How to modernize your F&I program
Financing a car is a relatively new phenomena in the history of the automobile. It wasn’t until the seventies and eighties that dealers figured out that financing a car in-dealership could be both lucrative and sticky. In other words, F&I programs inside the dealership opened up a new, direct revenue stream for business and boosted customers’ chances of buying their next cars at the same store up to 400%.
This ushered in the traditional model of F&I, with the showroom sales team separated from a backroom finance office.
This model morphed around 25 years ago with the advent and adoption of internet technologies. I call this next phase the blended approach as sales and finance teams collaborated to present offers, but still presented a frustrating and opaque process for car shoppers.
But just like the traditional model did, the blended approach grew outdated due to improvements in technology. AutoFi’s digital selling program ushers in a streamlined, modern approach that empowers salespeople to present financing options themselves directly to consumers, digitally.
Products like AutoFi’s F&I Plus get more eyes on your full menu of financial products before shoppers go through applications and approvals, while also giving salespeople the tools they need to close deals on the spot — whether remotely or in-person. Smoke-filled back-office finance rooms are thankfully a relic of the automotive past. Today, consumers expect the modern approach in which transparent financing options are right in front of them throughout the entire buying process.
Does your dealership want to boost digital sales? Book a custom demo today.