MakeMyDealSM Study: It’s Time to Rethink How Finance and Insurance Products are Sold, from Cox Automotive.
ATLANTA – April 23, 2015 – Consumers are frustrated with the current finance and insurance (F&I) process, but if dealers could make it easier, they actually could sell more. That’s the key finding of a new study from MakeMyDeal, a Cox Automotive company that enables car shoppers and dealers to discuss and agree on the terms of a car deal online. The MakeMyDeal 2015 Finance & Insurance Study further showed that shifting F&I product information online could be the key to higher sales and profitability.
“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 it’s a major profit center,” said Mike Burgiss, founder and vice president of MakeMyDeal. “However, our study shows that the current F&I process breeds consumer skepticism. By changing when and how the shopper is introduced to F&I products, dealers could see a dramatic change in consumers’ likelihood to buy F&I products.”
Findings from the Study Include:
The current experience breeds skepticism.
- A significant number of consumers showed skepticism about F&I products, with 61 percent indicating that they believe the products are just ways for the dealer to make more money. Additionally, 48 percent said that they would never buy anything other than the car from a dealership.