Finance-and-insurance professionals facing hardship during COVID-19 closures may be eligible for relief through a fundraising initiative heralded by 20 of the nation’s top F&I product companies.
Founded by National Auto Care CEO Tony Wanderon and NAE/NWAN CEO Kelly Price, the F&I Providers Relief Fund for F&I Managers has raised $ 362,000 to date for dealership F&I personnel who have either lost their jobs or taken pay cuts due to governor-mandated shelter-in-place orders. Donations are tax-deductible thanks to a partnership with Price’s non-profit organization Changing Lives Foundation.
“We really did feel like it was time for us, as a group, as an industry, to support the people who have supported us,” Wanderon told Automotive News. Wanderon donated $ 10,000 to the fund, which National Auto Care matched, he said.
Partnering with another charitable organization streamlined the fund’s establishment. Price founded Changing Lives two years ago to provide financial support to families facing catastrophic circumstances. The process took a year of negotiation with the Internal Revenue Service, Price said.
“If we had to go through and file this 501(c) ourselves, we never would have gotten this done in time,” Wanderon said.
Among the largest F&I product donors are Safe-Guard, AUL Corp., Assurant, Easy Care and StoneEagle F&I. The fund’s board, with members from F&I product leadership, will award grants up to $ 2,000 to impacted F&I professionals.
F&I managers are among the highest paid dealership employees, whose compensation rises thousands of dollars on average every year. The only dealership position earning more on average than the F&I manager is the general manager, according to National Automobile Dealers Association data obtained by Automotive News. In 2017, F&I managers made $ 142,048 on average nationally, a 3 percent increase from the previous year.
Each applicant is carefully — and anonymously — assessed by the board before receiving needs-based relief, Wanderon said.
“The more detail we’re provided, the easier it is for us to move through and grant the request,” Price said.
