Improvements to F&I Process Yield Great Benefit, from Automotive Ventures.
Over the past 15 years, there has been a lot of progress in helping consumers with the car shopping progress. But advancements have yet to come to help consumers with the actual buying of a car (whether it’s in-store or online), and more specifically, the items that are typically negotiated in the dealer’s Finance and Insurance (F&I) department – such as warranties, insurance, aftermarket parts and add-ons.
To underscore this market need, a new study from MakeMyDeal illustrates where consumers are frustrated with the current Finance and Insurance (F&I) process at dealerships.
Interestingly, the study found that dealers could actually sell more product if they could make it easier for consumers – and that shifting F&I product information online could be the key to higher sales and profitability.
The study found that the current F&I process in the dealership breeds skepticism with the consumer:
- 61 percent of consumers believe that F&I products are just ways for the dealer to make more money.
- 48 percent said that they would never buy anything other than the vehicle from a dealership.
