Over the last few years, the F&I department has undergone significant digital changes and continues to impact customer experience in big ways. Today on Inside Automotive, we’re taking a look at the positive impact digital workflow has had on F&I with Emil Banga, AVP of Product at Dealertrack, part of the Cox Automotive family of brands.
As consumer behavior started to change and trend more to online, Dealertrack began adapting its technology to meet consumer expectations. This began moving all car dealer clients to the upgraded uniFI Dealtertrack platform.
According to the 2021 Cox Automotive Car Buyer Journey, 70% of consumers prefer to shop online versus going into a car dealership. Additionally, buyers are spending around 12.5 hours researching and shopping for a vehicle in 2021. Consumers are relying on third-party websites to do this research, however, they need a seamless experience from website to store.
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So far, Banga says car dealers have done a great job adapting. Overall satisfaction with the car dealership experience remained very high at 66%. Furthermore, Cox Automotive found that 80% of consumers who applied online for credit, were highly satisfied with their experience versus only 70% of consumers who applied in-store.
Banga adds that while F&I managers may be concerned that digital technologies might hurt grosses and experience, it’s the exact opposite. Car dealers and consumers are saving time and working deals with more information than before.
From the Dealertack perspective, says Banga, they have honed in on digital contracting and remote signing capabilities. They are critical to improving dealer workflow and the consumer experience. It encompasses convenience, efficiency, and accuracy altogether.
Stop by the Dealertrack booth#2541W in Cox Village at the upcoming NADA Show to learn more!
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