Automotive Finance Careers
The Bureau of Labor Statistics, or BLS, says that the automotive industry will most likely decline 6 percent between 2008 and 2018 because of the anticipated major domestic auto manufacturer restructuring of U.S. dealerships. However, the BLS also projects that finance careers will escalate 8 percent during this time period, adding that your expertise in financial operations and accounting might set you apart from other job candidates vying for limited positions in your field.
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Function
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As an automotive finance professional, also called a finance and insurance manager or F&I manager, your primary responsibility is to ensure that your employer receives the agreed-upon sales figures for new and used car sales and leases from individual clients, companies and organizations. Your job duties also include discussing after-market products and services, such as extended warranties, with clients and obtaining credit approval for your customers from automotive finance companies or banks. Additionally, you educate your company's sales staff about financing products and services and prepare the client's delivery documentation that clearly outlines the final sales price, payment terms and finance conditions.
Education
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You might gain employment as a finance manager with a bachelor's or master's degree in finance, accounting, business administration or economics. However, some automobile dealerships favor candidates who receive specialized training in automotive financing, says the Automotive Dealership Institute, a private Scottsdale, Arizona-based finance and insurance training facility. Some courses you might take in a finance manager school include automotive F&I software, lender relations, state Department of Motor Vehicle laws and vehicle dealership operations.
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Considerations
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You must exhibit superior interpersonal relations skills in your dealings with clients and potential clients to fulfill your automotive finance professional duties, says the BLS. You must also practice team work with the other employees at your dealership to achieve your employer's sales objectives. Finally, you must have excellent communication skills to explain complicated financial information to clients of differing education levels.
Wages
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Your automotive finance manager salary will depend on many factors including the area of the United States in which you work, your commission structure and years of service to your employer. However, automotive finance managers in the United States averaged $58,265 per year in January of 2011, according to PayScale.com, an independent online salary data company that operates out of Seattle, Washington.
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References
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