Fixed Ops Magazine - 2023 Vol 20 06 - 58

of the hour is a solution that integrates seamlessly with
current processes. Such a system would empower the
consumer to control the transaction without limited interaction
with service advisors.
LEVERAGING PLATFORMS ARE CRITICAL
The marketplace solution: With service departments
interacting with ten times or more customers daily
than variable, most of whom qualify for additional service
products, it's evident there's a vast opportunity
for incremental revenue. Enter multi sided marketplaces
like Coverage in a Click. Without delving deep into
a specific platform, consider this as an archetype. User-centric
platforms are designed for mobile-first consumers,
who seek minimal 'salesperson' engagement
and expect to transact digitally.
Amazon, Shopify, Meta, and more. What makes them
so effective?
* MARKETPLACES STREAMLINE PROCESSES
We live in a fast-paced world, and consumers are
easily distracted; efficiency is critical. Marketplaces
have recognized this, and leaders like Amazon are
masters at optimizing the buying experience. These
platforms transform the purchase process to be intuitive,
quick, and friction-free by eliminating unnecessary
steps and bottlenecks. A notable issue addressed
by an F&I marketplace is the wait customers
face when trying to protect their vehicles. They no
longer need to wait for the next available F&I Manager.
In most instances, consumers can purchase products
in a matter of minutes, a process that could be
hours in a busy dealership.
* EXPERIENCE DRIVES REVENUE
The power of choice is fundamental to any transaction,
especially in the service department. Marketplaces
champion this ethos by placing transaction
control in the hands of the consumers. These platforms
give consumers the desired autonomy by reducing
or eliminating the need for service advisor
involvement. This enhances customer satisfaction
and allows service advisors to focus on their primary
role: advising consumers of their vehicle's essential
and supplementary repair requirements.
58
* COMPATIBILITY IS KEY
The automotive industry is undergoing a digital
transformation, and service departments are no exception.
Compatibility is a critical driver of scale. The
beauty of marketplaces lies in their inherent interoperability.
Since they are web-based, they stand clear
of the expected technological challenges associated
with integration. Whether it's a Dealer Management
System (DMS), Customer Relationship Management
(CRM) software, or intricate accounting tools, marketplaces
function seamlessly without needing elaborate
integrations. This simplifies the launch process
for the service department. With a straightforward
setup, service departments can swiftly launch their
digital storefronts and sell in hours.
FIXED OPERATIONS DIRECTORS, GENERAL
MANAGERS, AND DEALER PRINCIPALS
Your Process, Your Customer, Your Revenue: Creating
a Marketplace Storefront means channel control. Consider
it akin to having a service drive on Amazon, but
you're the only seller. And like Amazon, it's omnipresent
and accessed by any device at any time. Marketplaces
are not limited to transactions at the store but engage
consumers throughout the ownership lifecycle. These
new platforms take existing processes, products, and
customers to a limitless scale. Marketplaces are turnkey,
drive incremental revenue, and improve retention
while enhancing customer experience. Are you ready
to hang the digital 'OPEN " sign?
Jon Lamb is a recognized
innovator
with
over
two decades of
executive leadership.
Renowned for founding
and scaling some of the
industry's most disruptive
companies, Jon's
expertise spans from
invention to product
development and market launch-his latest startup,
" Coverage in a Click, " revolutionizes the sector as the
premier marketplace amplifying service drive revenue
via F&I offerings.
Fixed Ops Magazine - 2023 Vol 20 06

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