Finance Manager Training and Salary Expectations for F&I Managers in the Automotive Industry in 2024

The National Automobile Dealers Association (NADA) is a professional organization that provides information and resources to the automotive industry, including information on salaries for finance and insurance (F&I) managers, or often referred to as Finance Manager Training. According to NADA, the average salary for F&I managers in the automotive industry can vary depending on a number of factors, such as location, experience, and size of the dealership.

In 2022 average salary for F&I Managers in the U.S. is closer to $200,472 according to NADA, while in New York city, San Diego, Seattle, Mercer Island, San Francisco, San Jose and Santa Clara and most of the Bay area, as well as Miami, Denver, and Portland – the average salaries are as high as $250,000 and up to $400,000 according to job postings in Indeed.com and other online jobs websites.

In smaller cities, on average, F&I managers in the automotive industry can earn salaries ranging from $100,000 to $200,000 or more, with top performers earning even higher salaries.

However, it’s important to note that these are only estimates, and actual salaries can vary widely depending on a number of factors.

In addition to salary, many F&I managers also receive benefits, such as health insurance, retirement benefits, and paid time off. Some dealerships may also offer incentives, such as bonuses or commissions, based on performance.

It’s important to keep in mind that these estimates are based on data from a limited sample of dealerships and may not be representative of the entire automotive industry.

To get a more accurate picture of F&I manager salaries in your area, it may be helpful to gather information from a variety of sources, such as job postings, professional organizations, and salary surveys.



Finance Manager Training & Salaries in 2024 depends on comprehensive training program

Salaries for F&I Finance Managers in 2023 depends on the talent and whether an individual has completed a comprehensive finance and insurance (F&I) manager training program through a recognized training school.

Typically this includes a variety of topics that are essential for success in the role, and very important to the dealership where an F&I Manager is hired.

There are many aspects that together comprise a comprehensive finance manager training.

Here are some of the key areas that is covered by the comprehensive F&I manager training program offered at Automotive Dealership Institute:

1. Sales and customer service. Developing strong interpersonal skills, including effective communication, active listening, and customer-focused selling techniques that can assist a car buyer with the entire process of financing and protecting their investment with various insurance products.

2. Regulations and compliance. Understanding federal, state, and local laws and regulations that apply to the sale of financing and insurance products in the automotive industry, and stay fully up to date with latest trends and changing compliance regulatory changes.

3. Finance and insurance products. Learning about a variety of finance and insurance products, including vehicle service contracts, extended warranties, gap insurance, and credit life and disability insurance, and other dealership products that can assist car buyers with the protection of their investment and help build great future customers through better customer service.

4. Product presentation. Developing the skills to effectively present the best and most useful finance and insurance products to customers, including overcoming concerns and offering a variety of services to help ease their mind with protection warranties.

5. Negotiations and closing. Understanding how to negotiate and close sales of finance and insurance products, including how to overcome concerns and build rapport with customers, through empathy and knowledge of products, services, warranties and their benefits for the car buyers.

6. Documentation and processing. Learning about the documentation and processing required to complete a sale, including loan applications, credit reports, and insurance forms and all the respective regulations compliance.

7. Customer relationship management (CRM). Understanding the importance of customer relationship management (CRM) in the F&I process and learning how to use CRM tools to manage customer data, track sales, and improve customer satisfaction.

This is a major area of concern for dealerships that see changing trends and the need to offer customers a better service through building an excellent experience for car buyers.

8. Ethics and professional conduct. F&I Manager needs to be at their best when it comes to presenting the dealership and its culture to its car buyers. Learning about the ethical and professional conduct expected of F&I managers, including maintaining a high level of integrity and honesty in all interactions with customers is an essential part of F&I training at Automotive Dealership Institute.

This is some specific areas covered in a comprehensive F&I manager training program provided by the training course at the Automotive Dealership Institute.

The classroom participation training, simulation engagement training, and peer motivation are important elements in the way the material is covered and professionals are trained in the classroom setting that can contribute to a more effective learning experience.



Finance Manager Training: Salaries for F&I Managers in 2023, one of the highest salaries in industry

The highest salaries for Financial and Insurance (F&I) Managers in dealerships in the United States can vary depending on several factors, including location, experience, and type of dealership.

In cities like New York, Los Angeles, San Francisco, San Diego, Miami, Seattle, or Denver for instance, salaries can range from $250,000 all the way to $400,000 or even more.

According to data from Indeed.com, some of the highest-paying employers for F&I Managers include luxury car dealerships, large dealership chains, and those located in high-cost-of-living areas.

These are advertised on their website and many range from $200,000 to $400,000 depending on city and dealership.

The National Automobile Dealers Association (NADA) also provides information on average salaries for F&I Managers in the United States.

According to NADA, F&I Managers at larger dealerships tend to earn higher salaries than those at smaller dealerships.

The most recent average income calculations was released a few years ago, and they had estimated that across the United States average salary of F&I managers are $200,472.

Additionally, those who work at luxury car dealerships, like Lexus or Mercedes Benz, or other high-end luxury cars or in high-cost-of-living areas like New York and San Francisco are likely to earn higher salaries than their peers in other locations.

If you are thinking of training for an F&I Manager and want a career in dealership F&I management, you are looking at a very lucrative career with high 6-figure income.

One thing to note though: there are F&I managers in U.S. that earn over $1.5 million per year. So if you think you want to become the best of the best, then your average F&I salary is going to be very different than published average salary data.

In 2023, the salaries for F&I managers are substantially higher than even couple of years ago. However, here’s a list from 2019 regarding F&I salaries by location:

If you are considering becoming an F&I Manager and work for a car dealership, Automotive Dealership Institute provides exceptional training for Auto F&I Manager with a well equiped training classroom as well as some of the best F&I instructors in the automotive industry, each with decades of experience in dealership management. The Automotive Finance and Insurance Management training program has been taught at the institute for 33+ years, giving students the necessary skills to become a successful automotive finance and insurance manager, internet sales manager, desk/sales manager, or dealer representative. The Finance manager training (F&I training, or Finance And Insurance Training for the automotive industry) is designed for individuals who are seeking to become finance managers in the auto industry or for finance managers already employed as an F&I Manager who want to further develop their skills. You can read about finance manager salaries, and finance manager reviews, or read material publications about 2023 salary expecations, salaries as much as $400,000 in major cities, and state newswire regarding Automotive Dealership Institute and its finance manager training school.