A finance-and-insurance manager has four responsibilities, Zurich North America says: Ensure the customer takes delivery, protect the dealership’s assets, sell products and generate profit.
Compliance with the law to safeguard the dealership is the greatest priority, executives at the F&I product provider suggested. “The No. 1 job I was always taught … the No. 1 job in a finance manager is to protect the house,” Zurich regional finance executive Phil Parlovecchio Jr. says.
Profit is the least of these four concerns, the F&I product provider says. “Because making money will be the result if the other responsibilities are taken care of first,” Zurich writes.
Focusing on sales ahead of a finance manager’s legal, managerial and administrative duties means “we have problems,” says Jim Revas, Zurich director of business development. Problems with customer satisfaction, loyalty, press and finances could ensue, he says.
“You are the goalie,” he says.
