Finance Manager

An Automotive Finance Manager is responsible for overseeing the financial aspects of vehicle sales at car dealerships. This position requires a strong understanding of financing, contracts, and customer service, as well as a deep knowledge of lending institutions, interest rates, and the various financing options available to customers.

Job Responsibilities:

• Customer Financing:
• Guide customers through the financing process and help them choose the best financing options for their vehicle purchase.
• Work with banks, credit unions, and other financial institutions to secure loan approval for customers.
• Explain the terms of financing agreements and ensure customers understand payment schedules, interest rates, and other associated costs.
• Loan & Lease Management:
• Manage and process the finance paperwork for loans, leases, and other financial products.
• Ensure all documents are accurately completed and compliant with regulations.
• Monitor the status of all contracts and handle any issues related to financing or payment.
• Sales Support:
• Collaborate with the sales team to ensure that finance options are available and explained to customers in a clear and effective manner.
• Provide financing quotes to customers and handle trade-in valuations.
• Compliance & Reporting:
• Ensure compliance with federal, state, and local regulations regarding financing and lending.
• Prepare reports on finance department performance, including revenue from financing, leasing, and aftermarket products.
• Conduct audits to ensure all finance processes and documentation are legally compliant.
• Managing Financial Products:
• Sell additional financial products such as warranties, insurance, and GAP insurance.
• Promote aftermarket products to customers, including service packages and protection plans.
• Customer Relations:
• Maintain positive relationships with customers, answering any financial questions, and addressing concerns about their financing.
• Work to increase customer satisfaction by providing excellent service throughout the financing process.

Skills & Qualifications:

• Experience: Previous experience in automotive sales, finance, or banking is highly preferred.
• Knowledge: Familiarity with financial products (loans, leases, insurance) and financing options available for vehicle purchases.
• Sales: Strong sales skills to promote financing products and services.
• Customer Service: Excellent communication and customer service skills to explain financial terms and help customers feel confident in their decisions.
• Detail-oriented: Ability to manage large amounts of paperwork, ensuring all contracts and agreements are accurate.
• Compliance: Understanding of relevant laws and regulations related to automotive financing, including credit checks and lending policies.

Education:

• A high school diploma or GED is required..
• Certifications in finance or automotive sales may be beneficial.

Work Environment:

• Typically works in an automotive dealership, often in a fast-paced environment.
• Some dealerships may require working evenings or weekends to accommodate customers' schedules.

Salary:

• Base Salary: Often supplemented by commissions, bonuses, and incentives.
• Commission-based structure: Pay may vary depending on sales performance and volume of financing deals closed.

This role is key to maintaining smooth operations in the dealership's sales process while ensuring that customers have access to financing options that meet their needs.

When an Automotive Finance Manager has a PVR expectation of 1750, it refers to the Per Vehicle Retail expectation. PVR is a key metric used to measure the average revenue generated per vehicle sold, primarily from finance and insurance (F&I) products, including loan or lease financing, extended warranties, GAP insurance, service contracts, and other aftermarket products.

In this case, a PVR expectation of 1750 means that the Finance Manager is expected to generate an average of $1,750 in revenue per vehicle sold through the sale of these financial products. This target is typically set by the dealership to ensure that the finance department is contributing a substantial portion of the overall revenue.

Here’s how this PVR expectation influences the Automotive Finance Manager's role:

PVR Expectation of 1750 - How It Affects the Finance Manager’s Responsibilities:

• Focus on Finance and Insurance (F&I) Sales:
• The Finance Manager will be expected to actively promote and sell various financial products (such as extended warranties, GAP insurance, tire protection, etc.) to achieve the $1,750 per vehicle target.
• This includes ensuring customers are aware of all the available F&I products, explaining their benefits, and closing sales on these products.
• Targeted Financial Offerings:
• The Finance Manager will need to tailor financing solutions that help boost PVR. For example, they may offer longer loan terms or higher-margin insurance products that contribute to the PVR goal.
• Sales and Negotiation Skills:
• The Finance Manager must use strong sales and negotiation skills to convince customers of the value of additional products beyond just the car loan or lease.
• Upselling F&I products is essential for meeting the PVR goal. This might include selling higher-value protection plans or bundling several services together to maximize revenue.
• Tracking and Reporting PVR:
• The Finance Manager will need to regularly track their performance against the 1750 PVR target, ensuring they are meeting or exceeding expectations.
• This involves compiling data on each vehicle sale and the associated financial products sold to ensure that the dealership’s goals are being met.
• Collaboration with Sales Team:
• Close collaboration with the sales team is important to ensure that vehicles are priced appropriately and customers are offered financing options that meet their needs while allowing for the sale of additional F&I products.
• Customer Education:
• Since PVR relies heavily on selling additional products, the Finance Manager will need to educate customers on the benefits of these offerings in a non-pushy, customer-friendly way.
• Performance-Based Incentives:
• Meeting or exceeding the $1,750 PVR target is often tied to performance-based bonuses or incentives. The Finance Manager's compensation may be directly affected by their ability to reach or surpass this goal.

Example of a PVR Breakdown:

If a Finance Manager sells a vehicle for $30,000, and the dealership expects a PVR of $1,750, the Finance Manager’s role is to generate that $1,750 in additional revenue through financing and add-on products. For example:

• Loan/Lease Profit: $500
• Extended Warranty: $600
• GAP Insurance: $400
• Other Add-ons (e.g., paint protection, service contracts): $250

The Finance Manager would need to ensure they reach this $1,750 target through these products and services, either by upselling or offering the right combination of products to meet customer needs.

Conclusion:

The PVR expectation of 1750 sets a clear financial goal for the Automotive Finance Manager, driving them to focus on not only securing loans and leases for customers but also selling profitable aftermarket products. Their success in meeting this target will contribute to both the dealership's revenue and their own compensation.

When the Automotive Finance Manager has additional expectations of 60% VSC (Vehicle Service Contracts) and 50% GAP (Guaranteed Asset Protection), these percentages represent specific targets for the sale of these particular F&I products. The Finance Manager is expected to achieve a certain percentage of total vehicle sales in these categories to meet dealership goals.

Here's how these expectations break down and impact the Finance Manager's role:

Expectations of 60% VSC and 50% GAP:

• 60% VSC (Vehicle Service Contracts):
• The 60% VSC target means that the Finance Manager is expected to sell vehicle service contracts (also known as extended warranties) on 60% of all vehicles sold.
• A Vehicle Service Contract covers the cost of repair and maintenance beyond the manufacturer's warranty, which can be an attractive option for many car buyers.
• This target incentivizes the Finance Manager to promote the benefits of extended coverage, particularly for customers purchasing new or used vehicles, which often require service coverage after the manufacturer’s warranty expires.
• The Finance Manager should be adept at explaining the value of a VSC, particularly for customers who plan to keep their vehicles for a long period or want peace of mind regarding unexpected repairs.
• 50% GAP (Guaranteed Asset Protection):
• The 50% GAP target means that the Finance Manager should aim to sell GAP insurance on 50% of vehicles sold.
• GAP insurance covers the difference between the vehicle’s actual cash value (in case of theft or total loss) and the remaining balance on the customer's loan or lease. This is important for customers who are financing a vehicle, as they may owe more than the car is worth if it's totaled in an accident or stolen.
• Achieving this target involves educating customers on the risks of being "upside down" on their loan or lease, particularly for those who finance a large portion of their vehicle purchase or who choose longer-term loans.

How These Expectations Affect the Finance Manager's Role:

• Increased Focus on Product Presentation:
• The Finance Manager must proactively present both VSC and GAP insurance as key parts of the financing package, especially for customers who may not be aware of the benefits.
• The Finance Manager should also be prepared to handle objections and effectively communicate how these products protect the customer’s financial investment.
• Sales Strategy:
• To achieve the 60% VSC and 50% GAP targets, the Finance Manager needs to integrate these products into every finance conversation. This involves tailoring the pitch based on the customer’s needs:
• For example, a customer purchasing a new vehicle may be more interested in a VSC to extend their coverage after the factory warranty expires.
• A customer financing a vehicle with a low down payment or long loan term might be more interested in GAP insurance to cover the difference in case of total loss.
• Salesmanship:
• Strong salesmanship is required to meet these product sales expectations. The Finance Manager will need to be persuasive but not overly pushy, explaining the financial security and peace of mind that VSC and GAP provide.
• Upselling these products in a way that aligns with the customer’s goals (e.g., saving on future repairs, protecting against a total loss) is critical.
• Tracking Performance:
• The Finance Manager will need to track their progress toward the 60% VSC and 50% GAP targets. Regular performance reports are essential to ensure that these targets are being met.
• In cases where targets are not being met, the Finance Manager will need to adjust their approach, possibly offering promotions or additional information to close more deals on these products.
• Collaboration with Sales Team:
• The sales team plays a critical role in supporting these goals. For instance, if the sales team is aware of a customer’s driving habits or long-term vehicle plans, they can flag potential buyers for VSC or GAP products before the Finance Manager gets involved, making the Finance Manager’s job easier.
• Additionally, understanding the inventory (e.g., high-value vehicles or longer-term financing options) will allow the Finance Manager to prioritize these products where appropriate.
• Compensation and Incentives:
• The Finance Manager’s compensation is often tied to the performance of these product sales, so meeting the 60% VSC and 50% GAP targets will have a direct impact on their earnings.
• Bonuses or commissions can be structured based on the volume of VSCs and GAP insurance sold, so hitting these targets can significantly boost a Finance Manager's income.

Example Breakdown of VSC and GAP:

Let’s say the dealership sells 100 vehicles in a given month:

• The Finance Manager should aim to sell 60 Vehicle Service Contracts (VSCs) — 60% of 100 vehicles.
• The Finance Manager should also aim to sell 50 GAP policies — 50% of 100 vehicles.

These targets will drive the Finance Manager to focus not only on getting the customer approved for financing but also on pushing additional, profitable products like VSCs and GAP insurance to meet or exceed the dealership's goals.

Conclusion:

The expectations of 60% VSC and 50% GAP add specific, measurable goals for the Finance Manager, creating an emphasis on selling these products as part of the vehicle purchase process. These expectations are part of the broader PVR target and drive the Finance Manager to increase revenue per vehicle sold by promoting additional coverage and protection options that benefit both the dealership and the customer. Achieving these targets requires strong sales skills, a customer-focused approach, and close collaboration with the dealership team.

Job Type: Full-time

Pay: $8,500.00 - $20,000.00 per month

Benefits:

• Paid time off
• Vision insurance

Schedule:

• 8 hour shift
• Monday to Friday

Ability to Commute:

• Waynesboro, VA 22980 (Required)

Ability to Relocate:

• Waynesboro, VA 22980: Relocate before starting work (Required)

Work Location: In person

Salary : $8,500 - $20,000