Two of the larger generations of car buyers are practically living online. Millennials and Gen Z research everything to not only find the best deal but to make sure they know exactly what’s available to them before ever showing up on the lot.
Many dealerships offer transparency when it comes to unit pricing online and even service prices for common maintenance, but rarely do you see much information on products in F&I. BIG missed opportunity. Huge.
Educating your customers on what the products are and how they help protect against unexpected expenses can make all the difference in demystifying their entire experience.
For decades, car buyers have detested this part of the process more than any other. So why not change all that in the digital age with as much helpful information as possible? Why keep these products a secret? How could that be impacting your PVR?
Here’s how more F&I information online is better than none.
1: Customers Expect It
A study from 2019 revealed that car shoppers were 83% more likely to buy 1 or more F&I products if they had the information on its features and benefits before coming to the lot. Show examples of the range in VSC costs from model to model. Explain GAP in detail and paint a picture of the benefits of it. Show pictures of what damaged alloys look like while explaining Tire & Wheel advantages.
2: Rising CSI
Blow up your CSI with more transparency. Car buyers are already a bit defensive when dealing with F&I due to awful tactics from the past…so why not shock them with an entirely new approach? They will appreciate the new way of doing business and your ratings will improve as a result. Increased transparency will go a long way to busting old stereotypes.
3: Strengthening the ‘Why Buy Here?’
Car buyers are travelling well outside of their market these days to find the car they want so it’s more important than ever to find ways to position your dealership as the best local choice for vehicles. If something as simple as giving customers all the info they need for F&I products upfront gets more lot traffic, why not try it? Set yourself apart. Be the dealership that is doing things different.
4: Create Engaging Content
Any content like blogs or explainer videos that can communicate the benefits in easy-to-understand language can serve well to make sure your customers know everything they have to before coming in. Good content is there to educate and help establish trust in a brand and it costs nothing to start.
Gather customer stories around the products you offer…real world scenarios that customers can relate to. Everyone loves (and trusts) social proof.
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