With an average annual salary of $104,075, the Finance and Insurance (F&I) manager position is one of the most lucrative in the car sales industry. But it’s tough to become an F&I manager without experience. So how do you become an F&I manager at an auto dealership?
Dealerships are looking for candidates with a strong performance record in the F&I office. That said, even the best F&I managers started somewhere.
4 Steps to Becoming an F&I Manager
The role requires long hours and the skill to negotiate with customers and lenders. Managers are also responsible for protecting dealerships from paperwork liability.
Follow the steps below to become a highly sought-after and knowledgeable F&I manager.
Step #1: Take a Course
F&I programs will teach you everything you need to know about automotive financing and how to become an F&I manager. Tuition depends on where you are taking the course and you get an F&I certification.
Certification shows employers you understand lending basics and have training specifically for their industry. Remember, the car sales industry is constantly changing, so professional training will help set you apart from other candidates.
The course helps improve your marketability as an F&I manager, especially if you have some car sales experience. For instance, you might accept a temporary sales position to learn more about the sales process before enrolling in the course.
Step #2: Hone Paperwork and Organizational Skills
People in sales are notorious for maintaining sloppy paperwork. Ensure all deals are well documented and ready for the finance department.
F&I managers regularly handle multiple deals at once, so impeccable paperwork and organizational skills are critical.
Step #3: Learn Dealership Offerings
Review and routinely refresh your knowledge of dealership F&I offers. The finance manager can also help you. Get permission from your manager and try selling one offer during a test drive.
Doing this shows the management that you are an excellent match for the F&I manager position.
Step #4: Ask to Fill In
When you have a stellar reputation for your paperwork and sales skills, you can offer to fill in for an F&I manager when they are busy or away from the office.
This helps improve your skills. F&I managers will go on vacations, so the dealership might require someone to fill in for them while they are away.
It’s Time You Take the Leap
Enough success in sales, experience and training are all you need to become an F&I manager. Leap once the position is available. You may get promoted in the dealership you are working at or receive better offers from other dealerships.
To find out more about how Vantage Financing helps dealerships, contact us today.
