When you think of a car dealership, you may be picturing a business run primarily by men. In fact, for many years, positions in car dealerships were filled by men at a much higher rate than women. However, that does not mean that women are incapable of handling these roles. In fact, many women are now pursuing careers in the field of automotive F&I management and finding lasting success doing so.
About F&I Management
The auto dealership’s F&I management department is one of the most important components of the business with several key responsibilities. This department is responsible for helping customers close the deal after they have chosen the vehicle they want to purchase. Specifically, they help customers obtain financing for their purchase and assist with any finance and insurance related issues. Because most auto dealership customers will need financing in order to purchase their vehicle of choice, and because insurance is required by state law, both of these functions are essential. F&I departments are also responsible for offering certain products and services to customers, such as extended service contracts and similar benefits. These products and services make up a significant portion of the auto dealership’s income, making them highly important to the business’ overall success.
Women in Auto Sales
Although the stereotype that comes to mind when you think of auto sales may involve a male, women can be effective in this field as well. Women are often at least partly responsible for making vehicle purchase decisions, even if they are shopping for a car with a male partner. Females working in auto sales and in the F&I department have a unique insight into how females think when they are looking for a new car. They may also be more capable of connecting with women when completing the financing and insurance process, as well as when they are promoting extra products offered by the dealership.
Benefits of an F&I Career for Women
A career in the auto dealership F&I industry offers several notable benefits for women, including:
- Good job prospects – The auto industry in the United States is booming and is likely to grow in the future. This means that people who are entering the field looking for positions as F&I managers will have plenty of options.
- Job security – Auto dealerships will always need people working in the F&I department. For this reason, a job you get in this field is likely to be secure as long as you perform well.
- High earning potential – Women working in F&I management have the opportunity to earn a high income. Most auto dealerships pay F&I managers using a combination of salary and commission payments. For women who are adept at promoting and selling the extra products and services the dealership offers, income can add up quickly.
- Flexible hours – Most auto dealerships are open throughout the week and on weekends. Depending on the dealership’s policies, women working as F&I managers can often set schedules that fit well with their other obligations.
- An exciting career – When you work in F&I management, no two days on the job are the same. This career will keep you on your toes while also allowing you to have a hand in helping your customers’ dreams come true.
According to Asset Finance International, the number of women working in the F&I management industry is low relative to men. In fact, only 19 percent of F&I management professionals are women, even though women make up the majority of employees working in auto dealership office and administrative positions. Nonetheless, research has shown that women working in F&I management careers can be more effective at their jobs than men in the same positions. Women tend to be better listeners than men on average, which can often translate to more effective sales skills. In fact, Asset Finance International reports that some of the top performers found in the auto dealership F&I management industry at this time are female.
Getting a Career in F&I Management as a Woman
Like anyone who wants to work in F&I, women should prepare for this career before trying to get a job in the field. The best way to prepare for a career in F&I management is by enrolling in a respectable training program. Automotive Dealership Institute operates the nation’s only licensed F&I management training program. This program has been equipping professionals to work in the field of F&I management for the past 32 years. If you enroll in a program at ADI, you will gain all of the knowledge and skills you need to be successful in this field. We offer several payment options to make your education more affordable, and we are proud to accept payments offered under the Post 9/11 GI Bill.
Automotive Dealership Institute’s program can be completed in as little as four weeks, and the institution’s record for job placement is impeccable, with 90 percent of graduates finding an acceptable position within 90 days after graduation. Job placement assistance is available from Automotive Dealership Institute in all 50 states. Please contact the Automotive Dealership Institute today to learn more about this program.