Technology Enabling Consumer Control of Car Buying Process, from Automotive Ventures.
There’s increasing interest to allow consumers to control more elements of the car buying process. Dealers are looking to leverage technology solutions to help shrink the amount of time consumers spend in the showroom.
A recent article from Wards Automotive observes this trend towards innovation in the dealership as consumers demand a faster in-store process.
Wards notes that consumers can now access financing information and apply for loans online – and some dealers are posting detailed information on F&I products offered – all a result of pressure to whittle time from car-buying.
The article observes that the existing F&I processes are “perched on the precipice of change,” and while there’s still resistance from some auto dealers, industry insiders say the trends are clear and inevitable.
The main driver in this evolution 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, SVP of Automotive Operations for Toyota Motor Sales U.S.A.