Consumers would buy more F&I products ifÄ
Reports suggest consumers are frustrated with the current F&I process, but if dealers could make it easier by bringing more of it online, they could sell more F&I products. Thatês the key finding of a new study from MakeMyDeal, a company that enables shoppers and dealers to discuss and agree on the terms of a car deal online. MakeMyDeal did an online survey of 500 car shoppers and buyers.
F&I is one of the biggest parts of the buying process that has still not moved into the digital age, and dealers have been hesitant to evolve this process because itês a major profit center, said Mike Burgiss, founder and vice president of MakeMyDeal. By changing when and how the shopper is introduced to F&I products, dealers could see a dramatic change in consumersê likelihood to buy F&I products.
Consumers indicate they are skeptical of the experience rather than the product. Nearly half of those surveyed said they would never buy anything other than a car from a dealership, but nearly two-thirds said they think F&I products may save money in the long run.
Large majorities said they are interested in learning about F&I products before entering the dealership and would be interested in learning more about them from the dealership after they had a better understanding of what they were. Nearly two-thirds said they would be more likely to buy F&I products, if they could learn more about them before completing the vehicle purchase.Download Bulletin PDF