Senior F&I Manager

Job Category: Finance
Job Location: Gauteng
Cost To Company Per Annum: R600k - R780k

Senior F & I Manager – Motor Retail

To standardise F and I work procedures and enforce regulations to ensure compliance within our clients Car Sales, optimise second gross income through selling of value added products and provide support to the southern African branches.

Key deliverables and outputs

  1. Strategic/Financial

• Develop products (e.g. warranties, credit insurances, minor accident warranty etc.) and ensure accreditation with relevant insurance underwriters – ongoing and at least annually
• Assess all products annually to ensure they stay ahead of the industry with superior, value-add of product range
• Ensure correct usage of F& I system by reconciling the systems data capture to Evolve
• Discuss and set monthly targets for improving sales/APU’s with the senior Car Sales team for cascading to branch level
• Provide information and advice to Financial Manager (Car Sales) for compilation of annual budgets
• Advise branches and F&I’s on industry trends in terms of product sales, hit rates, etc. when developments become known
• Develop, update and implement the commission structure annually with new targets and rules and manage monthly through the FM/financial administrators
• Consolidate F & I inputs into national budget

  1. Operational

• Monitor and enforce FAIS compliance at retail branches to ensure adherence to the FAIS sales process
• Ensure that Fit and Proper status (qualifications, experience, CPD and compliance) is maintained via bi-monthly monitoring and rectifying external FAIS Audit outcomes for every F&I
• Provide advice to F&Is on FAIS and FICA related queries as requested
• Monitor and enforce FICA compliance at retail branches by checking usage of Verified system regularly and addressing non-compliance
• Ensure all F&I’s (permanent/temporary) interacting with banks have proof of NCA accreditation in place on initial employment
• Determine and implement training interventions for F&I’s and Sales People on Products, Policies and Soft Skills
• Monitor and control non-approved products by conducting monthly spot checks for payments to non-approved suppliers in order to eliminate the sale of non-approved products
• Measure and monitor F&I sales performance (APU contributions, products sales hit rates, etc.) with regards to DIC, Insurance Products and non-Insurance Products by benchmarking and comparing various branch performances on monthly, bi-monthly, quarterly basis as needed, with Regional Managers, Branch Managers and F&I’s.
• Assist with commission structure queries
• Monitor and action approved deals not taken up with dealership and declined deals and provide insights to branches and regions to ensure sales volume drive is supported on weekly basis
• Monitor and follow up on unsighted deals on daily basis and provide recommendations on findings and share best-practice with the regions and branches
• Act as the product champion; overseeing pricing, wording, implementation, monitoring, liaising with the service providers on monthly basis
• Promote, manage and provide guidance and input into the development of fusion / electronic systems
• Oversee the training and coaching of all Car Sales staff on the F & I portfolio

  1. Stakeholders (internal & external customers, suppliers, shareholders, communities)

• Provide guidance to branch managers to ensure compliance
• Provide advisory services to our clients Car Sales team
• Meet with suppliers/underwriters to examine, compare and improve terms and conditions
• Develop and maintain a strong working relationship with various Financial Institutions and to meet as requested with Regional Managers/Sales Managers of banks to ensure good communication channel with banks to assist with operational discrepancies
• Conduct monthly/quarterly meetings with the Regional Management team to discuss performance to date and seek improvements
• Network with industry peers to identify and source F & I talent for the business
• Monitor and manage the relationship with Cell Captive administrator and underwriter

  1. Employees

• Provide clear direction and decisive leadership to direct reports, ensuring all are aligned to the goals and have a clear purpose.
• Set clearly defined performance standards / targets for direct reports, holding them accountable to achieve these and providing support and guidance where needed.
• Create and maintain a constructive atmosphere within the team, engaging and motivating direct reports to always give their best, while respecting any areas of diversity (whether areas of expertise, cultural, gender, age, background, etc.)
• Ensure direct reports adhere to set business policies and procedures, emphasising the importance of general discipline at work and objectively correcting and handling any deviations as they arise.
• Resource and staff the team appropriately, considering the relevance of current and new jobs as well as the most suitable ways in which to place or replace any vacancies.
• Participate in the defining of appropriate reward packages to attract, develop and retain high performing staff.
• Set the example to the team and deliver on the employee value proposition by leading the team and the business in line with our clients Rental and Leasing Leadership Behaviours.
• Support and encourage direct reports to drive their own individual development plans in order to further grow as professionals in their jobs.
• Involved with the recruitment and appointment of new/temporary F and I’s with Branch Manager to ensure the best, accredited and compliant fit for the role is found (while adhering to company BEE policy) and provide ongoing supervision, training and development.

Internal and External Stakeholders

The role requires close engagement and collaboration with key internal and external stakeholders

Internal stakeholders

Regional managers, Branch Managers, F and I employees, HQ finance, VAPs team; Risk and Compliance department; Technical Training Manager, MAU department

External stakeholders

Financial institutions and regulatory bodies, product suppliers, OEMs, system suppliers

Academic qualifications

Essential:

  • Regulatory exam (RE1) for key individuals
  • F and I qualification – appropriate NQF 4 qualification (retail insurance qualification (RIQ)
  • Regulatory exam (RE5) for representatives
  • NCA accreditation
  • Driver’s license

Advantageous:

  • Relevant tertiary qualification in management

Work experience

Essential:

  • Minimum 3 – 5 years F & I experience within a senior role
  • Experience dealing with financial institutions
  • Well-established industry relationships
  • Previous motor industry experience

Knowledge

Essential:

  • Highly developed F & I product knowledge
  • Understanding of industry commission norms
  • Stay abreast of FAIS and FICA legislation and compliance requirements
  • Knowledge of up-to-date accreditation criteria
  • Broad knowledge of F and I systems
  • Technical knowledge of all business processes and tasks related to an automotive environment
  • Well-developed understanding of financial benchmarks and targets
  • Understand the internal controls on the Finance and insurance department
  • Knowledge of the bank process and bank mandate agreement
  • General financial knowledge
  • Broad understanding of bank credit vetting requirements and processes

Knowledge

Essential:

  • Highly developed F & I product knowledge
  • Understanding of industry commission norms
  • Stay abreast of FAIS and FICA legislation and compliance requirements
  • Knowledge of up-to-date accreditation criteria
  • Broad knowledge of F and I systems
  • Technical knowledge of all business processes and tasks related to an automotive environment
  • Well-developed understanding of financial benchmarks and targets
  • Understand the internal controls on the Finance and insurance department
  • Knowledge of the bank process and bank mandate agreement
  • General financial knowledge
  • Broad understanding of bank credit vetting requirements and processes

Skills

Essential:

  • Well-developed numerical reasoning and interpretation skills
  • Well-developed written comprehension and reasoning skills
  • Highly-developed communication skills to advise and guide stakeholders on product offerings and to persuade and influence in order to motivate and overcome objections
  • Well-developed networking skills
  • Well-developed discretionary skills to negotiate with senior stakeholders within limits of authority
  • Well-developed internal resilience (EQ)
  • Well-developed analytical and diagnostic skills
  • Well-developed solutioning and problem solving
  • Computer, technology and systems skills (Intermediate MS Office and dealer management systems and F & I systems)

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