Finance Manager Car Sales Job Description
Car sales finance managers are the people most car owners know as the final person you talk with before completing a finance or purchase of an automobile. Also known as the F&I person (finance and insurance) or the finance officer, the finance manager operates the financial backbone of a car dealership. He helps facilitate completion of necessary paperwork, while often attempting to sell additional insurances, services and warranties.
Other People Are Reading
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Basics
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In the Edmunds article "Confessions of an Auto Finance Manager," written by Philip Reed, Senior Consumer Advice Editor and Nick James, it is noted that while salespeople and sales managers negotiate terms of a car purchase, the finance manager is the one that "closes the deal." Car buyers often perceive the finance officer as the one who assists in completing auto loan paperwork. The article notes that a major part (and often the most profitable) of the finance manager's job, is to persuade customers to buy extended warranties, paint protection and undercoating."
Customer and Associate Relationships
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Maintenance of good customer and sales associate relationships are among the three major criteria noted in the "Automotive Finance Manager Job Description" listed on the Best-Phoenix-Sales-Jobs website. Strong customer service skills and satisfaction ratings are becoming increasingly prominent in the finance manager's position as new entrants into this occupation attempt adhere to new standards or ethical relationships in order to overcome a negative stigma. Efficiency in processing and high ethics with customers, along with good relationship with sales associates are noted as keys to the position.
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Financing
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Closing on financing deals is a major component of the finance manager's position. Just as salespeople have car quotas, finance managers often have sales goals. Finance officers must also continue to become educated on industry guidelines and ethical sales standards. They need to keep an organized filing system to keep track of in-progress and completed paperwork.
Administrative
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Finance managers must adhere to basic standards of the car business in which they work. Some salespeople and customers refer to the finance officer as the "business man" or "business manager." This suggests that basic business acumen, including punctuality and appropriate dress, applies. Accuracy in paperwork and efficiency in form completions are necessary, as well.
Considerations and Perceptions
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Prospects for a career in a car sales finance manager position need to understand there are opportunities to make good money on commissions, but you must also deal with the questionable practices used in back offices of some companies and the negative customer perception that results. In Part 2 of the Edmunds article, the authors discuss inside experiences in F&I that include padding of interest rates, shady practices, and aggressive sales tactics used in some finance offices.
Michael Royce points out in his article "Car Negotiation Tips: Auto Dealer Secrets Revealed" published on AOL Autos that business managers, or finance managers, are really salespeople working on a commission. Royce goes on to advise people to consider arranging loans ahead of time and to avoid the "extras." Finance managers must work against these perceptions in the market.
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References
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