often, however, these programs do not teach students what they need to know in the field of finance or sales. Students leave woefully unprepared for the demands of the industry. They might have not had a single experience with the latest software used in dealerships across the country.

The Automotive Dealership Institute, however, offers students the opportunity to learn in the only licensed program in the country. This school offers decades of experience training people to work in finance at car dealerships. At the Automotive Dealership Institute, people have the chance to learn from professionals who have ample experience in the field. They will spend 4 weeks in hands-on classes that demand that teach them the complexities of the finance and business industries, emerging prepared to excel in the field. Throughout the course, the students must take and pass several exams, ensuring they thoroughly understand the material they learn.

As a licensed institution, the Automotive Dealership Institute can also accept students who want to pay for their education with the Post-9/11 GI Bill. This makes it an excellent option for those who need to make the transition to civilian life in a lucrative field.

The instructors at The Automotive Dealership Institute feel so confident in their program that they also help their graduates with job placement. Students have the chance to speak directly with experienced members of the field and can access help with their resumes and interview practice as they prepare to find their own positions. This help and the outstanding education the students receive explain why the school has an over 90 percent job placement rate for their graduates.

Those interested in finding a career that will help them combine diverse skills and interests such as cars, finance, and sales, will find that working as a car dealership finance manager can be a wonderful fit. This exciting field offers interesting, fulfilling work and the chance to earn an excellent income. Those interested in starting a career in the field should consider carefully where they go about their training, so they can be confident that they will be able to seize all the opportunities that this field has to offer.

To learn more about the F&I training program at ADI, contact our admissions staff today!

F&I Training and Techniques: Using the Reverse Sale

In this video, an ADI student demonstrates how to use the “reverse sales” technique when educating a customer on the benefits they would receive by purchasing an extended service contract.

To learn more about the F&I Training program at ADI, get in touch with our helpful advisers today!

Post-9/11 GI Bill® for Professional Training and Certification in F&I

Finding the right career after you leave the military can be a challenge. While you likely received training during your military career, not all of that training translates to the kind of job you want to have when you leave the military. The good news for those who served the appropriate amount of time qualify for the Post-9/11 GI Bill, which covers some or all of the cost of getting a degree after you leave the military. Anyone who has served at least 90 days in the military since September 10, 2001, can qualify as long as they are still active duty or were honorably discharged. Once you know you qualify for this bill, you will need to decide what you want to do with your life and what type of school you need to attend to reach your goals.

Today, one of the most lucrative industries that shows the biggest promise to continue growing is the automotive industry. Everyone needs vehicles to get around and this industry is constantly changing and growing. One of the highest demand jobs in the industry is in the area of finance and insurance. This takes a special type of education, which can be achieved by taking classes through the Automotive Dealership Institute.

A Short Program

If you will be discharged from the military soon or you have recently left, it’s important to be able to find a job quickly so you can start getting your civilian career in motion and get settled into a new life outside the military. Unless you already have a good job lined up, you may want to use the Post-9/11 GI Bill to get an education to help you start down the path to a new career. If you choose the area of finance and insurance for the automotive industry, you will need to enroll in a program that gives you the necessary training. This field requires a firm understanding of finances and the regulations that govern this industry. If you don’t have the right training, you could become a liability to a dealership and won’t provide them with the advantage of a knowledgeable finance staff. When you are eager to get started in your new career, you want a program that can be completed in a timely manner so you don’t have to put the rest of your life on hold for too long. ADI’s F&I training program is completed in just 4 weeks and allows you to hit the ground running after graduation.

Why Do You Need Training?

When you enroll in the program at the Automotive Dealership Institute, you will enter a program that provides the in-depth information you need to be successful in a career in automotive finance and insurance. Dealerships need to feel confident the individuals who work in this department have the knowledge necessary to do their jobs well. Failure to do so can result in heavy financial losses for the dealership, both due to financial mistakes that cost money and a loss of future customers. If an individual purchases a car from a dealership that provides inaccurate information or makes a mistake on their financial documents, they are unlikely to return when they need another car and may even leave a negative review or share this poor experience with their own family members and friends. This can have a ripple effect that badly damages the reputation of a dealership. However, when a dealership hires an individual who has gone through the training and certification provided by the Automotive Dealership Institute, they can rest assured this employee is fully prepared and ready to serve customers with accuracy and efficiency.

Growth Opportunities and a Solid Financial Foundation

Those who have served in the military may have a generous package when they leave the military, but they need to secure the financial future of their family. This is why many former military members are looking for a career that has plenty of growth opportunity and can provide the financial freedom they need to provide for their families and enjoy the rest of their lives. The area of automotive finance and insurance can provide just that. The industry is filled with growth opportunities and jobs in this department often pay well. However, it’s important to remember you’ll likely have to continue your education, even after you receive your certification, to stay on top of all the changes that take place, both in the automotive industry and in the financial sector. You may even be called upon to share this information and continue to educate the sales staff and other employees at the dealership to ensure a smooth experience for all buyers.

Get the Right Education

The Automotive Dealership Institute is the only educational institution of its kind that offers the comprehensive training veterans need to enter the field of automotive finance and insurance. When you enroll in the program at the Automotive Dealership Institute using the Post-9/11 GI Bill, you can rest assured you will be fully prepared to enter the field and will have plenty to offer prospective employers, helping you stand out from the other individuals who may apply for the same position.

If you’re interested in entering the field of automotive finance and insurance, contact the Automotive Dealership Institute. Don’t wait to start your new life outside the military. Start training today with the help of your VA educational benefits including the Post-9/11 GI Bill!

F&I Training and Techniques: Rebuttal for “I Can’t Afford It”

In this video, an ADI student demonstrates how to respond to a customer that says “I can’t afford it”, and explain how what you’re offering makes sense for them financially.

To learn more about the F&I Training program at ADI, get in touch with our helpful advisers today!

Women Find Success as F&I Managers in Auto Dealerships

When you think of a car dealership, you may be picturing a business run primarily by men. In fact, for many years, positions in car dealerships were filled by men at a much higher rate than women. However, that does not mean that women are incapable of handling these roles. In fact, many women are now pursuing careers in the field of automotive F&I management and finding lasting success doing so.

About F&I Management

The auto dealership’s F&I management department is one of the most important components of the business with several key responsibilities. This department is responsible for helping customers close the deal after they have chosen the vehicle they want to purchase. Specifically, they help customers obtain financing for their purchase and assist with any finance and insurance related issues. Because most auto dealership customers will need financing in order to purchase their vehicle of choice, and because insurance is required by state law, both of these functions are essential. F&I departments are also responsible for offering certain products and services to customers, such as extended service contracts and similar benefits. These products and services make up a significant portion of the auto dealership’s income, making them highly important to the business’ overall success.

Women in Auto Sales

Although the stereotype that comes to mind when you think of auto sales may involve a male, women can be effective in this field as well. Women are often at least partly responsible for making vehicle purchase decisions, even if they are shopping for a car with a male partner. Females working in auto sales and in the F&I department have a unique insight into how females think when they are looking for a new car. They may also be more capable of connecting with women when completing the financing and insurance process, as well as when they are promoting extra products offered by the dealership.

Benefits of an F&I Career for Women

A career in the auto dealership F&I industry offers several notable benefits for women, including:

  • Good job prospects – The auto industry in the United States is booming and is likely to grow in the future. This means that people who are entering the field looking for positions as F&I managers will have plenty of options.
  • Job security – Auto dealerships will always need people working in the F&I department. For this reason, a job you get in this field is likely to be secure as long as you perform well.
  • High earning potential – Women working in F&I management have the opportunity to earn a high income. Most auto dealerships pay F&I managers using a combination of salary and commission payments. For women who are adept at promoting and selling the extra products and services the dealership offers, income can add up quickly.
  • Flexible hours – Most auto dealerships are open throughout the week and on weekends. Depending on the dealership’s policies, women working as F&I managers can often set schedules that fit well with their other obligations.
  • An exciting career – When you work in F&I management, no two days on the job are the same. This career will keep you on your toes while also allowing you to have a hand in helping your customers’ dreams come true.

Current Statistics

According to Asset Finance International, the number of women working in the F&I management industry is low relative to men. In fact, only 19 percent of F&I management professionals are women, even though women make up the majority of employees working in auto dealership office and administrative positions. Nonetheless, research has shown that women working in F&I management careers can be more effective at their jobs than men in the same positions. Women tend to be better listeners than men on average, which can often translate to more effective sales skills. In fact, Asset Finance International reports that some of the top performers found in the auto dealership F&I management industry at this time are female.

Getting a Career in F&I Management as a Woman

Like anyone who wants to work in F&I, women should prepare for this career before trying to get a job in the field. The best way to prepare for a career in F&I management is by enrolling in a respectable training program. Automotive Dealership Institute operates the nation’s only licensed F&I management training program. This program has been equipping professionals to work in the field of F&I management for the past 32 years. If you enroll in a program at ADI, you will gain all of the knowledge and skills you need to be successful in this field. We offer several payment options to make your education more affordable, and we are proud to accept payments offered under the Post 9/11 GI Bill.

Automotive Dealership Institute’s program can be completed in as little as four weeks, and the institution’s record for job placement is impeccable, with 90 percent of graduates finding an acceptable position within 90 days after graduation. Job placement assistance is available from Automotive Dealership Institute in all 50 states. Please contact the Automotive Dealership Institute today to learn more about this program.

F&I Compliance Training: The Importance Of Compliance In Auto Sales

Compliance is a catch-all term that encompasses a variety of different legal and regulatory issues. All industries should be vigilant about maintaining a high standard of compliance, but it is more important for some industries than others. Auto dealerships are subject to a wide range of laws and regulations, making compliance a primary concern.

Understanding Compliance

The term “compliance” refers to the steps you need to take to operate in accordance with all relevant guidelines, laws and regulations. These requirements may be established by legal authorities or organizations within an industry.

In the automotive dealership industry, compliance covers several different areas, including:

  • Vehicle purchases
  • Vehicle sales or trade-ins
  • Financing
  • Insurance

Activities conducted in each of these arenas are subject to multiple laws and requirements. For example, when a customer comes into the dealership to purchase a vehicle, the dealership is responsible for taking reasonable measures to protect that individual’s private information, such as social security numbers and bank accounts. The dealership must also be on the lookout for signs of identity theft in progress, such as a lack of valid identification that matches the bank accounts used to make the purchase.

There are countless other examples of ways in which compliance comes into play for automotive dealerships on a daily basis. Throughout the purchase and financing process, customers must receive, review and complete specific documents. Consumers must also be advised of certain rights and responsibilities. Any time an automotive dealership fails to uphold its responsibilities with regard to compliance, liability can result.

Who Is Responsible for Compliance?

Because automotive dealerships can be held legally responsible for lapses in compliance, it is one of the dealership’s most important concerns. All members of the dealership’s staff will be partly responsible for compliance. However, the biggest share of the responsibility falls on the shoulders of people working in the F&I department. This department handles all the dealership’s financing and insurance paperwork, as well as the details of purchases, sales and trade-ins. For this reason, the majority of the tasks that require compliance considerations will be completed by F&I personnel. For this reason, it is essential for F&I professionals to have the proper training and background.

Compliance in the F&I Department

The finance and insurance department of an automotive dealership handles a wide variety of responsibilities, from helping customers finance their dream car to promoting certain products offered by the dealership. If you work as an F&I manager, you will need to be thinking about compliance during every phase of your interactions with consumers. In order to ensure that your automotive dealership adheres to all regulations and laws, you will need extensive knowledge about the requirements in question, as well as training to help you implement them.

Training for F&I Managers

Some automotive dealerships may be willing to hire F&I managers who have little to no formal training. However, with so much responsibility and so many complex requirements to consider, entering the field without a proper education is not recommended. Going through a formal training program provides you a number of benefits as you begin your F&I career, including:

  • The knowledge you need to understand compliance requirements. – During your formal F&I training program, you will study all of the different aspects of compliance you need to understand before you can work effectively in this industry.
  • Compliance training. – Not only will you have the opportunity to learn about all the specific requirements your automotive dealership must meet, but you will also receive training designed to help you adhere to these requirements. For example, you will learn how to spot instances of identity fraud, complete essential paperwork and interact with every customer in a way that protects your dealership from liability.
  • Skill building. – In addition to compliance training, your formal F&I education program will help you build other skills you can use to be successful as an F&I manager. For example, you will learn skills you can use to improve sales of special products and services your dealership offers, thus boosting your income.
  • Better job prospects. – Although some automotive dealerships may consider hiring F&I managers who don’t have formal training when no other candidates are available, being able to include a formal education program on your resume is sure to set you apart from other applicants, and some programs even offer job placement assistance.
  • More confidence. – Confidence is important for professionals working in any industry. When you attend a formal F&I program, you can enter the field as an F&I manager with confidence in your knowledge and skills. In many cases, this added confidence will help you to be more successful in your job.

Enrolling in an F&I Training Program

If you are planning to enroll in an F&I training program, you need to consider your options carefully in order to make the best choice for your future. The Automotive Dealership Institute has been the only licensed F&I institution in the nation for the last 32 years. If you enroll in the F&I training program offered by the Automotive Dealership Institute, you will learn all of the skills you need to work in F&I departments at car dealerships all across the United States.

If you would like to learn more about F&I training at the Automotive Dealership Institute, please contact ADI’s helpful advisors today to learn more about training to become an F&I manager.