Finding Finance and Insurance Careers in the Automotive Industry
Career Path : Automotive
Interested in finance and insurance (F&I)? Love cars? Looking for a way to merge the two into a long-lasting and fulfilling career in the automotive industry? It’s time to consider a career in auto sales and F&I management. Now is a great time to invest in F&I training, which can provide everything you need to succeed in this career. That means you will acquire excellent leadership and communication skills and have the expertise required to handle the financial and legal aspects of a sales transaction.
Automotive Business Manager programs are designed to teach the skills required to oversee the financial and legal aspects of the automotive industry. Students in these automotive training programs are trained in finance and lease options, sale of after-market products and the use of specialized software.
Becoming an F&I manager means you will be in the center of the action. It also means you will have a direct impact on profitability and be rewarded accordingly. Need another reason to invest in F&I manager? Job Futures 2000 predicts that more than one-third of all jobs created in Canada will require a skilled trade designation or a college diploma.
What about the extensive restructuring of the automotive industry? There has been a lot of change, but the automotive industry remains one of the world’s largest and most important business sectors. Moreover, a surge in demand is expected as consumers make purchases that would normally have been made in the last two years and additional demand is created by increases in population, new consumer offerings and improved manufacturing technology. Employment prospects for automotive sales and F&I management are good for the following reasons:
A growing shortage of well trained individuals to fill sales occupations
Service Canada predicts there will be strong demand for qualified candidates in Sales and Service, Business, Finance and Administration “because this sector will account for more than 45% of all retirements over the next five years.”
Significant worldwide growth within the automotive industry
You know what happens when demand for a specific job goes up. Salaries also go up. That’s exactly what is happening for F&I Professionals. Key elements of F&I training programs can include the following areas of study:
- Business Manager’s Role in the Dealership
- Financial Institutions and Their Requirements
- Getting the Contracts Purchased
- Credit Reporting Overview
- Understanding Credit Scores and Risks
- Reading Credit Reports
- Prequalification Using Credit Reports
- Cash Conversions
- Bank Conversions
- Use a Customer-Friendly, Aggressive F&I Process
- Qualify Your Customer, Use The Right Words
- Product Knowledge
- Effective Selling Techniques
- Menu Selling Leasing Skills and Techniques
Contact the Automotive Training Centre for more on Sales & Finance and Insurance Management courses.