Cars And Finance: 6 Reasons To Pursue A Career As An F&I Manager


November 5, 2021
Advice, Automotive
Editorial


As surprising as this may seem to some, the automotive industry is still a relatively young one. After all, it’s been only a century since cars were first produced on a large scale. However, from working on the assembly lines to selling and financing these new marvels, there have always been plenty of jobs for hard-working auto industry employees.

Some may aspire to be a car salesman responsible for selling cars to potential customers interested in purchasing them. However, if you aren’t a good salesperson but are interested in finance, a career trajectory to become an F&I manager may be more up your alley.

If you’re still not sure whether this is the direction you want to take, here are six good reasons why one should consider pursuing a career as an F&I manager.

  •  More Diverse Workforce

A diverse workplace is an inclusive workplace, which is why it’s good to work in places where people with different backgrounds, ages, perspectives, and personalities are present.

One of the reasons F&I managers can work together with people from different sectors of society is that their job duties include many various tasks. These can range from meeting with customers in person or over the phone or email to working with finance and insurance reps to negotiate product prices for their dealership. It may also include conducting market research and analysis of customer behavior, providing product support and training, and making presentations to staff. New technologies such as teleconferencing also enable F&I managers to work with customers and colleagues outside the dealership, broadening their network and improving their skills.

  • Higher Salary

Most F&I managers sell the most profitable products such as car insurance for dealerships rather than selling the cars themselves. They generate revenue by selling vehicle service contracts and extended warranties, making them key players in the automotive industry. They may also sell gap insurance and even purchase or lease protection plans.

An F&I manager’s salary can vary depending on which company and dealership they work for. However, their average salary is said to be one of the highest out of any position in the auto industry.

  • More Opportunities To Advance

Because F&I managers are highly valued by dealerships, career advancement is often possible with just a little bit of experience and good performance on the job. There are many opportunities to climb up the corporate ladder no matter how long one has been in the position. Since they’re managers who work with finance and insurance products, they can even move into other related careers if they don’t like their current position. Some may also decide on owning their own dealership over time.

The F&I position is rewarding and offers many benefits, such as working with customers, exploring multiple industries, traveling for business meetings, and being recognized for milestones by your company.

  • More Flexibility

A lot of people will agree that a job that’s flexible and gives them the freedom to work on their terms is the kind of job  they’ll enjoy and excel in.

Most F&I managers work regular hours during the week, Monday through Friday. However, since people often purchase cars as a weekend activity, many dealerships rely on F&I managers to perform their duties and close sales during this period. Thus, they usually have the flexibility to work on Saturdays and Sundays to meet with car buyers.

  • Job Security

Although many new cars are sold and purchased by private individuals, most dealer sales offices rely on F&I managers to sell their add-ons. This means that demand for F&I managers remains high, and employment opportunities are steady.

Also, as the automotive industry continues to grow, so will the demand for F&I managers. This means that there’s job security for this position.  In comparison to other industries that experience downsizing due to financial crises, dealership managers can expect more secure employment as long as there are people who purchase cars.

If you have a certificate in finance and insurance, you may even explore other industries such as banking and insurance. You may also find employment opportunities in college campuses, offices, and other settings where people need a helping hand with their finances.

  • Interaction With Customers

Since F&I managers work with customers interested in purchasing cars, they can interact with people whose sole interest is buying a car. This interaction can be used as an effective sales tool if the F&I manager can connect with customers.

Social and communication skills are necessary to be a successful F&I manager which you’ll be able to sharpen over time. This skill can be used even after you have retired from the industry and help you get a job at a dealership as a car salesman or another type of automotive professional.

Conclusion

When considering a career as an F&I manager, you should weigh all of the factors and determine whether or not this is the ideal job for you. After reading the six reasons to pursue a career as an F&I manager, it’s clear that there are many benefits available to those who work in this industry.