With an average annual salary of over 140k, it isn’t difficult to see why so many people want to become an F&I Manager. Finance and Insurance Manager positions earn the highest wages, second only to dealership General Managers. The sensational pay aside, F&I Management is extremely rewarding and one of the most important profit centers in any automotive dealership.
In F&I Management, you will have a tremendous impact on both your staff and customers. Below our experts at the College of Automotive Management outline the responsibilities of the top-paying and highest-earning F&I Managers.
Key Skills and Responsibilities
As an F&I Manager, you’ll work as part of a team where you will demonstrate your ability to increase productivity, delegate important tasks, and efficiently direct others. You will strive to develop a philosophy that maximizes production and profit while capturing your company’s values.
F&I Managers confirm the accuracy of final sales figures, prepare lending and vehicle registration paperwork, ensure documents needed for fast funding from lenders are in order and offer vehicle service contracts and insurance or aftermarket products to help protect their customers’ purchases.
100% customer satisfaction is always top-of-mind.
Additionally, F&I Managers possess a solid understanding of:
- DMV laws
- Compliance and Ethics guidelines
- Federal and State regulations
- DMV and contract forms, including the required disclosures
- Loan underwriting guidelines
- Credit bureau interpretation
- Loan stipulations
- Dealership sales and desking procedures
- Deal structuring and regulations
- Special finance lending guidelines
Top-tier F&I Managers also have sufficient working knowledge of Special Finance Manager skills. These include:
- Generating inbound leads
- Managing leads
- Phone and appointment setting
- Social media marketing to bring in additional business
- Professional sales process training
- Objection handling
- Presentation and negotiation training
If you aspire to become a top-paying F&I Manager, you must possess the competency of an F&I Director. Finance and Insurance Directors are expert automotive loan underwriters and interpreters of bank guidelines. They help ensure F&I managers can carry out all aspects of their jobs, which means they require the same knowledge and skills.
The College will Take you There
At CAM, our comprehensive online F&I training will prepare you for this rewarding and lucrative career.
If you have prior automotive sales experience, click here for all payment options and details for our Complete Automotive F&I Certification Bundle.
No industry experience? No problem! Click here for all payment options and details for our Complete Automotive Management and Lending Certification Bundle.
Most students complete our program courses in as little as 10-15 weeks, often working full time. In addition to this curriculum, you will have access to life-changing and invaluable coaching with the industry’s leading experts.
We are the industry’s highest-rated automotive program.
We love helping our graduates succeed! Partner with us today and begin your journey towards a rewarding career as a top-earning F&I Manager. Call us at 888-857-4411 to learn more and speak with one of our CAM Girls about your goals!