Finance Manager

$100,000 - $200,000/Yr

Swickard Auto Group - Anchorage, AK

Full-time - Mid Level

Anchorage, AK

About the position

The Finance Manager, also known as the F&I Manager (Finance and Insurance), plays a pivotal role in the profitability of the dealership. This position is essential for securing financing for customers, structuring deals, and presenting a variety of financial and insurance products to maximize customer satisfaction and dealership revenue. The Finance Manager will work closely with customers after they have selected their vehicles to discuss financing options, assess creditworthiness, and pre-qualify them for loan options from various lenders. This role requires strong negotiation skills to secure favorable loan terms and interest rates on behalf of the customer, ensuring that all loan documentation is accurate and compliant with regulations. In addition to financing and loan processing, the Finance Manager is responsible for presenting and explaining various financial and insurance products, such as extended warranties, gap insurance, and service contracts. Tailoring product recommendations to meet the customer's needs and budget is crucial, as is the ability to overcome objections and effectively close deals on F&I products. A deep understanding of all offered products and their benefits is necessary to succeed in this role. The Finance Manager will also focus on structuring financing deals that not only meet customer needs but also maximize dealership profit. Utilizing various tools and techniques to increase profitability within legal and ethical boundaries is a key aspect of this position. Tracking sales performance and identifying opportunities to improve F&I penetration is essential for driving revenue. Customer service and relationship building are at the heart of this role. The Finance Manager must provide exceptional service throughout the financing process, ensuring a smooth and positive experience for customers. Building trust and rapport while addressing concerns and questions with professionalism is vital, especially in high-pressure situations. Compliance with federal and state regulations is another critical responsibility. The Finance Manager must ensure that all financing and sales practices adhere to regulations such as the Truth in Lending Act and the Fair Credit Reporting Act. Staying informed about updates to regulations and adapting processes accordingly is necessary to maintain compliance. Additionally, the Finance Manager may have responsibilities that include training and mentoring sales staff on F&I products and processes, maintaining strong relationships with lenders and insurance providers, and assisting with monthly and quarterly sales reports and financial analysis as needed. Other duties may be assigned as required.

Responsibilities

• Meet with customers after the vehicle selection to discuss financing options.
• Assess customer creditworthiness and pre-qualify them for loan options from various lenders.
• Negotiate loan terms and interest rates with lenders on behalf of the customer.
• Secure financing approval and finalize loan documents.
• Ensure all loan documentation is accurate and compliant with regulations.
• Present and explain various financial and insurance products (extended warranties, gap insurance, service contracts, etc.).
• Tailor product recommendations to the customer's needs and budget.
• Overcome objections and effectively close deals on F&I products.
• Maintain a deep understanding of all offered products and their benefits.
• Structure financing deals that meet customer needs while maximizing dealership profit.
• Utilize various tools and techniques to increase profitability within legal and ethical boundaries.
• Track sales performance and identify opportunities to improve F&I penetration (percentage of customers purchasing F&I products).
• Provide exceptional customer service throughout the financing process, ensuring a smooth and positive experience.
• Build trust and rapport with customers, addressing their concerns and questions with professionalism.
• Maintain a positive and welcoming demeanor in sometimes high-pressure situations.
• Ensure all financing and sales practices comply with federal and state regulations (e.g., Truth in Lending Act, Fair Credit Reporting Act).
• Stay informed about updates to regulations and adapt processes accordingly.
• Train and mentor sales staff on F&I products and processes.
• Maintain strong relationships with lenders and insurance providers.
• Assist with monthly and quarterly sales reports and financial analysis (as needed).
• Other duties as assigned.

Requirements

• Proven experience as a Finance Manager or similar role in the automotive industry.
• Strong understanding of financing and loan processing.
• Excellent negotiation skills and ability to close deals effectively.
• In-depth knowledge of financial and insurance products.
• Ability to assess customer creditworthiness and pre-qualify for loans.
• Exceptional customer service and relationship-building skills.
• Strong analytical skills and attention to detail.
• Knowledge of federal and state regulations related to financing and sales.

Nice-to-haves

• Experience in training and mentoring sales staff.
• Familiarity with dealership management software.
• Strong communication and interpersonal skills.