Automotive F&I (Finance & Insurance) Manager Purpose:
- The Finance and Insurance Manager is responsible for producing additional revenue for the dealership by selling finance and insurance products to new and used car customers and achieving a high level of customer satisfaction.
Responsibilities: Automotive F&I (Finance & Insurance) Manager Duties and Responsibilities
- Sells financing and credit life, accident, and health insurance to customers.
- Provides customers with thorough explanation of aftermarket products and extended warranties.
- Converts cash deals to finance.
- Submit paperwork to and obtain approval from finance sources on all finance deals
- Establishes and maintains good working relationships with several finance sources, including the manufacturer.
- Processes finance and lease deals accurately and fairly through financial sources to secure approval.
- Verify insurance with customers agents, obtain partial payments, verify trade payoffs
- Conducts business in an ethical and professional manner.
- Processes all federal, state and dealer paperwork related to vehicle transaction.
- Understands and complies with federal, state, and local regulations that affect the new- and used-vehicle and finance departments.
- Acquires and maintains current state insurance license, completing continuing credit insurance education as needed.
- Provides customers with complete explanation of manufacturer and dealership service procedures and policies.
- Seeks new lending institutions to secure competitive interest rates and finance programs continually.
- Handle all rate quotations
- Manages the alternative finance source program to ensure that several sources are available.
- Sets up and maintains a program which will ensure 100 percent turnover to the F&I department.
- Provides sales force and sales managers with current information about finance and lease programs continually.
- Trains the sales staff regarding the benefits of financing, insurance and extended service programs.
- Works with sales managers to secure a reasonable profit from every sale.
- Coordinates finance forecasting with sales department forecasting to achieve desired levels of penetration and income.
- Works closely with general sales manager to establish sales department goals and objectives and ensures that they are achieved.
- Attends managers’ meetings.
- Other duties may be assigned.
Automotive F&I (Finance & Insurance) Manager Qualifications:
- At least 1 year Automotive F&I Management experience
- Ability to read and comprehend instructions and information
- Knowledge of dealership finance and insurance procedures
- ADP experience preferred, but not required
- Experience developing sales staff
- Microsoft Office knowledge (Word, Excel, PowerPoint, Outlook)
- High School Diploma or higher
- Stable career with previous employers
- Must be authorized to work in the USA
- Must be able to pass pre-employment testing to include background checks (MVR, drug test)