Today’s dealership process is still challenged with inefficiencies that cause significant bottlenecks in the negotiation and F&I experience. Sales Managers and F&I Directors are often bogged down with tasks that prevent them from focusing on profit-building activities. And at the end of the day, time not only kills deals, but profitability too.
You can’t transact without financing. But the promise of digital retailing as a solution that enables a more efficient transaction typically falls short—because of inadequate finance solutions.
F&I is in AutoFi’s name and our platform is centered on financing innovation enabling a more efficient and profitable transaction, online and in the showroom. Below are some must-haves that drive dealers to choose AutoFi you should consider when selecting your next digital retailing partner.
Dealer Configuration and Control
Many dealers are hesitant to implement digital retailing technology because they fear losing control of the deal. AutoFi’s platform is completely customizable based on your dealer’s strategy. This includes presenting payments based on your preferred lenders, rebates/incentives, rate markups, and F&I products. We also spend a significant amount of time with your dealership management to set up your decision routing to ensure we’re routing the customer’s credit app to the right lenders and even flagging credit apps that need management intervention prior to submission.
Accuracy may seem like table stakes but most platforms fall short. AutoFi calculates precise payments based on factors that many competitive solutions overlook. Factors like Captive-Specific FICO band differences across lenders, customizable fees,stackable/unstackable rebates and conditional incentives.
AutoFi has direct relationships with 40+ of the top banks in the nation. These direct bank relationships enable you to offer car buyers an instant loan approval from up to three of YOUR existing lenders, around the clock. 82% of car buyers say “familiarity” is important in their lender consideration and AutoFi dealers lean into this lender affinity so consumers are more comfortable moving forward with their given rates.
Optimized Credit App
Not every credit app is equal. Many traditional credit apps are tedious for the consumer and subject to errors. AutoFi’s credit app is optimized to encourage completion. For example, many consumers have a difficult time accurately reporting their income, particularly their annual salary. Take your average hourly worker; they may know that they make $32 an hour but not what that translates per year. The AutoFi credit app gives the consumer the flexibility to report their income by hour, week, month or year and based on different pay periods to increase precision. In addition, we wait to ask for sensitive information like Social Security Number until immediately before submission to reduce the chances of a consumer abandoning the credit app.
Smart Lender Routing
AutoFi’s smart lender routing system adds efficiency to the credit approval process. It takes into account the customer’s credit band and the approval requirements of each bank. And then based on the dealer’s preferred decisioning specifications, routes the credit app to the appropriate banks. Starting with their first preference and then moving through a series of alternate lenders until an approval is achieved. This adds efficiency to the lender selection and with your rate markups accounted for, doesn’t sacrifice profits.