If you have spent time in the last few years buying a new car from a motor dealership, you may have been introduced to a ‘business manager’ along the way. They play very little role in the sale of the vehicle, but are often introduced to you after you have shaken hands on the deal.
So what is a Business Manager
There primary role in years gone by, was to present you with the finance options for your vehicle purchase. The majority of vehicles were purchased using motor dealers finance in the past, so it really was a full time job dealing with all the paperwork generated.
However, with the deals offered by high street banks and direct lenders being so attractive these days, the chances of you motor dealer being able to compete on a comparable product has certainly diminished.
Manufacturers have put together attractive packages for alternative styles of finance, such as Personal Contract Purchase, and many Business Managers at dealers with proactive manufacturers deals can be rushed off there feet with this type of business.
These types of finance can often change, and the business manager must be on the ball with the monthly payments and residual values on each vehicle. Other types of deals will also concern him, if the dealership has a strong commercial side, then the contract hire lease deals will also fall into his domain most likely.
The Business Manager also is concerned with the sale of products such as warranty, tyre insurance and indeed the subject this website is concerned with, Car Gap Insurance.
However, even in these areas, once the sole domain of a motor dealer Business Manager, there is now terrific competition from independent Gap Insurance brokers in the UK.
Other roles for the Business Manager
Quite often these days, the Business Manager is concerned with the compliant nature of the motor dealership with regards to the FSA. This has become a massive task, as regulations on the sale of insurance items has tightened considerably over the last few years.
The role of the business manager is constantly changing, and in many ways has never been more difficult. So if you are introduced to one in a motor dealer, be nice to the Business Manager!