An F&I pro's worth his weight in gold
To the Editor:
I found "What's an F&I pro worth?" (March 10) quite amusing.
First and foremost, F&I managers are paid almost entirely on commission. The more money an F&I manager is making, the more money the company is making.
You can't be overpaying an F&I manager if the percentage that you pay out is in line with industry averages.
As for the story: On the one hand, a consultant claims that F&I managers are overpaid, and, on the other hand, a dealer claims that F&I managers are responsible for 50 percent of profits in sales.
Also, you can't put just anyone into the position of F&I manager. If the difference between your best F&I manager and your worst is $300 per copy [or profit per deal], over the course of a year, the better performing F&I manager could put about $250,000 in additional profit on the dealership's books for doing the same job.
So, according to my math, a good F&I manager is worth his or her weight in gold. It's ludicrous to say that a good F&I manager is overpaid for doing a job that pays on commission.
An F&I manager frequently works 50 to 60 hours a week and is always the last one at the dealership, many nights working three to four hours after the store is closed.
Oh, yeah. I'm an F&I manager, and I certainly don't feel like I'm overpaid.
Finance and Insurance Manager