F & I Managers are in charge of customer financing and insurance options at auto dealers. Also known as finance and insurance, or financial managers, these liaisons between salespeople and customers are critical for dealership success. With cars costing several thousand dollars, the perfect financing must be secured to retain customers and build the dealership. Automotive F & I Managers research and qualify matched lenders and borrowers to create a comfortable monthly payment rate. They'll look over credit histories and determine insurance needs to release the vehicle off the lot.
Automotive F & I Manager Education Requirements
These managerial positions require a bachelor's degree in business, finance or management. Auto dealerships depend on these analysts to approve customers' credit and payment terms. Fiscal responsibility is a key component. Managers don't just step into the career from school. Most dealerships prefer some automotive work history, from service advisers to parts counter representative. With several years in the automotive industry, potential managers have a good grasp of the culture and customer base. With a degree and experience, applicants have a solid background to help a dealership thrive.
Automotive F & I Manager Job Market
In general, financial management positions are looking at a 9 percent increase between 2012 and 2022. However, the job market is still relatively competitive. Applicants should gain as much experience as possible to stand out from other candidates. Even an internship during college helps employers with the hiring process by understanding that an applicant has hands-on experience. There are always alternative positions as an Automotive Contract Clerk or General Dealership Financial Manager. For highly competitive areas, such as metropolitan regions, potential candidates may even look into a master's degree in business or finances. However, experience is still a major benefit in employers' eyes.
Automotive F & I Manager Salary
According to studies, F & I Managers make a median salary of $109,740. However, this amount fluctuates based on region, competition, experience and education. Negotiations may also include performance bonuses, for example, when goals are met each month or quarter.