ACV facts & figures

As a car dealer, there are many steps you can take to take your business to the next level. One of those key steps is by hiring the best team and backing yourself up with the highest credentials. In this post, we will focus on one of those credentials: AFIP certification. Let’s explore what the certification is, how it works, and what it offers dealerships and professionals alike.
What Is AFIP Certification?
The Association of Finance and Insurance Professionals (AFIP) offers dealership compliance training and certification for financial services employees. Typically, this applies to F&I Managers or anyone at the dealership with knowledge of state and federal regulations that govern vehicle purchase. The certification program can help support all dealership compliance.
Within the certification program, professionals will get a full understanding of regulations and best practices via online training programs and material. The certification programs are taught by university professors and industry experts.1 Some of the topics covered include:
- Truth in Lending Act & Regulation Z
- Consumer Leasing Act & Regulation M
- Rules Common to Regulations Z & M
- FTC credit rules4
How Does AFIP Certification Work?
AFIP offers certifications at different levels, and any professionals who get certified must recertify every two years to move up a level in order to maintain their credentials and membership. This also ensures that all certified professionals represent the highest caliber of information and up-to-date knowledge. The certification curriculum has the following levels:
- Basic Certification (CPFS): This level provides Finance and Insurance compliance training addressing federal and state regulations, best practices, and industry-specific details. The exam consists of 200 questions.
- Senior Certification (SPFS): The senior course helps professionals refresh their knowledge from the basic level and updates them on any changing laws. The exam includes 175 questions.
- Master Certification (MPFS): This level assesses a professional’s ability to address some of the more nuanced areas of regulations. The exam has 100 questions and includes real-world situations that truly help you prove expertise in your profession.
- Lifetime Master Certification (LMPFS) & Recurrent Training: As the final level of the certification program, this level applies nuanced knowledge of complex regulations to real-world scenarios. After completing the lifetime level, professionals will be required to complete recurrent training every two years.1
The AFIP offers industry-specific courses in: Franchise Dealership, Independent Dealerships, RV, Motorcycle, Power Sorts, and Marine.
How Much Does AFIP Certification Cost?
The pricing for each tier is as follows (as of April 4, 2025):
- Basic Certification: $965
- Senior Certification: $865
- Master Certification: $765
- Lifetime Master Certification: $6651
How Do I Get Started With AFIP Certification?
According to the AFIP, it’s a straightforward process to get started and follows six steps. Let’s break those down:
- Ordering your materials: Once you identify the level you are applying for, order your materials on the AFIP website or via a member dealership. At this stage you can also select any industry-specific courses and choose whether you’d like to self-study, join a virtual online bootcamp, or join an onsite AFIP bootcamp.
- Verify your license: In order to get certified, you must have all other licenses that your state requires to carry out your job by the time you take the AFIP exam. You will have to prove the stats of each license to the AFIP.
- Study: If you are self-studying, you can begin to prepare for the exam once you receive your materials. The AFIP estimates that preparation will take around 40 hours over a 6–8 week period. The materials will show you everything you need to know in terms of setting up a training account, completing the process, and learning the content.
- Virtual boot camp and review sessions: Every month, the AFIP offers a virtual boot camp prep that you can join. This is a way of preparing for the exam.
- Take the exam: You must get at least an 80% on the exam and submit all required documentation. You will need to pre-register for the online exam and typically they take up to 3 hours to complete.
- Get your results: Immediately as you complete your exam, you will get an email with your results. The AFIP will process those results within two days and if you fail, you will get instructions, if you pass, you will get an email with image assets you can share plus a certification will arrive in the mail within 6–8 weeks.2
What Are the Benefits of AFIP Certification?
AFIP certification offers myriad benefits for professionals and dealerships alike. For professionals, the certification can help you get a comprehensive understanding of the legal and regulatory landscape in your industry and build your credibility. For dealerships, having AFIP certified employees can help you avoid risks and ensure you are following all best practices as a business.3
Work With ACV Auctions
Building a strong team with the right knowledge about state and federal regulations is key for growing and protecting your dealership—but just as important is having quality inventory that brings in customers. That is where ACV Auctions come in. With ACV, you have access to wholesale inventory from dealerships all over the country. What's better is that our inventory is inspected by our full-time vehicle inspectors that perform a 200-point inspection that includes everything from undercarriage views and engine sounds to OBDII reads and more. If you are interested in stocking your lot with more cars, sign up with ACV Auctions.
Sources
- Association of Finance and Insurance Professionals. “AFIP Certification.” Association of Finance and Insurance Professionals. Retrieved April 4, 2025. https://afip.com/fi-certification/
- Association of Finance and Insurance Professionals. “How to Certify.” Association of Finance and Insurance Professionals. Retrieved April 4, 2025. https://afip.com/fi-certification/step-by-step-guide-to-afip-certification/
- Finance Manager Training. “AFIP Certification vs. F&I Certification.” Finance Manager Training. Retrieved April 4, 2025. https://financemanagertraining.com/afip-certification/
- Association of Finance and Insurance Professionals. “Used Vehicle.” Association of Finance and Insurance Professionals. Retrieved April 7, 2025. https://afip.com/fi-certification/industry-specific-fi-training/used-vehicle/