WHAT IS AN AUTOMOTIVE FINANCE MANAGER JOB
An automotive finance manager job is a position in the automotive industry that focuses on managing the financial aspects of a dealership or auto finance company. This job requires the individual to have a strong understanding of finance and accounting principles in order to make informed decisions regarding financing options, loans, and leases for customers. The primary goal of an automotive finance manager is to ensure that the dealership or finance company is profitable while providing customers with a successful financing experience.
WHAT USUALLY DO IN THIS POSITION
An automotive finance manager is responsible for managing the financial aspects of a dealership or finance company. This includes developing and implementing financing strategies, assessing customer creditworthiness, negotiating loan terms with lenders, and approving financing applications. Additionally, the finance manager is responsible for ensuring compliance with all relevant state and federal regulations, such as the Truth in Lending Act.
TOP 5 SKILLS FOR POSITION
- Strong understanding of finance and accounting principles
- Excellent communication and negotiation skills
- Ability to analyze and interpret financial data
- Familiarity with relevant state and federal regulations
- Customer service and sales skills
HOW TO BECOME THIS TYPE OF SPECIALIST
To become an automotive finance manager, individuals typically need a bachelor's degree in finance, accounting, or a related field. Some dealerships or finance companies may also require additional certifications, such as the Certified Finance and Insurance Professional (CFIP) certification. Additionally, experience in the automotive industry and/or finance industry is highly valued.
AVERAGE SALARY
According to Glassdoor, the national average salary for an automotive finance manager is $84,000 per year. However, salaries can vary based on location, experience, and the size of the dealership or finance company.
ROLES AND TYPES
Automotive finance managers can work in a variety of settings, including dealership finance offices, independent finance companies, and banks. Some finance managers may specialize in a particular type of financing, such as auto loans or leases. Additionally, some automotive finance managers may also be responsible for managing the dealership's insurance and warranty programs.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
According to Indeed, some of the top locations for automotive finance manager jobs in the United States include Detroit, MI, Houston, TX, Atlanta, GA, and Los Angeles, CA. However, job opportunities for automotive finance managers can be found in many locations throughout the country.
WHAT ARE THE TYPICAL TOOLS
Automotive finance managers typically use a variety of tools to manage the financial aspects of a dealership or finance company. This can include financial software and databases for analyzing customer creditworthiness and loan terms, as well as communication tools for negotiating with lenders and communicating with customers.
IN CONCLUSION
Automotive finance manager jobs are an important and challenging position in the automotive industry. With a strong understanding of finance and accounting principles, excellent communication and negotiation skills, and familiarity with relevant state and federal regulations, individuals can succeed in this role. As the automotive industry continues to evolve and change, the role of the automotive finance manager will continue to be an integral part of the industry's success.