How Much Does Finance Manager At Car Dealership Make?

If you’re considering a career as a finance manager in the automotive industry, one of the top questions on your mind is likely to be: How much can I expect to earn? After all, financial compensation is one of the most important factors to consider when choosing a career path. And when it comes to finance managers at car dealerships, there are a lot of variables that can impact their earnings.

So, how much does a finance manager at a car dealership make? The short answer is that it depends. Factors like location, experience, education, and the dealership itself can all play a role in determining a finance manager’s salary. However, by taking a closer look at the industry as a whole and the typical earnings for finance managers, we can get a better understanding of what you can expect to earn in this exciting and rewarding field.

How Much Does a Finance Manager at a Car Dealership Make?

If you’re considering a career in the automotive industry, you may be curious about the salaries of the various positions available. One such position is that of a finance manager at a car dealership. In this article, we’ll explore the average salary of a finance manager and other relevant information.

The Role of a Finance Manager at a Car Dealership

Before we dive into the salary details, it’s important to understand the role of a finance manager at a car dealership. These professionals are responsible for assisting customers with financing their vehicle purchases. They work with lenders to secure loans and help customers understand the terms of their financing agreements. Additionally, finance managers may offer extended warranties, maintenance plans, and other products to customers to enhance their ownership experience.

Education and Experience Requirements

To become a finance manager at a car dealership, you typically need a bachelor’s degree in finance or a related field. Additionally, experience in the automotive industry or finance is highly desirable. Many finance managers start out as salespeople at dealerships before moving into finance roles.

The Average Salary of a Finance Manager at a Car Dealership

According to Glassdoor, the average salary for a finance manager at a car dealership is $96,000 per year. However, this can vary depending on factors such as location, experience, and the dealership’s size. Some finance managers earn as little as $60,000 per year, while others make upwards of $150,000 per year.

Bonuses and Commission

In addition to their base salaries, many finance managers receive bonuses and commission based on their performance. This can significantly increase their total compensation. According to PayScale, the average annual bonus for a finance manager at a car dealership is $9,700, while the average commission is $43,000.

Benefits of Being a Finance Manager at a Car Dealership

In addition to a competitive salary and the potential for bonuses and commission, finance managers at car dealerships often enjoy other benefits as well. These may include health insurance, retirement plans, and paid time off. Additionally, many dealerships offer employee discounts on vehicles and services.

How to Become a Finance Manager at a Car Dealership

If you’re interested in pursuing a career as a finance manager at a car dealership, there are several steps you can take to increase your chances of success. Here are some tips:

Get a Degree in Finance or a Related Field

While not always required, having a degree in finance or a related field can make you a more attractive candidate for finance manager positions.

Gain Experience in the Automotive Industry or Finance

Experience in the automotive industry or finance can also make you a more competitive candidate. Consider working as a salesperson at a dealership to gain valuable experience and build relationships with industry professionals.

Network with Industry Professionals

Networking is key in any industry, and the automotive industry is no exception. Attend industry events, join professional organizations, and connect with professionals on LinkedIn to expand your network.

Apply for Finance Manager Positions

When you’re ready to pursue a finance manager position, start by researching available opportunities and submitting your resume and cover letter. Be prepared to interview and negotiate your salary and benefits package.

Finance Manager vs. Sales Manager

While finance managers and sales managers both work at car dealerships, their roles and responsibilities differ significantly. Finance managers focus on securing financing for customers and offering additional products, while sales managers oversee the sales team and ensure that sales goals are met.

Salary Comparison: Finance Manager vs. Sales Manager

According to Glassdoor, the average salary for a sales manager at a car dealership is $72,000 per year. This is significantly less than the average salary for a finance manager. However, sales managers may have the potential to earn commission based on the performance of their team.

Education and Experience Requirements

Education and experience requirements for sales managers at car dealerships are similar to those for finance managers. A bachelor’s degree in a related field is often preferred, and experience in the automotive industry or sales is highly desirable.

Differences in Job Responsibilities

While both finance managers and sales managers work at car dealerships, their job responsibilities are quite different. Finance managers focus on securing financing for customers and offering additional products, while sales managers oversee the sales team and ensure that sales goals are met.

Conclusion

A career as a finance manager at a car dealership can be lucrative and rewarding. While salaries can vary depending on location, experience, and dealership size, the average salary is around $96,000 per year. In addition to a competitive salary, finance managers may receive bonuses and commission, as well as benefits such as health insurance and retirement plans. If you’re interested in pursuing a career as a finance manager, consider getting a degree in finance or a related field, gaining experience in the automotive industry or finance, and networking with industry professionals.

Frequently Asked Questions

What is the role of a Finance Manager at a Car Dealership?

A Finance Manager at a Car Dealership is responsible for overseeing the financial activities and functions of a dealership. They are responsible for managing the dealership’s finances, including budgets, financial reporting, and cash flow management. Additionally, they work closely with customers to secure financing for car purchases and provide guidance on financing options.

The Finance Manager must have exceptional knowledge of finance and accounting principles and be able to work with a variety of stakeholders, including dealership staff, customers, and financial institutions. They are also responsible for ensuring that all financial transactions are conducted in compliance with relevant laws and regulations.

What are the educational requirements for a Finance Manager at a Car Dealership?

The educational requirements for a Finance Manager at a Car Dealership can vary depending on the dealership and the specific job requirements. However, most employers require a bachelor’s degree in finance, accounting, or a related field. Some employers may also require a master’s degree in finance or a related field.

In addition to formal education, Finance Managers should have extensive experience in financial management, accounting, and financial reporting. They should also be proficient in using financial software and tools, as well as have excellent communication and interpersonal skills.

What is the average salary for a Finance Manager at a Car Dealership?

The average salary for a Finance Manager at a Car Dealership varies depending on a variety of factors, including location, experience, and the size of the dealership. However, according to Glassdoor, the average salary for a Finance Manager at a Car Dealership in the United States is $89,000 per year.

Finance Managers may also be eligible for bonuses and commissions based on their performance, which can significantly increase their overall compensation package.

What are the career advancement opportunities for a Finance Manager at a Car Dealership?

Career advancement opportunities for a Finance Manager at a Car Dealership can vary depending on the dealership and the individual’s qualifications and experience. However, some common career advancement opportunities for Finance Managers include moving into higher-level financial management positions within the dealership or becoming a General Manager of the dealership.

Additionally, Finance Managers may be able to advance their careers by working for larger dealerships or moving into financial management roles in other industries.

What are the job prospects for a Finance Manager at a Car Dealership?

The job prospects for a Finance Manager at a Car Dealership are generally positive, as the demand for skilled financial professionals in the automotive industry continues to grow. According to the Bureau of Labor Statistics, employment of financial managers is projected to grow 15 percent from 2019 to 2029, much faster than the average for all occupations.

However, competition for these positions can be high, as many individuals with finance and accounting backgrounds may also be qualified for these roles. Therefore, it is important for aspiring Finance Managers to have extensive experience and education in financial management and accounting.

FINANCE MANAGER at CAR DEALERSHIP TELLS ALL – LEARN CAR FINANCE MANAGERS TRICKS! – The Homework Guy

In today’s economy, having a career in finance can be highly lucrative, especially when it comes to the automotive industry. If you are considering a career as a finance manager at a car dealership, it’s important to know what kind of salary you can expect. According to recent data, the average salary for a finance manager at a car dealership can range from $70,000 to $150,000 per year, depending on location, experience, and the dealership’s sales volume.

However, it’s important to note that there are several factors that can affect a finance manager’s salary, including commission structure, bonuses, and benefits. Additionally, the job can be highly demanding, requiring strong communication and negotiation skills, as well as the ability to work well under pressure. Overall, a career as a finance manager at a car dealership can be both financially rewarding and challenging, making it a great choice for those looking to work in the automotive industry.