The days of fat paychecks for finance and insurance managers may be ending.
Many F&I managers are earning compensation more in line with their dealership management peers, according to the National Automobile Dealers Association's 2014 Dealership Workforce Study released last week.
"Some of the pay gaps are closing, particularly between sales manager and F&I manager positions," said Ted Kraybill, president of ESI Trends in Largo, Fla., which compiled the report based on 240,000 payroll records from 2013.
The report showed that F&I manager pay declined from a year earlier, while sales manager compensation rose. That's a marked shift from the previous year's report, which showed F&I managers' pay rising faster than service and sales managers'. F&I manager compensation rose 8.4 percent from 2011 to 2012, compared with 8 percent for service managers and 6.5 percent for sales managers.
In that study, the average pay for an F&I manager was $128,434, topping the $122,549 for sales managers and $106,439 for service managers.