Your dealership can be the next best thing. However, if your customers do not have a great buying experience at your dealership, they will not stay. Therefore, your finance and insurance offerings (the products you introduce to these customers) must have a seamless process. And they must have a better introduction than the get-to-know-after-purchasing style. Or else, your dealership would be affected a great deal negatively. So, if you have not fully considered it before, here are four reasons you should upgrade your F&I process.

1. Customers' Lack of Knowledge about F&I

Most customers have no basic knowledge of what F&I offerings entail. The ones who do cannot identify which is which. Most buyers (58% of F&I consumers) want to append their mark on the signature line and leave. They are not always so patient to listen to what comes after the car purchase at your dealership. Little wonder customers who claim to know about these offerings cannot always classify them. Options like the Vehicle Service Contract and Prepaid Planned Maintenance even get confusing for customers. Hence, if your approach to introducing F&I offerings to customers is the conventional type, you should consider switching things up.

2. To Clear Customers’ Doubts

A recent survey of F&I products consumers in the US revealed that 61% think that the products are another way for the dealers to make more money. And about 50% said they would not opt for anything other than the vehicle purchase. This shows a high level of skepticism from the buyers.

While a part of the uncertainty is informed by ignorance, the other part is fueled by their experience when the F&I product offerings were introduced. Interestingly, other statistics show that the buyers see the utility in these offerings. But the approach or process of presenting it to them was not good enough.

3. Harnessing the Power of Digital Media

You should improve your F&I process, particularly to reflect the digital times. Why? Social media platforms are a good avenue to reach out to potential buyers with your F&I offerings. Thus, instead of waiting for them at the dealership, you can take information about these products to them as they scroll through the Internet every day. This online education and awareness of the offerings indicate transparency to the buyers. And this opens up a greater possibility to opt for these offerings. Also, the conventional method of pitching to potential product consumers only when they come for a vehicle purchase at the dealership would soon be outdated.

4. To Have Repeat Buyers

When you upgrade your F&I process, it makes you stand out. And the buyers have a better experience at a dealership. It helps with the overall excellence of your business. And this increases your chances of repeat buyers at the dealership. After all, they loved their previous experience buying from you, so they want to come again.

In conclusion, a good F&I process reaches out to the buyer without making them anxious about the offerings. It also helps you to attract and retain great dealership customers. You should upgrade your process to enjoy these benefits.