Salary Guide: Dealership Finance Manager Salary Trends [2023]

Introduction

In the ever-evolving landscape of the automotive industry, staying abreast of current trends is not only crucial for the success of dealerships but also paramount for professionals seeking to carve out a niche in this competitive arena. Among the key roles that play a pivotal role in the financial health of a dealership is that of the Finance Manager. As we step into the year 2023, understanding the nuanced salary trends for Dealership Finance Managers becomes instrumental for both employers and individuals aiming to thrive in this dynamic sector.

In this comprehensive salary guide, we delve into the intricacies of Dealership Finance Manager compensation, shedding light on the factors influencing salary structures, emerging trends, and the broader economic landscape impacting remuneration packages. Whether you are a seasoned Finance Manager looking to benchmark your compensation or a dealership owner aiming to attract top talent, this guide aims to provide valuable insights to navigate the financial road ahead in 2023. So, buckle up as we explore the latest salary trends shaping the professional journey of Dealership Finance Managers in the current year.

Average Salary Breakdown:

Yearly Dealership Finance Manager Salary:

$144,000 / year avg. base salary

Monthly Dealership Finance Manager Salary

Monthly: $12,127 / month avg. salary

Weekly Dealership Finance Manager Salary

Weekly: $3,031 / week avg. salary

Hourly Dealership Finance Manager Salary

Hourly: $70-$71 / per hour

How much does a Dealership Finance Manager make?

Determining the compensation for a Dealership Finance Manager involves a nuanced evaluation of several factors, ranging from experience and education to geographic location and the dealership's size. As of 2023, the salary landscape for Finance Managers in automotive dealerships continues to reflect the broader economic trends and the evolving demands of the industry.

Base Salary:

The foundation of a Dealership Finance Manager's compensation is the base salary. On average, in 2023, the base salary for Finance Managers hovers between $90,000 and $144,000 annually. This range can be influenced by factors such as the manager's level of experience, the size and reputation of the dealership, and the specific region or city in which the dealership is located.

Experience and Expertise:

Unsurprisingly, experience plays a significant role in determining salary levels. Finance Managers with a proven track record and a wealth of experience in dealership finance operations often command higher salaries. Those with specialized expertise, such as proficiency in financial software, compliance, or strategic financial planning, may also see an additional premium on their compensation.

Geographic Location:

The geographical location of a dealership has a profound impact on the salary range for Finance Managers. Dealerships situated in urban centers or regions with a high cost of living tend to offer higher salaries to compensate for the increased living expenses. On the other hand, dealerships in more rural areas may offer competitive salaries that align with the local economic context.

Dealership Size and Performance:

The size and performance of the dealership itself play a crucial role in determining the compensation of a Finance Manager. Larger dealerships, especially those associated with reputable brands, may offer higher salaries and additional performance-based incentives. Similarly, Finance Managers in dealerships experiencing strong financial growth and profitability may enjoy more lucrative compensation packages.

Additional Compensation and Incentives:

Beyond base salaries, Dealership Finance Managers often have the opportunity to boost their earnings through performance-based incentives, commissions, and bonuses. These additional compensation structures are typically tied to the manager's ability to meet or exceed financial targets, such as increasing sales of finance and insurance products or achieving cost-saving objectives.

Understanding the multifaceted elements that contribute to a Dealership Finance Manager's compensation is vital for both employers and professionals in the automotive finance sector. In the subsequent sections, we will delve deeper into emerging trends and considerations that can further shape salary dynamics for Finance Managers in the rapidly evolving automotive industry of 2023.

What are The Top 10 Highest Paying Cities for Dealership Finance Manager Jobs?

San Francisco, California:

With its high cost of living and a robust automotive market, San Francisco consistently ranks among the top-paying cities for Dealership Finance Managers. The demand for skilled finance professionals in the competitive Bay Area contributes to the elevated salaries in this region.

New York City, New York:

As a global economic hub, New York City offers competitive salaries for Dealership Finance Managers. The abundance of dealerships and the city's thriving automotive industry contribute to the higher compensation levels in this metropolitan area.

Los Angeles, California:

Los Angeles, with its sprawling automotive market and diverse population, provides lucrative opportunities for Finance Managers in dealerships. The city's high living costs are reflected in the salaries offered to professionals in this role.

Washington, D.C.:

The nation's capital is not only a political center but also a significant hub for various industries, including automotive. Dealership Finance Managers in Washington, D.C., benefit from competitive salaries driven by the city's economic vitality.

Boston, Massachusetts:

Boston's strong economy and vibrant automotive sector contribute to higher salaries for Finance Managers in dealerships. The city's reputation as an education and technology hub also influences the demand for qualified finance professionals.

Seattle, Washington:

Seattle's dynamic economy, fueled by the presence of major corporations and a thriving tech industry, translates to competitive salaries for Dealership Finance Managers. The city's growth has led to increased demand for automotive services and professionals.

Chicago, Illinois:

As a major transportation and business hub, Chicago offers attractive compensation for Finance Managers in the automotive sector. The city's central location and extensive network of dealerships contribute to the demand for skilled professionals.

Dallas, Texas:

Dallas, known for its robust economy and business-friendly environment, is a key player in the automotive industry. Dealership Finance Managers in Dallas benefit from competitive salaries, reflecting the city's position as a major economic center.

Denver, Colorado:

Denver's strategic location and growing population contribute to the demand for automotive services, influencing the salaries of Finance Managers in the region. The city's appeal as a desirable place to live also impacts compensation levels.

Atlanta, Georgia:

Atlanta, a major transportation and logistics hub, offers favorable conditions for Dealership Finance Managers. The city's economic diversity and prominence in the Southeastern automotive market contribute to competitive salaries.

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