Am I in a crappy finance job?

[newborntom]

@jahovalbless04 The “old days” were certainly a lot better income wise.. you remuneration looks pretty standard.. but 28 settlements for $3500? Are you dialing down? With those sort of figs you are barely charging an intro fee? What percentage of naf are you getting? Those numbers seem off.. feel free to pm me

 

[seekingtruechurch]

@jahovalbless04 $100k to be a car salesman that requires no qualifications and you're complaining? You're getting pretty well for a job that needs zero qualifications, that's why the hours suck.

What did you do in 'the finance game'? Were you the financial controller for a multi-national corporation, or did you work behind the counter at the local pawn store?

 

[jahovalbless04]

@seekingtruechurch I’m not a car salesmen, my job requires a lot of compliance modules to insure we are follow government regulations around responsible lending and anti money laundering, I handle people’s personal information, drivers licences, passports, Medicare cards, mortgage statements, payslips, council rates notices, rent receipts… etc before I left the industry I was seeing 5-7k commission regularly these days 3.5k seems to be the standard

 

[mumla]

@jahovalbless04 Sounds like admin work, clearing 100k for that you are doing pretty well

 

[seekingtruechurch]

@jahovalbless04 Does it require a degree, or is it something that just needs training? I know it sucks, but if no degree is required, there is always the argument that they can get someone else to do the job, albeit with some training required.

My sister was a legal secretary and used to practically run a small law firm, but she had no degree, and the pay she got for what she provided was pretty woeful.

These days, though, the way HECS is going up, we seem to be headed down the path of the USA where people are loaded with lifetime loans for their university study.

 

[jlondon33]

@jahovalbless04 $3500 in comms is on top of your 65K salary yeah?

 

[insarations]

@jahovalbless04 This thread should be a pinned example of how much the average commenter knows about Finance.

OP you are in a great job for someone with no degree, but this job is not really a Finance job and you won't have any transferable skills to corporate finance. Basically it pays a lot because it's pretty much dead end.

 

[jahovalbless04]

@insarations Any suggestions on a step I could take to upskill into corporate finance?

 

[nathaniel]

@jahovalbless04

“ yeah, industry isn’t what it used to be” and just accepting the crappy money.

It's market place

 

[kimanje]

@jahovalbless04 You’re telling me you did 28 settlements and only made 35k? 28 settlements should gross you at least 56k in cars

 

[jahovalbless04]

@kimanje After tax and super that’s what I’d expect to hit the account but yeah about 58-60k

 

[kimanje]

@jahovalbless04 On 10% you should be on 6k pm then?

So 65k per year + 6k per month and you’re on 140

That’s normal for a BM.

EDIT - you can make more in some other dealerships, or by negotiating your %. Also try and make more per deal. Average 2500 per deal will get you an extra 10k per month. Sell insurance and GAP.

 

[jahovalbless04]

@kimanje Wasn’t normal couple years ago, I was at a Mitsubishi dealership working for a group called AHG and would see coms of 6-8k net monthly this is where my dilemma is.

 

[kimanje]

@jahovalbless04 I’m under a subsidiary of AHG as a broker. You’ll struggle to make over 200k anywhere as a BM. If you’re staying in cars you need to move to GM

Also - you can’t talk about making over 100k a year on this page without getting hate. Ask AUSHENRY

 

[timesshort]

@jahovalbless04 Not bad income with commissions for what is a relatively stress-less job.

 

[shc73]

@jahovalbless04 Don’t take this the wrong way, but are you missing any other kpis that will impact your total comms payable?.

Do you have kpis around insurance, scratch and dent, warranties or any other type of ancillary products to sell?

28 contracts is a great amount, but if they are all at promo rate then the income pool will be relatively small.

Without knowing it’s hard to tell whether you’re being underpaid or just underperforming on your plan.

I have business managers earning $140k+ and some nudging up past 160k

The money is there but none of this comes without some hustling

 

[jahovalbless04]

@shc73 Realistically there are no KPI’s no incentive to sell more, just 10% on coms and they want 35-40% finance pen, I don’t get any more money if I do 45 or 50% pen. No scratch and dent as A/M sells that and our dealership offers 1 year free dealer warranty with every used car so it’s difficult to sell warranty but I still sneak a couple in here and there. I don’t give away rate, maybe .5% here and there and with difficult customers I’ll offer another lender with lower rates initially instead of dialing down to with a deal.

 

[shc73]

@jahovalbless04 No incentive to sell more? Doesn’t sound like they have this setup very well for you.

Plenty of other dealerships out there looking to hire business managers.

Do not tell yourself it’s hard to sell premium warranties because of free 1 year. Heard this excuse plenty in the past. Most dealerships have the same setup, and plenty are performing at 20-30% premium warranty penetration.

 

[jahovalbless04]

@shc73 They definitely don’t have it set up very well, our used car stock was all ex manufacture demos with balance of new car warranty which was the main issue warranty sales wise. I need to get a com restructuring asap I think! Thanks for the advice! What position do you do out of curiosity?

 

[shc73]

@jahovalbless04 No problem at all. Hope things turn around for you.

Yeah near new used does make it a bit harder.

I am a DP.