An article posted on “F&I and Showroom,” written by Tim Blochowiak, points out how F&I can assist in contactless business practices in the automotive industry. As COVID -19 cases continue to rise, it is increasingly important that businesses can integrate safer business practices.
The article states that F&I should take responsibility for informing consumers how digital retailing can be done through every step of the purchasing process. The industry has been pushing for online transactions even before the virus hit, but even more so now.
“When it comes to additional F&I options, dealers want to leverage the online experience to remove any friction that historically was perceived to take place toward the completion of the deal inside the F&I office. While many F&I options can be beneficial to a car buyer, such as vehicle service contracts and ancillary protection plans, the customer may perceive these products as “up-sells” at the last minute inside the F&I office.” -Tim Blochowiak
Advantages of digital retail
Unfortunately, it may be hard to steer consumers in the direction of digitally purchasing a vehicle, but it will be necessary to come back from the pandemic set back. Buying a car tends to be more of an all-around experience, but the article points out that most consumers dislike at least one aspect of the car buying experience. This can be an advantage of an online process because of the lack of pressure to purchase. There is no pressure of buying from the time you walk onto the lot to the time you sign your name on the dotted line.
Responsibilities of F&I
In the world of contactless transactions, consumers will be filling out digital paperwork through F&I. This makes it vital that every dealer has a concrete process to make sure this runs smoothly. Using these digital resources will help the industry get closer to the numbers we saw before COVID-19. Therefore, putting these practices into place is vital to the industry in order to make digital retailing the new normal.
How we can help
Axiom Connected has built the digital customer experience through innovative connected platforms that modernize vehicle ownership. Through multiple points of digital integration, Axiom Connected is at the core of a vast automotive warranty ecosystem which impacts and improves the lifecycle of vehicle ownership and beyond.