The F&I process, for most dealerships, generates significant potential profit for the business. But regulatory compliance, buyer frustration, and shrinking margins are daily hurdles that threaten to make the F&I process a losing battle. Can finding passion and meaning in your work combat the stress? Can new data-backed integrations bring automation to the way you do business? Read more and get ready:
Dealertrack: According to a study, dealerships spend around $200,000 annually on regulatory compliance. Do you have a strategic plan to address this costly part of doing business head-on?
F&I Showroom: Focusing on the “how” of your business can get you through the day-to-day. But, the “why” is what gets you out of bed, ready to come to work fueled with passion and eager to conquer the next challenge.
Cox Auto: A study by Cox Automotive indicates that tech-savvy car buyers are spending more time shopping online for their next car. However, when it comes to the activities that would reduce the frustrations of the F&I process—like filling out forms, negotiating prices—less than 10% of shoppers are using technology to speed up the sale.
Digital Dealer: A new enhanced dealer trade functionality is allowing dealers to swap inventory and reduce the risk of loss, faster. This announcement from vAuto aims to reduce the time-consuming process eating into dealers’ profits.
The Financial Brand: Technology is changing the automotive market, but we still have a way to go. While Americans are using ride-sharing and ride-hailing more and more, the impact is currently small, for now. However, as time, technology, and regulations change, the shift could be significant.
Check back next week for more Drive to Success.