Digitize Your Dealership For a Successful New Year
Posted on Monday, December 16, 2019
Dealer operations can often be a big ship with a small rudder. With all this movement in the technology revolution, what does it take to change course? The answer depends upon the lens through which you view technology, change, and what is happening in the industry.
Consumers continue to perceive and engage dealerships as their primary way to buy a car. Digital technologies can help a dealer better engage with consumers by eliminating the obstacles, redundancy, delay, and error that can encumber traditional practices. For instance, having a digital, subscription model platform in place will help dealers streamline, manage, control, and ensure customer satisfaction from this new profit center.
Modernizing F&I to enable online consumers to obtain financing information, evaluate trades, and learn about extended warranties and other aftermarket products will help make the dealership more profitable and a more accessible and comfortable choice for customers to buy a car.
We know dealers are embracing digital technologies of all sorts to help them serve customers better. The herd of technology vendors at the annual NADA exhibition would have been culled out by now if dealers weren’t buying their wares, one would think. We know this is not the case. So you should consider providing information like:
- Product information, including digitized brochures, videos, and product specs using downloads, chat, and texts
- Product engagement, using online interactive tools, videos, and virtual reality experiences
- Purchase engagement, by making available online vehicle reservation tools, accessibility of virtual documentation, e-signature, and delivery options
Educate consumers about not only vehicles and services but about the various F&I products you sell. The data show a significant percentage of consumers who will sit in your F&I office will not understand the value or benefit to them from purchasing the service contracts, maintenance plans and similar budget-protection products you sell.
We’ve often shown that when customers don’t understand these products or their value, they decline to purchase them. A little product value-based product education with customers can help counter this, whether you educate them online up funnel or in your office.
Finally, F&I continues to be a source of complaints from buyers, who grumble the process takes too long. Digital is the solution.
Using F&I interactive videos, virtual reality tools, and self-administered surveys that reveal consumer interests about the risks and rewards aftermarket products address helps to increase product sales, while digital lending, contracting, rating, and remitting speeds up transaction times to get the customer to delivery in less time.
Tools make the transaction experience easier, and the relationship between F&I manager and customer more productive for everyone.
Take Advantage of Our Years of F&I Experience
Need help creating a solid workflow the whole team can follow? Don’t go it alone. Dealerships like yours are using MaximTrak’s leading F&I menu technology to increase profits, reduce friction, and transform the customer experience. Let us walk you through our process and come up with a solution that’s best for you. Click here to get started today.