As the automotive industry continues to grow, the demand for finance managers in car dealerships has increased significantly. A finance manager is responsible for overseeing the financing options for customers looking to purchase vehicles. They help customers secure loans, arrange financing, and ensure that all necessary paperwork is properly completed. However, one of the most important factors that attract individuals to this profession is the potential for a high salary. In this article, we will explore the finance manager for car dealership salary and provide insight into what you can expect to earn in this role.
The Average Finance Manager for Car Dealership Salary
According to the Bureau of Labor Statistics, the average salary for a finance manager in the automotive industry is $77,420 per year, as of May 2022. However, this number can vary based on several factors, including experience, geographic location, and the type of dealership you work for. Additionally, many finance managers earn a significant portion of their income through commissions and bonuses based on the number of vehicles sold and the financing options secured for customers.
Experience
One of the most significant factors that impact a finance manager's salary is their experience in the field. Entry-level finance managers typically earn around $45,000 to $55,000 per year, while those with more experience and tenure can earn upwards of $100,000 or more. Additionally, some dealerships offer bonuses and commissions based on a finance manager's performance, which can significantly increase their salary.
Geographic Location
The geographic location of a finance manager can also impact their salary. For example, finance managers working in larger metropolitan areas tend to earn more than those working in smaller towns or rural areas. This is because larger dealerships in metropolitan areas typically have higher sales volumes and can offer more significant bonuses and commissions to their employees.
The Benefits of Working as a Finance Manager for a Car Dealership
While the potential for a high salary is undoubtedly a significant benefit of working as a finance manager for a car dealership, there are several other benefits to consider. For example, many dealerships offer comprehensive benefits packages that include medical, dental, and vision insurance, paid time off, and retirement savings plans. Additionally, finance managers often have the opportunity to work with a wide range of customers and develop valuable sales and customer service skills.
Commissions and Bonuses
As previously mentioned, many finance managers earn a significant portion of their income through commissions and bonuses. This can be an attractive incentive for individuals looking to earn a high income and is often based on the number of vehicles sold and the financing options secured for customers. Additionally, some dealerships offer bonuses for meeting or exceeding specific sales goals, which can further increase a finance manager's income.
Career Growth Opportunities
Working as a finance manager for a car dealership can also provide several career growth opportunities. For example, many finance managers go on to become general managers or sales managers within the dealership. Additionally, some finance managers choose to pursue careers in other areas of the automotive industry, such as finance or marketing.
In Conclusion
Overall, the finance manager for car dealership salary can vary significantly based on several factors, including experience, geographic location, and the type of dealership you work for. While the average salary for this role is $77,420 per year, many finance managers earn significantly more through commissions and bonuses. Additionally, working as a finance manager can provide several other benefits, including comprehensive benefits packages, career growth opportunities, and the opportunity to work with a wide range of customers.
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