What are the top priorities for F&I offices in the current automotive market? Today on CBT News, we answer this question with Scot Eisenfelder, Sr. Vice President of Strategy & Planning at APCO Holdings, LLC. Eisenfelder also discusses his transition to become CEO of APCO Holdings on May 1, 2021.
Eisenfelder begins the conversation by reflecting on the adaptability of auto dealers and customers in 2020. Consumers had to be flexible with the way they shopped for vehicles and auto dealers had to be adaptable to meet customers outside of the showroom. The lessons from each experience brought tremendous success to the industry and accelerated the digital car-buying experience.
The ongoing chip shortage is beginning to create more problems besides hindering new-car inventory. Eisenfelder says that the cost of used vehicles continues to rise due to a lack of new vehicles. However, Eisenfelder is confident that auto dealers will adapt to this challenge because they have overcome similar obstacles in the past.
Eisenfelder believes the state of modern F&I is centered around digital retailing. As the buying process has moved online, F&I has had to simplify its offerings to customers. Auto dealers have also tried to cut down on the time customers are spending in the dealership through digital retailing and a one-person sales process. This has streamlined the F&I process, creating an easier experience for customers.
Eisenfelder concludes the conversation by briefly discussing his new role as CEO of APCO. Eisenfelder will replace Finbarr O’Neill, who is getting ready to begin his retirement. Eisenfelder speaks highly of O’Neill, saying that he is leaving the company in great shape. The new CEO says he is embracing the position, saying he’s looking forward to the opportunity in front of him.
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