Choosing your career is one of the most important decisions you’ll have to make in your life, which can make thinking about it feel even more stressful. If you’ve been considering a career in the automotive industry, however, getting into finance and insurance can be one of the best steps you take. When most people think of working in the automotive industry, they think about becoming a salesperson, which comes with its own set of challenges and doesn’t necessarily guarantee the amount of money you can make in any given day, week or even month. When you attend a school that trains you to work in finance and insurance, you can expect to enjoy a vast number of benefits that make this career choice a good one.
1 – No Need for Cold Calls
Working as a salesperson, even in the automotive field, means you’re likely going to have to take on the task of calling people who may not even be interested in buying a car at the given moment. This can be extremely stressful and isn’t often considered one of the favorite things to do on the job. The good news is when you choose to work in finance and insurance instead, you won’t have to deal with this issue. Everyone who walks into your office needs the services you offer, making it much easier for you to communicate and help them find just what they need. Whether they have found the car of their dreams on the lot and need to obtain the best financing package to make it affordable, or they need to insure their new purchase, you know what they need and can help them get it. No need to go through a bunch of cold calls with no results to get one sale.
2 – Flexible Work Schedules
Car dealerships need people to work at all kinds of hours to provide the services their customers need. This means those who work in finance and insurance can often get a flexible schedule that helps them create the right balance between work and home life. This can be a great choice for those who have other important obligations, such as a family to take care of or even those who wish to attend school to further their education. Even working a part-time schedule can allow individuals to make enough money to build their life on, supporting families without spending more time at work. The ability to work a more flexible schedule allows individuals to tailor their work schedule around the other important things they need to do with their lives. Those who are able to get jobs with this type of flexibility are often happier overall, which means there’s a lower risk they will leave in a short period to seek out another job and their performance is more likely to be better overall.
3 – Great Earning Potential
Some dealerships will offer a base pay rate for their finance and insurance employees, guaranteeing them a livable wage, no matter what their performance is like. However, this type of job often comes with the bonus of getting paid based on the amount of business you bring in. You may not have any control over which vehicle an individual buys, but you will have a role in how much they pay. While it’s important not to take advantage of customers, many of them are unprepared for making negotiations, which means you could stand to earn more based solely on that factor. However, even if you do work with a lot of customers who are able to negotiate the price down, you can rest assured the sheer volume of individuals who are buying vehicles means you will have a steady flow of customers, each of them contributing to the amount of money you can make on a given day.
4 – The Opportunity to Upsell
Just because you work in finance and insurance doesn’t mean you don’t have to be a salesperson on some level. While most customers will already have an idea of what they need, they may not be aware of the many nuances associated with the financing and insurance industries. Because you are fully trained in this aspect of buying a car, you can educate them on these factors and help them make the best decision for their financing or insurance needs. This means upselling them on certain products or services they may not think is necessary, helping them make the most financially sound decisions. When you’re able to successfully upsell something to a customer, you are improving their customer experience and ensuring your income is sufficient as well.
5 – Potential for Growth
One of the biggest reasons individuals choose certain careers over others is the potential for growth. The earning rate for finance and insurance is virtually limitless. The more you work and the more customers you serve, the more money you stand to make. This industry is also rapidly changing, which means you’ll need to stay on top of these changes in order to best serve your customers and continue to give them the high level of service they deserve. As you continue to learn and develop your skills, you will open many new doors so you can continue to work toward your financial and career goals. In the future, you could even move into other areas of finance and insurance based on what you have learned in your current career.
6 – The Road to Management
When you embark on your career in finance and insurance, you won’t be limited to selling insurance and helping individuals finance their vehicle purchases for the rest of your life. In fact, as long as you have the proper training and work hard in your current position, this field lends itself well to making the jump into an upper management position. While this career option isn’t the best for everyone, it can open many doors to you, helping you secure a more solid financial future, as well as move into a job that is more of a challenge and offers greater benefits. These skills can make you an attractive candidate when these positions open, allowing you to get the upper hand on anyone else who may apply for the same position. You could even potentially move into a position of management over the entire dealership.
The field of finance and insurance is growing at a rapid pace. There is an ever-growing need for more individuals to enter this lucrative field. However, this requires the right type of training to set individuals up for a path to a successful career. This means choosing the right school that offers a fast, yet thorough, look at the industry and how it works. Automotive finance and insurance is a competitive field. This means you need to work hard to get to the top. With the help of a good education, you can get there much easier than in the past. The good news is it doesn’t require a lengthy time in school, allowing you the flexibility to continue in your current career or job, all while completing the necessary coursework to become certified to work in this industry. Once you receive your degree, you will quickly find a spot for you in the world of automotive finance and insurance.
Learn more about our F&I Training Program