F&I Manager

An Automotive Finance and Insurance (F&I) Manager (Business Manager) oversees the finance and insurance department, managing a team of F&I executives. They are responsible for securing financing for vehicle sales, offering insurance products, and ensuring all paperwork is completed accurately and in compliance with regulations. F&I Managers play a key role in maximizing revenue for the dealership while providing exceptional customer service.

DUTIES AND RESPONSIBILITIES:

1.Team Management:

Supervise and lead the F&I team, providing guidance, training, and support.

Monitor team performance, set targets, and conduct regular performance reviews.

Foster a positive and productive work environment within the F&I department.

2.Insurance Renewals:

Assist F&I department in facilitating insurance renewals process.

3.Paperwork and Documentation:

Review and approve all necessary paperwork for vehicle sales and financing agreements.

Ensure accurate and complete documentation for financing, titling, and registration.

Verify customer information and resolve any discrepancies in applications and agreements.

4.Compliance and Regulations:

Ensure strict adherence to all local regulations governing vehicle financing and insurance sales.

Stay abreast of industry regulations and update processes and procedures accordingly.

Conduct regular audits to ensure compliance with legal and ethical standards.

5.Customer Service:

Handle escalated customer inquiries and complaints, resolving issues in a timely and professional manner.

Foster positive customer relationships by providing exceptional service and addressing customer needs effectively.

6.Sales Targets and Revenue Generation:

Set and monitor sales targets for the F&I department, working towards achieving revenue goals.

Analyze sales data and market trends to identify opportunities for revenue growth.

7.Data Analysis and Reporting:

Analyze sales data and financial metrics to evaluate departmental performance.

Prepare regular reports for senior management, highlighting key performance indicators and areas for improvement.

8.Budgets and Financials:

Monitor and control budget of the department/business unit.

Review and continuously update the financial tracking mechanisms and measurements in compliance with standard accounting principles.

9.People Responsibility:

Define goals for team members and evaluates performance as per the Elite Group performance management process.

Provide feedback and coaching on an ongoing basis.

Identify training and development needs of the Department/Unit to ensure ongoing capability development.

Provide guidance and ensure transparent communication to manage career aspiration.

10.Self-Management:

Set performance goals at the beginning of the year in discussion with the reporting manager and ensure that the goals are achieved during the course of the year.

Strive to achieve the highest levels of proficiency on all competencies and skills required to perform the role.

Identify the training and development requirements for self to ensure on going capability development.

11.Health, Safety and Environment:

Ensure compliance to all relevant safety, quality and environmental management policies, procedures and controls to guarantee employee safety, legislative compliance, delivery of high-quality products/service and a responsible environmental attitude.

12.Policies and Processes:

Provide inputs and suggestions for the continuous improvement of Department/Unit practices taking into account external and internal/ group level best practices to improve efficiency and effectively manage changes in business environment.

Manage the development, implementation and regular review of the Department/Unit policies, procedures and systems to ensure consistent and systematic application of best practices providing timely and effective support to concerned users.