The connected consumer is now compelled to research and compare vehicles online before setting foot in your dealership. This digital vehicle shopper is drastically altering the buying and selling landscape.
According to the FTC, an estimated 9 million Americans have their identities stolen each year. Victims can experience the trauma of damaged credit and emptied accounts, and the costs to a business can be significant. With a bit of effort, you can put together a diligent plan to help protect your dealership.
Business today happens where consumers are shopping, and more and more, they're shopping online, even for their next vehicle. Dealerships who adjust to the available digital tools and solutions have a better chance of creating a flexible purchase process to meet all consumer needs.
To be flexible is essentially to be amenable and able to adjust to changes in the marketplace quickly. Your dealership can take steps to roll with the changes and be adaptable to consumer preferences.
Compliance. The word alone can grab the attention of even the most experienced F&I managers. It seems that rules and regulations are continually evolving, so your dealership’s compliance must be taken seriously every day. The consequences for ignoring protocol could be devastating. Your dealership could face hefty fines and penalties.
The resilience of the vehicle finance industry was on full display in 2020. The demand for a digital purchase process escalated. More consumers were opting for a low-contact experience. Many of the best solutions encompass a mix of new and existing online tools – like a digital process guided by an F&I manager. In 2020, we added enhancements for a complete end-to-end digital workflow that supports an in-store, remote, or hybrid process, all with your guidance. Get acquainted with the solutions of today to kick off a profitable new year.
Nobody likes to wait for anything, especially in the F&I office. And many customers now prefer an experience that’s as low-contact as possible. Dealerships today should take advantage of technology designed to speed up the vehicle purchasing process.
So how do you tell your customers about your portfolio of F&I products? Using a menu to present and sell aftermarket products is a great way to create a transparent, informative, and personalized buying experience that also speeds up the buying process.
To paraphrase a quote from the character Ferris Bueller from the iconic 80’s movie – Life moves pretty fast, and so does technology. The strides made in the vehicle finance industry in the last few years, especially in these past few months, are incredible. Dealerships have to stop and adapt, so they don’t miss out…on success. Plus, many dealers know that consumers have a growing interest in conducting business online and from remote locations.
If you’re a RouteOne eContracting dealer, you’re enjoying faster funding times while providing your customers with a smoother buying experience. You save time because information populates from your RouteOne credit application, your DMS, or wherever your deal begins, into a RouteOne eContract. The entire process is designed to reduce duplicate data entry. And let’s not forget about the cost-savings. Our data shows that most dealers will save an average of $23 on every eContract vs. a paper contract.