Automotive Consumer Study - S14

It's important to keep working on your business to meet modern customer
expectations, changing your processes to capitalize on new opportunities.
F&I has stayed relatively consistent for decades but can now evolve to
mirror the rest of the car buyer's journey.

The movement toward more digital features has affected everything from
early self-guided customer research to service and marketing. It's easy to
see why this has happened - people are simply accustomed to shopping
online. Companies such as Amazon, born in the digital era, have put a
huge emphasis on speed and convenience. People have responded by
adjusting their expectations of all business interactions, including when
shopping for a car.
VFI lets you provide the kind of experience that will connect with such an
audience, bringing one of the most traditional parts of car buying online.
When considering the effects of COVID-19 on how dealers sell vehicles,
VFI is a natural progression that is well-suited to contactless processes
but will stay relevant even with in-person dealership visits back at prepandemic levels.
VFI doesn't have to be a complete change in the way your team does
business. You are still selling the same F&I products and moving the
customer along the pathway to a completed purchase. Provided your
dealership makes a strong effort to enact these processes and practices,
with the right technological infrastructure in place and staff prepared to
handle their new responsibilities, the evolution can be smooth and deliver
great results.

Source: Automotive News Research & Data Center
© Copyright 2020. Automotive News. All rights reserved.

Giving your customers more freedom and information
What's the main difference between customer attitudes today and those a
decade or more ago? People are more committed than ever to doing
things themselves, conducting plenty of research before ever engaging
with a company and trusting the information they collect independently.
This self-guided online research is a big part of the auto buying journey. In
fact, more than half (55%) of consumers responding to Automotive News'
survey said they would rather research vehicles they are interested in
buying digitally vs. in person.

This preference extends to all parts of the journey, leaving a window of
opportunity for VFI to keep buyers engaged. Consumers who choose a
digital interaction when given the choice can transition smoothly from
their preliminary research to making their F&I purchases.
Your dealership website contains plenty of data on F&I products, so
shoppers can do some research in advance of their VFI video calls. That
creates a sense of comfort and preparedness, putting less pressure on
the representative or buyer and ensuring this part of the process mirrors
the earlier vehicle research that buyers are putting in.

Getting that level of comfort really matters in F&I, with only 20% of
consumers telling Automotive News researchers they are " very " or
" extremely " familiar with F&I products. Meanwhile, 30% said they don't
know about these offerings at all, and 79% of respondents confirmed that
knowing their options before they speak with the F&I manager would
influence their purchasing intentions.


Automotive Consumer Study

Table of Contents for the Digital Edition of Automotive Consumer Study

Automotive Consumer Study - S1
Automotive Consumer Study - S1
Automotive Consumer Study - S2
Automotive Consumer Study - S3
Automotive Consumer Study - S4
Automotive Consumer Study - S5
Automotive Consumer Study - S6
Automotive Consumer Study - S7
Automotive Consumer Study - S8
Automotive Consumer Study - S9
Automotive Consumer Study - S10
Automotive Consumer Study - S11
Automotive Consumer Study - S12
Automotive Consumer Study - S13
Automotive Consumer Study - S14
Automotive Consumer Study - S15
Automotive Consumer Study - S16
Automotive Consumer Study - S17
Automotive Consumer Study - S18