The “2023 F&I Manager Survey: Income Data and More” presents a comprehensive analysis of the current state of income and other key metrics for Finance and Insurance (F&I) Managers in the automotive industry. This survey, which represents a significant portion of the industry, offers crucial insights into the evolving landscape of F&I management.
In the 2023 survey, a notable finding was the continued increase in the income levels of F&I Managers. The data revealed that a majority of F&I Managers now earn over $150,000 annually, marking a significant rise compared to previous years. This upward trend in income levels not only highlights the lucrative nature of the F&I field but also underscores the critical role F&I Managers play in the profitability of automotive dealerships.
Another key aspect of the survey was the examination of the finance and insurance Profit Per Retail Unit (PVR). This metric is vital for understanding the efficiency and effectiveness of F&I strategies in contributing to a dealership’s bottom line. The survey’s findings in this area provide valuable benchmarks for the industry, allowing F&I Managers to gauge their performance against national and regional averages.
The survey also delved into the future outlook and concerns of F&I Managers, offering a glimpse into the challenges and opportunities anticipated in the coming years. With the automotive industry facing various external pressures such as economic fluctuations and changing consumer preferences, these insights are particularly relevant for strategic planning and adaptation.
In addition to income and PVR metrics, the survey addressed the overall perceived appreciation levels of F&I Managers by dealership management. This aspect of the survey sheds light on the workplace dynamics and the recognition of F&I Managers’ contributions to their organizations. Understanding these dynamics is crucial for fostering a positive and productive work environment in dealerships.
Finally, the survey compared its findings against previous years’ data, providing a longitudinal view of the changes and trends in the F&I sector. This comparison not only highlights the growth trajectory of the field but also helps in identifying long-term patterns and shifts in the industry.
Overall, the “2023 F&I Manager Survey” serves as a vital resource for automotive industry professionals, offering in-depth insights into the income, performance, and perceptions of F&I Managers. Its findings are essential for those looking to understand the current state and future prospects of the F&I domain in automotive dealerships.