Parts & Accessories Department

Job Descriptions and Performance Evaluations FINANCE MANAGER

Finance Manager Job Description

The Finance and Insurance Manager is responsible for producing additional revenue for the dealership through the selling of finance and insurance programs and extended service contracts to new and used unit customers. He reports to the Sales Manager. The F&I department can, if run properly, generate as much profit on a deal as the actual margin on the unit. This being the case, it is important that the right individual fill this job. The F&I Manager is an individual who is very goal oriented, organized, and pays careful attention to detail. This individual must have a working knowledge of many different programs from many different lenders and must also be able to fill out the paperwork properly to ensure timely payment occurs smoothly for both the dealership and the customer.

The successful F&I Manager will interact in the most professional manner possible with both customers and his fellow employees. He will be motivated by a desire to excel and not merely be seeking to “get by.” This position will require the individual to be very organized, as many of the day to day responsibilities of the manager are time sensitive. Procrastinators, poor time managers, and the unorganized will be unable to perform to acceptable standards for any length of time.

It is essential that the F&I Manager understand that everything done in the department is done to create and maximize sales and put as much money in the register as possible. The Manager must be friendly, honest and knowledgeable about the products he sells. He must apply the key sales fundamentals as applicable as well. In short, it is the responsibility of the F&I Manager to make sure that he creates a “Sales Culture” in his department so that everyone understands that the most important thing that happens in the dealership is putting cash in the register while putting smiles on the faces of the customers. Every action, attitude, display, product, and service in the dealership is solely for this purpose.

The F&I Manager must adopt and foster this attitude himself so that over time it is truly a natural atmosphere or “culture” in his department.

Following are the specific duties of the F&I Manager:

 Be available for a finance and insurance turnover of every retail customer, both new and used.

 Sell finance, credit life, accident and health insurance, and extended service contracts to all customers.

 Obtain finance approval from lending institutions on all finance deals.

 Instruct salespeople in the methods to aid in selling F&1, A&H, and service contracts.

 Ensure that Sales Associates are always aware of current OEM F&I programs as well as secondary lender programs by assisting in the leading of sales meetings.

 Work closely with the Sales Manager to secure good profit from each sale, both front and back gross.

 The F&I Manager should always be seeking out and securing financial sources to purchase finance paper. Finance companies run hot and cold. Initially, a company may buy nearly anything sent to them only later turning cold and being more rigid on approvals.

 Prepare, submit, and file weekly reports on finance penetration.

 Check all paperwork on both finance and cash deals to ensure title, lien, taxes, and other related delivery documents are correct.

 Be responsible for all rate questions.

 Maintain a record of finance and insurance fees due the dealership and ensure its collection.

 Maintain insurance files and prepare and submit necessary claims.