Introduction
Car dealership finance managers are responsible for handling all financial aspects of the dealership. They manage the dealership’s finances, including accounts receivables, accounts payables, and budgeting. As such, they play a critical role in the success of the business. But how much do these professionals make? This article explores the salaries, benefits, and job outlook for car dealership finance managers to help you better understand what to expect from this career.
Interview with a Car Dealership Finance Manager to Learn About Their Salaries
To gain more insight into the field of car dealership finance management, I spoke with a finance manager at a local dealership. He has been working in the industry for over 10 years. He told me that his current salary is $70,000 per year. He also mentioned that his salary range varies depending on the dealership he works for, his experience level, and the location of the dealership. He said that some dealerships may offer higher salaries than others, and that experience level and location can also affect the salary offered.
Analyzing the Average Salary of Car Dealership Finance Managers
According to the Bureau of Labor Statistics (BLS), the median annual wage for car dealership finance managers was $63,190 in May 2019. The top 10 percent of earners made more than $99,990, while the bottom 10 percent earned less than $39,660.
A survey conducted by PayScale found that the average salary for car dealership finance managers is $62,813 per year. Those with 1 to 4 years of experience earn an average of $50,000 per year, while those with 5 to 9 years of experience make an average of $68,000 per year. Those with 10 to 19 years of experience have an average salary of $76,000 per year.
Exploring the Different Factors That Impact a Car Dealership Finance Manager’s Salary
The salary of a car dealership finance manager can vary based on several factors. Location is one factor that can have a significant impact on salary. For example, finance managers in larger cities tend to earn higher salaries due to the higher cost of living. Experience is another factor that can affect a finance manager’s salary. Those with more experience typically earn higher salaries than those with less experience. Specialization can also impact a finance manager’s salary. Those who specialize in a certain area, such as accounting or financial analysis, may be able to command higher salaries than those without a specialty.
Examining the Benefits and Bonuses of Being a Car Dealership Finance Manager
In addition to salary, car dealership finance managers can receive a variety of benefits and bonuses. These include health insurance, retirement plans, paid vacation time, and other perks. Bonuses are also available, depending on the dealership. Bonuses may be based on meeting sales targets, hitting customer service goals, or achieving other objectives.
Investigating How Much Education is Required to Become a Car Dealership Finance Manager
Most car dealership finance managers have a bachelor’s degree in accounting, finance, or a related field. However, some employers may accept applicants with an associate degree or relevant work experience. Additionally, many finance managers pursue professional certifications, such as Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA).
There are also specialized training programs available for car dealership finance managers. These programs provide hands-on training in areas such as financial analysis, customer service, and inventory management. Completing a specialized program can help finance managers stand out among their peers and increase their earning potential.
Looking at the Job Outlook for Car Dealership Finance Managers
The BLS projects that employment of car dealership finance managers will grow 3 percent from 2018 to 2028, which is slower than the average for all occupations. The demand for car dealership finance managers is expected to remain steady, as dealerships continue to need qualified personnel to handle their financial operations.
Conclusion
Car dealership finance managers play an important role in the success of the business. This article explored the salaries, benefits, and job outlook for car dealership finance managers. It showed that the median annual wage for car dealership finance managers was $63,190 in May 2019, and that salary can vary based on factors such as location, experience, and specialization. Additionally, car dealership finance managers can receive a variety of benefits and bonuses, and must have a bachelor’s degree in accounting, finance, or a related field. Finally, the job outlook for car dealership finance managers is projected to grow at a slower rate than the average for all occupations.
If you’re considering a career as a car dealership finance manager, it’s important to understand the salary and job outlook for the profession. With the right skills and experience, you can position yourself to earn a competitive salary and take advantage of the many benefits that come with the job.
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