If you’re interested in becoming a finance manager at a car dealership, there are several things you can do to prepare yourself for the role.
First and foremost, go to school for accounting. You’ll need to have an understanding of the financial side of things in order to manage the dealership’s finances, so it’s important that you have this knowledge base under your belt before you start the job.
You should also get some experience working in a financial setting. If possible, try to get an internship at a bank or other financial institution so that you can learn more about what goes on behind the scenes of these types of organizations. This will help you better understand how money moves around and how it relates to businesses like car dealerships.
Finally, make sure that you know how to manage people! Being able to motivate others and keep them on track with their goals is essential if you want them to succeed as well as yourself.
How To Become Finance Manager At Car Dealership
An Automotive Finance Manager is responsible for overseeing the financing process for new and used vehicles. A Finance Manager is usually the person that sales representatives seek approval from when closing a deal with a potential customer. Aside from managing the finance process, Finance Managers are also in charge of creating sales training programs and ensuring that all transactions meet federal, state, and local regulations.
How Do You Become an Automotive Finance Manager?
To become an Automotive Finance Manager, you should have a bachelor’s degree, although it is not required by all employers. Most Automotive Finance Managers have several years of experience in the automotive industry as dealership salesmen and have held sales management positions before moving onto finance management. The primary skills employers are seeking from automotive sales experience are excellent communication abilities and a thorough understanding of car sales.
What Does a Finance and Insurance Manager Do?
A finance and insurance manager is responsible for helping customers finance their vehicle purchase by working with lending agencies; they are also responsible for having a deep understanding of aftermarket options and warranties that can be purchased with the vehicle being sold. Like Automotive Finance Managers, finance and insurance managers are also responsible for training sales teams and ensuring they meet sales goals at the dealership.
What Are the Benefits of an Automotive Finance Manager Job?
An Automotive Finance Manager should expect benefits similar to any other full-time corporate position. These benefits may include health and dental insurance, 401k, retirement savings plans, and other useful benefits. Finance Managers can also expect compensation bonuses for each finalized finance loan or for convincing customers to purchase specific options and warranties.
Auto finance managers determine the best financing option for customers at auto dealerships. They may also assist in negotiations regarding price and financing with customers.
The chart below shows the education requirements, job duties, and salary of auto finance managers.
| Degree Required | Bachelor’s degree |
| Key Responsibilities | Determining best financing option for customers, closing deals |
| On-the-Job Training | None |
| Job Outlook (2020-2030) | 17% (all financial managers)* |
| Median Salary (2021) | $59,982** |
Sources: *U.S. Bureau of Labor and Statistics, **PayScale.com
Step 1: Earn a Bachelor’s Degree
Those interested in becoming auto finance managers will need bachelor’s degrees. It is recommended this be in a field such as business, accounting, finance, or economics. While it is occasionally possible to be hired as an auto finance manager with a high school diploma and experience, this is the exception rather than the rule.
Step 2: Get Experience
Auto finance manager isn’t a position one steps into straight out of college. One is expected to have between two and five years of experience in a financial management, automotive sales, or automotive sales management position. It is possible to work one’s way up from selling cars to the position of auto finance manager. You’ll want to focus on developing your skills as a people person and learn how to close a deal.
Step 3: Get the Job
Once you have proven your ability in a related area of automotive sales, you’ll want to apply for an auto finance manager position. To get the position you will need to demonstrate skills you have mastered in your current position. These skills include, but are not limited to, sales, negotiation, closing a deal, interpersonal communication, analytical thinking, and problem solving. You’ll also want to demonstrate your grasp of your company’s sales process and title and registration laws, in addition to your outgoing personality.
Step 4: Get an MBA (optional)
While not required to be hired, those with an MBA have a greater chance of being hired for an auto finance management position. While studying for an MBA you’ll learn leadership and other business skills which will help you succeed as an auto finance manager. Having an MBA also shows you are dedicated and willing to work hard.
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