What Is an Automotive Finance Manager and How to Become One
An automotive finance manager is responsible for overseeing the financing process for new and used vehicles. A finance manager is usually the person that sales representatives seek approval from when closing a deal with a potential customer. Aside from managing the finance process, finance managers are also in charge of creating sales training programs and ensuring that all transactions meet federal, state, and local regulations.
To become an automotive finance manager, you should have a bachelor’s degree, although it is not required by all employers. Most automotive finance managers have several years of experience in the automotive industry as dealership salesmen and have held sales management positions before moving onto finance management. The primary skills employers are seeking from automotive sales experience are excellent communication abilities and a thorough understanding of car sales.
What Does a Finance and Insurance Manager Do?
A finance and insurance manager is responsible for helping customers finance their vehicle purchase by working with lending agencies; they are also responsible for having a deep understanding of aftermarket options and warranties that can be purchased with the vehicle being sold. Like automotive finance managers, finance and insurance managers are also responsible for training sales teams and ensuring they meet sales goals at the dealership.
An automotive finance manager should expect benefits similar to any other full-time corporate position. These benefits may include health and dental insurance, 401k, retirement savings plans, and other useful benefits. Finance managers can also expect compensation bonuses for each finalized finance loan or for convincing customers to purchase specific options and warranties.