Focus Turns to Digitizing F&I as Need for Speed Increases, from WardsAuto.
The F&I business appears perched on the precipice of change, and while there’s still some reticence from auto dealers, industry insiders say the trends are clear and resistance, ultimately, is futile.
Besides some return-on-investment upside for retailers, the main driver in the coming revolution is the growing number of tech-savvy car buyers who are losing patience with the time it can take to close the deal.
“The consumer doesn’t want a 4-hour buying process,” says Bob Carter, senior vice president-Automotive Operations for Toyota Motor Sales U.S.A.
John P. Stephens, senior vice president-dealer services for F&I product provider EFG Companies, sums it up this way: “People are thinking, ‛Root canal or buy a car? Which way do I want to go?’”
But much of the time needed to select the right vehicle already has been squeezed out of the process by a consumer base increasingly adept at researching models and negotiating price online.