You can make good money working as a finance and insurance manager. In fact, it’s one of the best-paid positions in any automotive dealership. With the right skills, you can generate more profit for your dealership with a generous salary to compensate you for your hard work. The newest F&I software allows finance and insurance managers to perform better, even with less experience. Today’s finance and insurance platforms help F&I managers stay organized and do their jobs more effectively.
How Do I Become an F&I Manager in 2021?
Working as a salesperson at an automotive dealership is an excellent first step. After building a positive sales record, you will find it easier to apply for a position as a finance and insurance manager. However, you need to be familiar with this aspect of the dealership industry. First and foremost, always treat customers with respect and maintain a professional attitude while you keep learning. Earning a degree in finance or accounting can help you get the job you want, but seeking certification as a finance and insurance manager ensures you have the specific knowledge and skills you need, so you stand out from the other applicants.
At the Automotive Dealership Institute, you can earn your certification both in our classroom and online. We organized our curriculum into four modules that cover various topics like federal laws relating to finance and insurance in the automotive industry, dealership retail operating systems, finance software, structuring special finance deals, finance menu presentation, and menu selling. The online training allows you to pause modules and work at your own pace. We also offer telephone support for online learners. Each section of our curriculum includes interactive features with printable books, real-life examples, voice overs, and graphics. Individuals qualify for the program with a high school diploma or GED. Good math and writing skills are also essential. Financing options and student loans are available. Regardless of whether you complete the program online or in person, you will qualify for job placement assistance throughout the country. We boast a 90 percent job placement rate within 90 days of graduation and will help you find the job of your dreams as soon as possible after graduation. The Automotive Dealership Institute F&I manager certification qualifies for VA educational benefits. Individuals who qualify for Post 9/11 veteran’s benefits can get full tuition coverage and travel expenses related to the program.
How Much Can I Make?
As of 2021, the average salary for F&I managers is around $133,000 with a range between $60,000 and $150,000 per year. The payment range varies by location. The average salary for F&I managers is about four percent higher than other managers in various departments at automotive dealerships, making it an appealing managerial position. Most F&I managers can expect to work 50 hours per week with varied schedules. Although car sales slowed down during the pandemic, they are picking up once again as the economy recovers.
What Do Finance and Insurance Managers Do?
The primary role of finance and insurance managers is to help customers secure the financing they need for a new or used car. They work directly with lenders to help customers get the best interest rates while looking out for the dealership’s profits. F&I managers are held to a high ethical standard. Some of their duties include:
- Providing financing options while explaining dealership service procedures, aftermarket products, and extended service contracts.
- Processing financing and leasing deals while using various channels to secure approval.
- Working with the sales department to create direct referral programs.
- Understanding and following local, stated and federal laws governing the automotive industry.
- Providing training and motivation for the sales team with information on available leasing and financing programs.
- Supporting the sales team.
- Increasing profits.
In short, successful F&I managers require product knowledge, empathy, and professionalism to handle customers appropriately. F&I managers need excellent people skills, along with financial knowledge and skills.
What After Products Do F&I Managers Sell?
F&I managers often sell extended service contracts and maintenance plans, along with other products. These plans could include a bundle of oil changes and only apply to the dealership’s service center. Finance managers may also promote anti-theft products, such as VIN etching, car alarms, and GPS locators. Combo warranties may include damage to wheels and tires, offering protection against damage caused by potholes. Paint and fabric protection applies a chemical sealant to the paint and fabric to protect them long-term. You may also offer gap insurance to pay off the difference between the car’s value and the amount the customer still owes on the loan if the car is totaled in an accident. For leases, customers can benefit from excess wear and tear protection in case the car is damaged beyond normal wear and tear. Finally, credit insurance plans can help customers continue paying for their vehicles if they lose their job or suffer from a disability and can’t work.
How Are F&I Managers Doing Today?
F&I managers enjoy a stable career with minimal risks. While most finance and insurance managers work 40 hours per week, some may be scheduled to work up to 50 hours. Overtime may be required, particularly when expedited document processing is required. F&I managers have plenty of room for growth with a high salary cap, providing a stable income for years to come. It also opens the door to working in other financial sectors in the future. With the car industry rapidly growing, there’s an excellent opportunity to find the career you want with a high living wage.
The Future for Finance and Insurance Managers
The future is bright for those interested in working as an F&I manager. Car dealerships now offer low interest rates and easy credit approval, making buying a new or used car attractive for buyers. Finance and insurance managers make a high salary with excellent benefits, including retirement plans, health and dental insurance plans, and more. If you’re thinking about a career in finance and insurance, The Automotive Dealership Institute offers the F&I training you need to get a step ahead and launch your new career. Give us a call at 1-877-998-7200 to get more information. You can also visit the F&I training overview page on our website. We are a certified institution that serves with integrity and the qualifications you need. After completing your training at The Automotive Dealership Institute, you’ll get the complete training you need to start your lucrative career in automotive finance and insurance.