Auto Dealership Finance Manager
Job Description
Job Description
As an Automotive Finance Manager with Bob King Auto Group, you would play a crucial role in the daily operations of the dealership. You would act as the intermediary between customers and financial institutions. You are responsible for facilitating vehicle financing options, ensuring compliance with local, state, and federal regulations, and enhancing the dealership’s profitability through effective finance and insurance sales. This position requires a blend of strong customer service skills, financial acumen, and a deep understanding of the automotive industry.
Key Responsibilities1. Vehicle Financing
- Work closely with customers to understand their financial needs and present financing options tailored to their circumstances.
- Collaborate with banks, credit unions, and other lending institutions to secure the best financing terms for customers.
- Review and explain financing terms, loan agreements, and payment schedules to customers, ensuring they fully understand their commitment.
2. Insurance and Warranty Sales
- Promote and sell insurance products, extended warranties, and other value-added services to customers purchasing vehicles.
- Explain the benefits and coverage of these products in a transparent and customer-friendly manner.
- Ensure all products meet regulatory requirements and dealership standards.
3. Compliance and Documentation
- Ensure all financial transactions comply with state and federal laws, including Truth in Lending Act (TILA) and other relevant regulations.
- Oversee the preparation and accuracy of all financial documents, ensuring they are complete and submitted on time.
- Maintain thorough records of financing agreements, insurance sales, and loan approvals.
4. Relationship Management
- Build and maintain strong relationships with financial institutions to negotiate favorable terms for both the dealership and customers.
- Foster a positive customer experience by providing clear and honest communication throughout the financing process.
- Collaborate with the sales team to align financing options with customer needs and preferences.
5. Financial Performance and Reporting
- Monitor and analyze dealership’s finance and insurance (F&I) performance metrics, including profit margins and product penetration rates.
- Develop and implement strategies to improve F&I revenue while maintaining customer satisfaction.
- Prepare financial reports for dealership management, outlining performance, trends, and improvement recommendations.
Key Skills and Competencies
- Strong understanding of automotive financing and lending processes.
- Knowledge of credit analysis, interest rates, and loan structures.
- Familiarity with insurance products, warranties, and dealership F&I tools.
- Exceptional interpersonal and communication skills to effectively interact with customers of diverse backgrounds.
- Ability to explain complex financial concepts in a simple, clear, and approachable way.
- Strong negotiation skills to secure the best possible terms for customers and the dealership.
- Thorough knowledge of local, state, and federal regulations related to automotive financing and insurance sales.
- Meticulous attention to detail to ensure all documentation is correct and in compliance.
- Proven sales skills with the ability to identify opportunities and close deals effectively.
- Understanding of marketing strategies to promote F&I products and services.
- Ability to upsell relevant financing and insurance products to enhance customer satisfaction and dealership revenue.
Qualifications
- Bachelor’s degree in finance, business administration, or a related field (preferred).
- Previous experience in automotive finance REQUIRED.
- Proficiency in F&I software and dealership management systems.
- Strong knowledge of financial institutions and lending policies within the automotive industry.
- Certification in F&I management or related fields (e.g., Association of Finance & Insurance Professionals) is a plus.
The role of an Automotive Finance Manager is vital to the success of any dealership, bridging the gap between customers and financial institutions while ensuring profitability and compliance. It requires a unique combination of financial expertise, customer service skills, and sales acumen. For individuals passionate about the automotive industry and adept at navigating the complexities of finance, we look forward to speaking with you!
Benefits
- Paid Training
- PTO and 2 Paid Holidays
- Insurance - Medical, Dental, Vision, Life
- 401K after 1 year
- HSA options
- 5 Day Work Week - Every Sunday off
- Competitive Pay Plan
- Strong Promote from Within Culture at all levels