Finalizing a deal doesn’t have to be complicated. In today’s episode of Inside Automotive, we’re exploring how AutoFi, the leading provider of sales and finance technology, simplifies processes for teams nationwide. Joining us is Kerri Wise, the Chief Marketing Officer at AutoFi.
Digital retailing has been a significant focus in the automotive industry for years, particularly during the pandemic when many dealerships adopted new technologies. However, as Wise points out, the expected benefits of faster and more efficient transactions have not been fully materialized.
A recent study by Cox Automotive found that the average car-buying process has only improved by 15 minutes over the past five years- still taking nearly three hours. This indicates that there are still considerable challenges to overcome.
Wise emphasizes that the bottleneck lies in the showroom experience, particularly at the managerial level. She highlights how AutoFi’s technology can reduce transaction times by automating decision-making processes and providing real-time updates, akin to using Google Maps for navigation. The system leverages bank data to streamline financing decisions, saving managers and salespeople time while also enhancing the customer experience.
For example, AutoFi allows managers to desk deals during test drives, so when the customer returns, they can proceed directly to closing without unnecessary delays.
Moreover, Wise highlights a critical industry issue: lost deals due to excessive wait times. She explains how every minute of customer idle time increases the likelihood of them second-guessing their decision or shopping competitors online. With tools like AutoFi, dealerships can retain customer engagement by presenting financing options and building trust through screen-based interactions.
“The reality is that the transaction still happens in the showroom. With all the technology that's out there and all the investment made by vendors and dealers, we still face legacy challenges in the showroom experience, starting with time.” – Kerri Wise.
