Do I Need Previous Experience to Get a Job as an F&I Manager at an Auto Dealership?

Making a career change can be a difficult process, especially if you aren’t sure what kind of experience you’re required to have. If you’ve been thinking about making the leap to work as an F&I manager at an auto dealership, you may wonder if you need to have any prior experience with car dealerships or selling cars in general. In short, the answer is no. Anyone who is interested in a career in this field can do so with the right education. The following will help you decide if you want to enroll in a program like the one available at the Automotive Dealership Institute, which offers a four week, 160-hour course to train you to be an effective, indispensable employee.

A Rewarding Career Prospect

When most people are considering what they want to do with their lives, they want a career that not only offers the type of money they need to live a comfortable life, but they also want something they will enjoy doing. If you’re someone who enjoys working with numbers and wants to help people get into the car of their dreams, working as a finance and insurance manager at a local dealership can be the perfect opportunity. With the right training, this career can open up a path to making plenty of money so you can comfortably provide for your family. In addition, you will have the satisfaction of helping your customers get behind the wheel of the car they’ve always wanted without breaking their budget. It will be up to you to guide them in making the smartest financial decisions for their vehicle needs.

What Skills Do You Need?

In addition to taking courses with the Automotive Dealership Institute, there are certain skills you either should have or should learn before you begin working in this career field. The ability to work with people and provide quality customer service is an absolute must since you will work exclusively with the customers who come into the dealership to buy a car. Some experience with sales can be beneficial, but it certainly isn’t a requirement and it doesn’t have to related to cars at all. For instance, if you ever worked retail as a cashier, you may already possess many of the skills you’ll need to sell additional products to customers. You will also need skills related to accounting, finance and technology skills to understand and work with the products available. You must have a strong work ethic and be a self-motivated worker because many of your duties will rely on your own motivation to get done. While you will answer to the owner of the dealership and potentially a higher level manager, you will be working as a manager yourself.

How a Training Program Works

When you enroll in the automotive finance and insurance management course through the Automotive Dealership Institute, you will get the training you need to prepare yourself for work in this field. First and foremost, you will learn about the basics surrounding the financing process so you can help your customers get the financing they need to get behind the wheel of the vehicle they want. You will learn how to effectively use the technology and programs required to go through the financing process, as well as provide the other products you may need to sell. The course also explores credit scores and how they work, math skills, interpersonal skills and more so you will be fully prepared for what lies ahead in your automotive finance and insurance career.

What Happens After You Complete the Coursework

One of the first steps individuals need to take is to complete the four-week program available from the Automotive Dealership Institute. After this, you may wonder how you will find a good job at a dealership. When you take your courses through ADI, you don’t have to worry any longer. They offer a job placement program for those who graduate and have connections with some of the biggest dealerships throughout the country so you are sure to find a job wherever you would like to live. This means, unless you would prefer to remain where you are, you can find areas where finance and Insurance management jobs pay higher, such as New York, Massachusetts and other states in the New England area, helping you create the career path you’ve always dreamed of.

What Can You Expect to Make?

Before you get started on your training, you may first wonder how much you can really expect to make when you enter this field. After all, it’s difficult to believe you could make a significant amount of money from the start with any job. However, managers in the finance and insurance aspect of auto dealerships are in high demand. Because of the specialized skill set and training required to do the job well, if you go through a industry-recognized training program, you can expect a high offer. The exact amount of money you can expect to make will vary depending on the cost of living in the area in which you work, but in general, you can expect to see an average salary of nearly $100,000 per year. Many people mistakenly think anyone involved in the automotive industry makes their money based on the number of cars sold and the value of those cars. However, this is often no longer the truth. Many dealerships have switched to a model of paying their employees a specific wage, which inspires them to work harder without having to push more expensive models on their customers. This is a win for everyone involved because customers get behind the wheel of a vehicle they can afford and those who work at the dealership, such as in finance and insurance management, can earn a great wage.

If you’ve been thinking about making a career change and entering the field of automotive finance and insurance management, there’s no better time to sign up for the program at the Automotive Dealership Institute.

What is a Finance and Insurance (F&I) department?

The finance and insurance department, or ‘F&I’ department, at automotive dealerships is where the dealership builds their revenue streams by constructing deals with customers and selling additional products and services. These professionals play a direct role in the success and growth of the business and, when properly trained, can achieve incomes that easily pass $100,000, making it an excellent career investment.

Before investigating this potential career path, however, many people want to know exactly what a finance and insurance (F&I) department at a car dealership is. People interested in pursuing this particular career path often have not worked in car dealerships before, and therefore they want to learn more about the importance of this department and what exactly they would need to do on a day-to-day basis.

Here is what all interested professionals should know about the F&I department.

The role of the F&I department in the car-buying process

The F&I department is staffed with experienced professionals who have the training needed to understand all of the financial aspects of car buying. A quality F&I education includes a thorough understanding of how to interpret credit scores as well as how to structure and understand loans.

Remember that most people do not buy cars with cash. Instead, they rely on loans to allow them to finance the car that they want. Someone at the car dealership needs to have the training to understand the loan terms and make sure that it has been set up properly for the purchase of this particular car.

The F&I professional will also want to try and get the customer to finance their car directly through the dealership. This would make it easier for them to generate revenue from the car sale, as the income from loan payments will then directly benefit the dealership. For this reason, F&I professionals must know how to create deals that can try to compete with the offers the customer may have received through outside financing options.

In addition to the technicalities involved with the loans needed for the purchase, the F&I professional will also have a thorough understanding of the extra products that the car dealership offers. They will try to sell these extras to the customer as they pay for the car. These additional add-ons will include options such as extended service contracts, maintenance packages, or anti-theft precautions. The F&I professional, therefore, must know how each of these options offered by their particular dealership works, and how they benefit customers. Their goal is to help the customer buy the car they want, while also helping their dealership in the process.

Finally, the F&I professional will often be one of only a few people at the dealership who has the training needed to go through some of the final sale forms needed to actually complete the sale of the car. They can help answer customer questions and make sure that all of the paperwork is in order to complete the large purchase.

The value of the F&I department

The professionals who work in the F&I department play a critical role in the success of the dealership. With their understanding of the finances of the car buying process, constructing loans, and their work to sell additional products to customers, they have an immediate impact on the revenue of the dealership as a whole.

It is their job to know how to negotiate loan terms and create deals that not only help customers get the car they want, but also help the dealership secure the revenue they need to keep growing. Therefore, both dealerships and customers really count on F&I professionals to thoroughly understand their field.

The importance of good F&I training

Clearly, the F&I professional plays an important role in the sale of cars and the health of a dealership. A good F&I professional will help their dealership generate considerable income and bring them more customers. The F&I professional helps customers to connect with their preferred car and helps them see a path towards purchasing it. Therefore, car dealerships want to know that the F&I professionals they hire have the training needed to do their job well. They need to make sure that their finances are handled correctly to help them build their business.

Those interested in a career in the industry should look for a program that is properly licensed and has the experience of teaching students in the field already. A rigorous program should be selected, one that gives students hands-on experience and the practice they need to understand real-world scenarios. It is not a field that can be learned in a seminar or through a weekend class. Instead, students should be required to study hard and regularly demonstrate their knowledge through exams that will ensure they have mastered the material.

This type of rigor will help to demonstrate to the dealerships that the professional has the training needed to correctly navigate the loans and financing of car sales.

The Automotive Dealership Institute is the only licensed school for F&I professionals in the country, and it has worked for over 3 decades training professionals for the field. Through their rigorous training program, students spend several weeks in an actual classroom, learning the intricacies of the field so that they are prepared for their important future role within a car dealership. They get the chance to learn from other successful professionals so that they graduate fully prepared for their position.

The Automotive Dealership Institute is so confident in their educational program that they offer job placement assistance to students which includes help with interviewing and finding a position at a US dealership. They have placed professionals at car dealerships across the country, and car dealerships know that they can trust the graduates of ADI.

Best Education Option for Post-9/11 GI Bill® Benefits in 2020

After leaving the military, many veterans decide to look for employment in a new field. In order to help with this process, the government offers educational benefits under the Post-9/11 GI Bill®. If you have access to benefits under this bill, you have many different options when it comes to your career path. However, one of the most beneficial and lucrative career paths available is in the field of automotive finance and insurance. Below is some information about how the Post-9/11 GI Bill® and how it can help you launch your new career.

What Is the Post-9/11 GI Bill®?

The Post-9/11 GI Bill® is available to specific members of the military who meet certain requirements. If you qualify for benefits under this bill, you will have access to money that can be used for higher education for yourself, your spouse or your child.

In order to qualify for the benefits available under the Post-9/11 GI Bill, you must have been on active duty sometime on or after September 11, 2001. Your active duty must have lasted for at least 90 days, or at least 30 days with a medical honorable discharge.

The benefits available under this bill can be used to cover a variety of expenses, including your tuition, educational fees, book costs and housing. If you need to relocate in order to attend an appropriate educational program, your relocation expenses may be covered as well.

Not all veterans will be entitled to the same benefits under this bill. The exact amount of benefits you will be awarded depends on the amount of time you spent on active duty. The maximum benefits available to veterans are up to 100 percent of tuition and educational fees, up to 100 percent of housing expenses and a total of $1,000 per year for educational supplies, including books. If you qualify for coverage of your relocation expenses, up to 100 percent of these expenses may be paid under the Post-9/11 GI Bill.

Why Choose a Career in F&I Management?

As a veteran with access to educational benefits under the Post-9/11 GI Bill, you have different career options available. However, there are many notable advantages to choosing a career in F&I management. Some of the advantages of choosing a career in this field include:

1. A handsome salary.

One of the most notable benefits of a job in F&I management is the opportunity to earn a high salary. The earning potential associated with this job makes it one of the more appealing options available for people with Post-9/11 GI Bill benefits. If you are successful in this career, you can easily earn a six-figure wage on an annual basis. In most cases, your wages will be a combination of a salary and commission.

 2. Job security. 

The F&I management industry is growing all the time, and there are plenty of opportunities for people just entering the field. In fact, at Automotive Dealership Institute, we are able to place more than 90 percent of our graduates within 90 days after they have completed the program.

3. Fulfillment.

Working as an F&I manager is fulfilling in a variety of ways. In this position, you play a key part in helping customers realizing their dreams of owning a vehicle. You are also responsible for bringing in a large portion of the dealership’s revenue through the sales of optional products and services.

4. Quick, simple training.

Unlike other career options, which may require you to spend many years in training before you are able to begin working, F&I management lets you complete training quickly and enter the field. With only a few weeks of time invested, you can build the knowledge and skills you need to be successful.

Using the Post 9-11 GI Bill for F&I Training

Although it may be possible to begin a career as an F&I manager without professional training, this is not recommended. In order to ensure that you have the best chance of having a successful career, you need the right training.

Automotive Dealership Institute is proud to accept Post-9/11 GI Bill benefits. When you choose our institution for training, you will be able to complete the entire program in as little as 4 weeks. Our program is the only licensed F&I training program in the nation and has held this status for over 30 years.

At ADI, we understand that you need a variety of skills and knowledge in order to be successful in this career. Our training program is carefully structured to make sure you have all the resources you need to be successful. While enrolled in our program, you will spend time learning about the ins and outs of the vehicle sales process, how to interpret credit scores and reports, how to complete important calculations and how to complete all the necessary paperwork throughout the financing process. Our program also aims to teach you sales and interpersonal relationship skills so you can be more effective when interacting with customers.

Contact Automotive Dealership Institute

If you are interested in using your Post-9/11 GI Bill benefits to become a F&I manager, ADI is here to help you achieve your goals. In fact, we have a liaison dedicated specifically to helping veterans submit all the necessary paperwork to apply to use their Post-9/11 GI Benefits for the in-classroom programs our institution offers.  Depending on the situation, you may be eligible to receive full tuition, as well as an allowance for your travel and housing expenses.  After your program is complete, we will even help you look for your first job. Please contact ADI today to get started or to learn more about this training option.