When it comes to car dealerships, there are many different roles that are essential for the business to run smoothly. One of these roles is the finance manager. Finance managers are responsible for handling all of the financial transactions that take place at the dealership, from arranging loans to finalizing sales. But how much do car dealership finance managers make? In this article, we'll take a closer look at this important position and explore the earning potential for those who work in this field.
What Does a Car Dealership Finance Manager Do?
Before we dive into salaries, let's first take a closer look at what exactly a car dealership finance manager does. As mentioned earlier, finance managers are responsible for handling all of the financial transactions that take place at the dealership. This includes everything from arranging financing for customers to preparing the necessary paperwork for sales. Finance managers also typically work closely with salespeople and other dealership staff to ensure that everything runs smoothly.
In addition to handling transactions, finance managers also play an important role in ensuring that the dealership is operating within the law. They are responsible for making sure that all necessary documentation is in order and that all financial transactions are conducted ethically and legally. They may also be responsible for managing the dealership's finances and making decisions about which financing options to offer customers.
How Much Do Car Dealership Finance Managers Make?
Now that we have a better understanding of what a car dealership finance manager does, let's take a closer look at earnings potential. According to data from the Bureau of Labor Statistics, the median annual salary for financial managers in the United States was $134,180 as of May 2020. However, it's important to note that this data includes financial managers in a wide range of industries, not just car dealerships.
When it comes to car dealership finance managers specifically, salaries can vary widely depending on a number of factors. These may include the size and location of the dealership, the level of experience of the finance manager, and the specific responsibilities of the position.
According to data from Glassdoor, the average salary for a car dealership finance manager in the United States is $70,047 per year as of August 2021. However, this figure can range from as low as $38,000 per year to as high as $118,000 per year depending on the factors mentioned earlier.
Factors That Affect Car Dealership Finance Manager Salaries
As mentioned earlier, there are a number of factors that can impact how much a car dealership finance manager earns. Some of the most important factors to consider include:
- Location: Salaries can vary widely depending on location. Finance managers in large cities or high-cost areas may earn more than those in smaller towns or lower-cost areas.
- Experience: Like many professions, finance managers with more experience generally earn higher salaries. Those who are just starting out in the field may earn less than those who have been working in finance for several years.
- Size of dealership: Larger dealerships may offer higher salaries and more opportunities for advancement than smaller dealerships.
- Education and credentials: Finance managers who hold advanced degrees or certifications may be able to command higher salaries than those without these qualifications.
FAQ
| Question | Answer |
|---|---|
| What is the average salary for a car dealership finance manager? | As of August 2021, the average salary for a car dealership finance manager in the United States is $70,047 per year. |
| What factors can impact a car dealership finance manager's salary? | Some of the most important factors to consider include location, experience, size of dealership, and education and credentials. |
| What does a car dealership finance manager do? | Car dealership finance managers are responsible for handling all of the financial transactions that take place at the dealership, from arranging loans to finalizing sales. |
In Conclusion
Car dealership finance managers play an important role in ensuring that customers are able to finance their purchases and that dealerships are operating ethically and legally. While salaries can vary widely depending on a number of factors, the average salary for a car dealership finance manager in the United States is currently around $70,000 per year. If you're interested in pursuing a career in finance management within the automotive industry, it's worth exploring the many opportunities that are available.
