Finance and Insurance Manager (F&I Manager) offers finance and/or insurance options to clients at auto dealerships at the time of purchasing a vehicle. The F&I Manager reviews credit options, discusses credit decisions, offers aftermarket products or warranties, and submits deals to lenders for approval and helps bridge the lender of financing with the car buyer (like reviewing lender requirements and approvals and handling the paperwork process). While these individuals often have $100,000+ or more salaries, in New York F&I Managers are among the highest paid in the nation – some get paid as much as $350,000 or more.
The relationship between businesses and their employees is undergoing a profound shift since COVID. Employees are demanding better working conditions and higher salaries. For the first time in a generation, workers are gaining the upper hand.
The change is broader than the pandemic-related signing bonuses. Employers are asking themselves if they will be able to create conditions attractive enough to find the staff they need to operate their business.
Companies are going to have to work harder to attract and retain talent. Before we talk in more detail regarding changes in law, let’s take a look at a few current jobs being offered for Auto F&I Managers in the New York area.
Acura of Westchester (Larchmont, NY) is in need of a finance manager for their growing business, and are offering up to $350,000 annually (plus 401k plan, Medical, dental, and vision insurance, Vacation pay, and Family-oriented work environment).
The job involves: acting as liaison between the dealership and the lending partners utilization of a menu-based selling process, presenting financial services products in a transparent way to every customer, ensuring adherence to F&I reporting requirements of company, and be an example of professional morals, ethics and excellent customer service.
While New Country Motor Car Group (of Lexus of Great Neck – Great Neck, NY) is offering up to $120,000, but they offer incredible benefits including paid training and long term job security. The responsibility of their F&I Manager is to help customers arrange the financing of their purchases and also present them with additional products that enhance their vehicle and ownership experience.
Garden State Honda (Clifton, NJ) is offering $150,000.00 – $200,000.00 per year for an F&I Manager to sell finance, aftermarket products and extended service contracts to all customers, obtain finance approval from lending institutions on all finance/lease deals, build and maintain positive relationships with all bank and lending institutions, and prepare and maintain F&I daily operating control.
The Automotive Hyundai/Kia Brooklyn dealership (Plaza Auto Mall – Brooklyn, NY) is currently seeking a dedicated F&I individual who wants an opportunity for professional and financial growth. They are in need of an Automotive Finance & Insurance Manager, offering up to $200,000 plus benefits, to someone who can meet dealership sales and F&I goals while maintaining high customer satisfaction Index scores, processing loan/titling and miscellaneous documents efficiently.
Darcars Lexus of Englewood (Englewood, NJ) offers up to $250,000 Annually (plus benefits) as they are currently looking to hire an automotive Finance and Insurance Manager, who would be responsible for managing the financial transaction of the vehicle buying experience for each customer of the dealership in person and virtually using online digital buy software.
Town & Country JCDR (Levittown, NY) is offering Full-time $150,000-$200,000 a year for an Automotive Finance Manager (plus benefits). This Jeep Chrysler Dodge Ram dealership is looking for a computer savvy F&I Manager who is well versed in banking deals, DMV, and aftermarket products.
Tri-County Lexus (Little Falls, NJ), as well as Empire Chevrolet Of Hicksville (Hicksville, NY), are both offering as much as $200,000 per year to hire an F&I Manager for their finance and insurance department.
Why suddenly, F&I Managers are offered 30%-100% increase in paid salary, and in some cases, even more?
Partly because of COVID, and partly because some dealerships have introduced an aspect of remote management (at least potentially).
For instance, Planet Honda is looking for Finance Managers who will be responsible for many aspects of a traditional F&I position with more focus on remote customers, not just walk-ins. These customers will never enter the dealership, so all paperwork will be sent digitally or mailed. So the Finance Manager will be involved in selecting and describing the lender programs and help facilitate the paperwork signing.
But apart from COVID, and remote management, there is a new law in New York regarding transparency of salaries. This has opened up salary comparisons more than before. Not just in New York City but also surrounding areas where commuters can also compete for job vacancies.
New York City businesses are now faced with a law that would require them to publish salary ranges on job ads, intended to close the racial and gender wage gaps. This is meant to create more transparency.
The legislation was approved by New York City Council in December 2021, became a law when Mayor Eric Adams declined to veto it by January 2022.
New York City is the second jurisdiction behind Colorado, requiring wage transparency in job posting ads. Eight other jurisdictions: California, Connecticut, Maryland, Nevada, Rhode Island, Washington, Cincinnati, Ohio, and Toledo, Ohio, require that employers disclose wage ranges upon request, and may entirely opt to join New York City and specifically request salary range. Several other jurisdictions are considering similar legislation this year, to disclose upon request.
In today’s tough labor market, dealerships are faced with the challenge of not being able to hire the candidates they are looking for, or have to pay higher salaries.
Auto F&I Manager, is an essential role in a car dealership and paying a higher salary is a palatable option (may by even unavoidable) for dealership owners.
But probably more importantly, dealership owners know how important the role of a F&I Manager has become.
As the auto dealership industry becomes highly competitive due to decreasing inventory resulting from supply chain issues and semiconductor shortage problems, amid continuing vehicle purchases, the F&I manager holds the important role that separates a dealership store from the rest of its competitors. Aware of various financing and insurance options, programs, profit-margins, and promotions, the auto finance manager can craft an attractive financial package for prospective car buyers and help dealerships earn more and achieve profitability despite inventory shortages. This certainly justifies salary increase to help keep dealerships profitable.
If you are considering becoming an F&I Manager and work for a car dealership, Auto Dealer Institute can help. We provide Auto F&I Manager Training courses and we are the only licensed, independent F&I Training center in US with more than 32 years of experience. We help you with job placement as well as ensuring that our comprehensive sales training courses can provide you with what you need to learn to grow and adapt in a rapidly changing marketplace.