Following their time in the military, many veterans decide to enter the civilian workforce. Veterans may decide to work in order to earn income, fill their time and/or feel more productive. Regardless of the reason you decide to find a new job, selecting the right career path can be a challenge. For many veterans, a career in automotive finance and insurance management may be the best choice.
About Automotive F&I Management
An auto dealership’s finance and insurance department is responsible for some of the most important aspects of the vehicle purchase process. The professionals who work in this department will spend time helping buyers to secure the financing they need in order to purchase the vehicle of their choice, as well as making sure the purchase is properly insured. This process involves many calculations and extensive paperwork. F&I managers also attempt to sell some of the dealership’s more lucrative products, such as vehicle purchase add-ons and extended service contracts. Because these products make up a significant portion of the dealership’s overall profits, F&I managers must be able to sell them effectively.
In order to be successful as an F&I manager, individuals must possess certain characteristics. For example, skilled F&I managers are typically good with numbers, as they must perform intricate financial calculations on a daily basis. Effective F&I managers will also have an in-depth understanding of the auto purchasing and financing process, as well as excellent interpersonal skills. F&I managers need to be able to build trust and rapport with buyers quickly.
F&I Management for Veterans
For veterans looking to transition into the civilian workforce, F&I management is an ideal choice. This career path does require training, but the amount of time you must spend in training is short when compared to most other options. In addition, F&I managers have the potential to earn a high income. Most auto dealerships pay their F&I managers a combination of salary and commission. Commission payments will be based on the extra products sold, giving F&I managers an opportunity to boost their earnings considerably if they can move these products well. In fact, the average income for professionals working in this field exceeds $140,000 per year, making this one of the most lucrative job options for veterans.
Training for Veterans Entering F&I Management
In order to become an effective F&I manager, veterans who are planning to enter this field need to seek the appropriate training from a reliable institution. Without this training, you won’t have the best chance of achieving success in your new career. The purpose of F&I training is to provide you with all the knowledge and skills you need to work in this field. For example, during your training program, you will learn about the details of the car financing process. You will also practice interpreting credit reports and making some of the intricate calculations you will need to make on a daily basis. In addition, you will practice other valuable skills, such as interpersonal interaction and sales skills.
At Automotive Dealership Institute, we have been training F&I managers for more than three decades. We have also been the only licensed F&I trade school in the nation during this time. With our training program, veterans can finish their training and enter the field in as little as four weeks. This short program will give you all the resources you need to begin a successful F&I management career upon graduation.
Following the program, veterans will be trained and certified to work in virtually any F&I department in the United States. In addition to offering an ideal training experience for prospective F&I managers, our institution is also proud to offer job placement assistance in every state across the country. With our assistance, more than 90 percent of our graduates are able to find a suitable F&I management position in the first few months following completion of the program.
Funding for Veterans in F&I Training
One of the greatest advantages for veterans who want to enter the field of F&I management is the availability of funding. Veterans who qualify for educational benefits under the Post 9/11 GI Bill® can use their benefits to pay for training at Automotive Dealership Institute. These benefits can be used to cover nearly all of the expenses associated with the training program, including the program’s tuition, additional fees and book costs. If you need to relocate in order to attend the program, these expenses may be covered as well.
At Automotive Dealership Institute, we have personnel who are dedicated to helping veterans use their benefits under the Post 9/11 GI Bill to pay for their F&I management training. With our help, you can find out whether you qualify for these benefits, complete the application process and have the benefits sent to our institution with ease. If you are interested in accessing your benefits under this bill, contact Automotive Dealership Institute today and we will help you get started. We are also available to answer any other questions you may have about our F&I management training program.