Description

Automotive finance managers, often referred to as finance and insurance administrators, work in dealerships for automobiles, helping to determine the most suitable financing option for their customers. They should be aware of their company's best practices and offerings and be aware of the financing and credit procedures as well as title laws and registration procedures. Managers must make sure that the deals they sign are in compliance with state, local and federal laws. Other duties performed by automotive finance managers could include negotiating with customers, helping the department manager in the necessary tasks and submitting financial agreements to banks, and carrying out other duties related to the process of loan.

In general, finance managers in the automotive industry are employed full-time in the car dealership or in another sales-related setting. They usually work during the hours that their company operates however, they might need to work additional or alternative hours based on their business's requirements. The job usually has no physical requirements and is performed mostly in offices.

Finance managers for automotive finance should have prior experience working in an auto dealership in the finance department. They should be adept with basic computer programs, possess outstanding communication skills and possess strong interpersonal skills to effectively work with customers and colleagues.

Roles & Responsibilities

As an Automotive Finance Manager with 0-3 years of experience in the United States, your main responsibilities include:

  • Managing financing applications and assisting customers in securing appropriate auto loan options.
  • Evaluating credit profiles and coordinating loan approvals with lenders.
  • Explaining financing terms and conditions to customers, ensuring their understanding.
  • Collaborating with the sales team to structure deals and maximize profitability while meeting customer needs.

Qualifications & Work Experience

For an Automotive Finance Manager job role, the following qualifications are required:

  • In-depth knowledge of automotive finance and leasing processes to effectively manage financing operations, including loan origination, credit analysis, and contract negotiation.
  • Strong financial analysis skills to evaluate the profitability and risk of potential automotive finance deals, and to identify opportunities for cost reduction and revenue growth.
  • Excellent communication and negotiation abilities to interact with customers, dealerships, and financial institutions, ensuring smooth and efficient financing transactions.
  • Leadership and team management skills to oversee a team of finance professionals, providing guidance, training, and support for achieving departmental targets and objectives.

Essential Skills For Automotive Finance Manager

1

Finance Analytics

2

Financial Management

3

Financial Accounting

4

Insurance Management

Skills That Affect Automotive Finance Manager Salaries

Different skills can affect your salary. Below are the most popular skills and their effect on salary.

Sales

2%

Career Prospects

The role of an Automotive Finance Manager is vital in ensuring effective financial management within the automotive industry. For individuals with 0-3 years of experience in the United States, there are several alternative roles worth considering. Here are following options to explore:

  • Credit Analyst: A position involving the evaluation of creditworthiness, assessing loan applications, and managing risk within the automotive finance sector.
  • Dealer Relationship Manager: A role focused on building and maintaining relationships with automotive dealerships, facilitating financing options, and supporting sales initiatives.
  • Collections Specialist: A position responsible for managing delinquent accounts, implementing collection strategies, and ensuring timely payment within the automotive finance field.
  • Risk and Compliance Associate: A role involving monitoring regulatory compliance, managing risk assessments, and implementing control measures to mitigate financial risks in the automotive finance industry.

How to Learn

The role of Automotive Finance Manager is projected to experience steady growth in the United States market. Over the last 10 years, the job role has seen an increasing demand, signifying a positive trend in the industry. With the continuous development of the automotive sector, this position is expected to offer a substantial number of employment opportunities in the future. Google data points indicate that the Automotive Finance Manager position is likely to see a promising job market with a consistent need for professionals in this field.