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How much do F&I Managers make in Car Dealerships in 2021?

Ryan Daniel

Ryan Daniel

Ryan is the President of Finance Manager Training and has been featured in Yahoo Finance, Tech Times and Harvard.

How much do F&I Managers make in Car Dealerships?F&I Managers are among the highest paid car dealership employees, with yearly salary increases of three to five percent. 

It is not uncommon for an F&I Manager to earn four times (4x) the average salary in the United States and three times the medium household income.

Automotive finance managers are highly paid because of the rare skillset that one must possess to become an F&I Manager. The daily responsibilities of an F&I Manager include patience, the ability to work long hours, and the skill to negotiate with lenders and customers.

F&I Managers are also responsible for protecting the car dealership from legal and paperwork liability.

In this article we will take an in-depth look into how much F&I Managers make and what you can do start your career in F&I as well.

F&I Manager Pay plans and Commission​

The majority of dealerships pay their employees via a pay-plan. A pay-plan is a formal description of what goals an employee has to meet or exceed in order to reach various levels of commission.

In order to reach these goals, you have to be hired first. When a car dealership is reviewing an F&I applicants resume, they will be looking for several things:

  • Their personal history of success in the industry (how well they have done at other F&I jobs?)
  • The F&I training they have received (are they F&I Certified?)
  • Their stability (are they leaving jobs every 6 months looking for greener pastures?)

Assuming you meet the qualifications, let’s take a look at how much you can expect to earn (on average) as an F&I Manager at a car dealership.

How much do F&I Managers make?

According to research conducted by the National Automobile Dealers Association (NADA), an F&I Managers salary can range from $60,000 to $150,000 per year.

The average salary of an F&I manager is approximately $132,786.

With an average annual salary of over $130,000 per year, it’s easy to understand why a lot of people want to join the field.

The large salary is one of the greatest draws to the profession. 

One way to start that process of becoming an F&I Manager is to sign up for F&I Training.

F&i manager salary how much do F&I managers make

F&I Manager Salary Is On The Rise

According to statistics, the average estimated salary of an F&I manager in the United States has increased from $61,000 in 2013 to over $100,000 in 2019.

Early data from 2020 indicate that F&I Manager salaries will continue to rise into 2021 and 2022.

How Much Do F&I Managers Make In Comparison To Other Dealership Managers?

The annual compensation for dealership managers has been increasing at the rate of one percent per annum across the industry.

However, the average compensation of an F&I manager is nearly 4% higher than that of an ordinary manager in any department in the dealership.

This estimation makes the position of the F&I manager one of the most lucrative positions in the industry.

How much do AutoNation F&I Managers Make?

We are often asked of the average salary for AutoNation F&I Managers. This is likely due to the fact that AutoNation is one of the largest car dealer groups in the nation.

An F&I manager at AutoNation averages $113,427 per year, according to PayScale.

Keep in mind that salary estimates at AutoNation are calculated without considering extra bonuses such as company car, 401k matching and other perks that some dealerships may allow.

Turnover and Retention ​

Employee turnover has increased considerably in the industry. Some dealerships report F&I turnover as high as 32%. This benefits the F&I manager, as the demand for quality F&I managers increases, so does the salary.

F&I Manager Hours

Nearly all car dealership are open for business during the weekends, and on average 10 hours per day.

While some states mandate that dealerships close on Sunday’s, many others are open 7 days per week.

A new F&I Manager can expect to work at least 50 hours per week.

What is an example of an F&I Manager schedule?

Schedules change from dealership to dealership, however here is an example of a common schedule.

Sunday: Off

Monday: 9am to 8pm

Tuesday: 9am to 8pm

Wednesday: 9am to 6pm

Thursday: Off

Friday: 9am to 6pm

Saturday: 9am to 6pm

How much F&I managers make also depends on the TYPE of manager that they are.

Clock Watchers, Lone Wolves, and the Super Hero

Clock Watchers are managers who do just enough to keep their job. These managers have an interest in just getting through the day and avoiding every situation that pushes them to make a tough decision. When it comes to how much F&I managers make, these F&I Managers are typically the lowest earning.

Then there is the Lone wolves. These are the creative (and sometimes a bit unethical) F&I managers. They are good at structuring and striking deals with lenders, but they are also quick to loosen the ethical purse strings through less-than moral tactics to deliver the car in question.

These F&I managers earn a lot of money, sometimes in excess of $150,000 per year.

The final type is a Superhero. A true professional in the job. They are aggressive with lenders, kind to customers, and excellent sales people. Ethics are important to them, and they are able to make deals while staying compliant with local and federal laws. They also keep their dealership safe from liability.

UPDATED: February 25th, 2021

Finance Manager Training was awaiting the release of the last NADA Workforce Study, which would help us to accurately update this article for 2021. This study is used across the industry as a barometer of average dealership personnel salaries year by year.

Unfortunately, after speaking with the NADA via email, we have been informed that the NADA has decided to restrict access to their workforce study to NADA members only.

We understand how important salary transparency is to our visitors and we aim to provide the most up-to-date information as possible. To do so, we are now in the process of designing and building our own proprietary F&I survey that may be filled out by current F&I Managers and once again provide salary transparency to all.

We will update this article as more information is made available.

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