Have you ever wondered how much finance managers at car dealerships make? If you're considering a career in finance management within the automotive industry, or simply curious about the earning potential of this profession, you've come to the right place. In this article, we'll take a closer look at the role of a finance manager at a car dealership and explore the factors that determine their salaries.
What is a Finance Manager at a Car Dealership?
A finance manager in a car dealership is responsible for organizing and coordinating the financial activities of the dealership. This includes working with customers to secure financing options for vehicle purchases, managing the dealership's financial records, and ensuring compliance with applicable regulations and laws.
Finance managers at car dealerships typically have a strong background in finance or accounting, with a bachelor's degree in business administration or a related field. They must also have excellent communication skills, as they frequently interact with customers and other staff members at the dealership.
How Much Do Finance Managers at Car Dealerships Make?
The salary of a finance manager at a car dealership can vary depending on a number of factors, including their level of experience, the size of the dealership, and the region in which they work. According to data from Glassdoor, the average base salary for a finance manager at a car dealership in the United States is $71,002 per year.
However, it's important to note that this is just the base salary, and many finance managers also earn commissions based on the number of finance deals they close. This means that their total compensation can be significantly higher than their base salary.
Factors That Determine Finance Manager Salaries
As mentioned, there are several factors that can influence the salary of a finance manager at a car dealership. Some of the most significant factors include:
- Experience: Finance managers with more years of experience in the industry generally command higher salaries.
- Location: Salaries for finance managers can vary significantly depending on the region of the country in which they work. For example, finance managers in California tend to earn higher salaries than those in the Midwest or South.
- Dealer size: Finance managers at larger dealerships may earn higher salaries than those at smaller dealerships.
- Commission structure: As mentioned, many finance managers earn commissions on top of their base salary, and the commission structure can vary from dealership to dealership.
|What is the typical work schedule for a finance manager at a car dealership?||Finance managers at car dealerships typically work full-time, with some evening and weekend hours required to accommodate customer schedules.|
|Is there room for advancement in a finance management career within the automotive industry?||Yes, many finance managers at car dealerships go on to become finance directors or even general managers of dealerships.|
|What kind of benefits do finance managers at car dealerships receive?||Benefits packages for finance managers at car dealerships can vary from dealership to dealership, but may include health insurance, retirement plans, and paid time off.|
Overall, finance management is a lucrative career path within the automotive industry, with strong earning potential for those with the right skills and experience. If you're interested in pursuing a career as a finance manager at a car dealership, be sure to research the job market in your area, and consider obtaining a degree or certification in finance or accounting to increase your chances of success.