Buyers younger than 40 are more likely to find a date on the digital hotspot Tinder than a brick-and-mortar nightclub, so you should expect them to want to engage with your F&I processes in a new, modern way also.
Welcome to the world of the digital handshake.
The rise of the digital handshake means the old-school way of presenting F&I aftermarket products is passe. Millennial-aged consumers don’t trust them, and aren’t as likely to buy when F&I processes fail to meet their digital expectations. Likewise, buyers will use social media and their smart phones to cross-compare with multiple sources to make sure the information they receive from you is reliable.
It is a given that this revolution is rapidly reshaping how dealerships engage consumers. So what new ideas and practices should you incorporate to be sure that your F&I process begins and closes the final step of the sale using this all-important digital handshake?
Results of a survey released by MTV at the 2015 NADA Convention reveal that millennial buyers:
- Get “really annoyed” when things don’t happen quickly.
- Want more transparent transaction processes.
- Want more clarity into how products are priced.
- Want speed in everything.
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