Dealership F&I Gets More Technical

Dealership F&I departments use technology more and more – from e-menus to digital configurators – to sell more aftermarket products and services.

Digital F&I platforms that combine touch screens, tablet technology, interactive videos and surveys based on predictive-analysis aid the sales process and moves it right along.

Here are elements of how technology can benefit F&I managers and their customers:

Time Savings. E-menus can save an average of 15 minutes. That’s important because many car buyers are sensitive to how much time they spend in the F&I office. Many of them want to be done and on their way in their newly purchased vehicle.

Consumer Control. Customers already are using touch technology in their daily lives. The best dealer systems fully integrate the front-end (sales) and back-end (service) to create an F&I experience that benefits the dealership, the automotive brand and the customer. That synergy sells and raises customer satisfaction.

Clarity of Value. Product presentations on paper can leave consumers wondering if they got the whole story. An interactive e-menu helps customers better understand the value of products. It builds trust in products and the dealership.

Specific Products. Best-of-breed systems include software surveys that ask customers questions about their driving habits (i.e. uses, miles driven), analyzes their responses and recommends F&I products specifically for them. It connects lifestyle needs with  products that protect their car.

Data Protection. Misplaced deal jackets and confidential documents can put private customer data at risk. Digital menu systems keep F&I processes compliant with The Gramm-Leach-Bliley Act on protecting customer financial data.

With such technology supporting F&I, customers can guide themselves with the swipe of a finger through a consistent, frictionless and enjoyable sales experience, transforming the process and driving dealer profitability.

Jim Maxim, Jr. is president of MaximTrak Technologies.  Reach him at [email protected].