A car dealership requires different job roles to function efficiently. However, without an auto finance manager, none of your vehicles will ever sell. Finance is one of the most rewarding career paths in the auto sales industry.
If you aim to become an auto finance manager, you need to understand what it takes to become effective in helping customers get behind the wheel and seal the deal.
The Role of an Auto Finance Manager
In a car dealership, the salesperson often gets all the glory when customers sign the dotted line, but this isn’t possible without the auto finance manager. The finance manager at a car dealership works hand-in-hand with the sales team as well as help customers with their car financing and consultation.
As the auto finance manager, you’ll need to have a complete understanding of the car makes and models you sell, as well as all the relevant procedures and policies. You’ll work with financial institutions and learn how to use important data such as credit scores and loan options. Using this, you will help customers secure the car they want in a way that benefits them as well as your dealership.
Here’s how you can become a finance manager at a car dealership:
1. Get the Right Education
It’s important to have the right education before you apply for this role. This will show employers whether you’re the best choice for the job. However, some people reach this position after years of working as a car salesperson, so not having an education isn’t always a dead end. Your experience could land you the job.
2. Get Experience Selling Cars
You can sell cars with only a high school diploma, and employers can hire you based on experience if you do not have the right education. For instance, having a great education and no experience in car financing and sales might not guarantee you the position. This is because employers want someone to pay special attention to the financial components, as selling cars is a big commitment.
3. Management Experience
When you become an auto finance manager at a car dealership, your job includes working with different teams and employees. As the manager, you’ll be responsible for designing and implementing sales strategies, budgeting, reporting, managing cash flows, and dealing with customers regarding their car financing.
4. Learn Local Regulations
Car financing and dealership regulations vary from province to province in Canada. Before applying to a dealership, be sure you know about the local laws. Another important part of your job would be staying updated to avoid any costly mistakes.
5. Effective Communication Skills
Effective communication is perhaps your most important job description since you’ll be communicating with customers as well as stakeholders, other managers, and salespeople. It is essential to leave the lines of communication open with everyone to ensure everyone is on the same page.