Has Your Store Fully Embraced Digital F&I During COVID-19? You Should…Your Customers Want It.

Has Your Store Fully Embraced Digital F&I During COVID-19? You Should…Your Customers Want It.

It’s no secret that dealerships nationwide have had to start embracing a digital buying experience for their customers. Due to concerns over COVID-19, car shoppers can shop for their car, get at-home test drives, execute paperwork, and take delivery in their driveway all in the name of safety.

Digital retailing in the time of COVID-19 seems to have finally found its way. Studies are popping up throughout the industry showing that shoppers don’t miss all the things that frustrated them about the in-person dealership buying process, namely the hours it took to buy a car.

While most dealerships may already have their inventories online with options to build out the model they want or to schedule an ‘at home’ test drive, there is one part of the process that has been slower to come to the online environment.

F&I.

Believe it or not, many stores don’t fully integrate their F&I offerings on their website. They may show the names and pictures of the staff but there is usually little more than an online application and that’s it. Everything else is designed for the in-person experience.

Should every dealer start embracing a digital F&I presence? Are customers even ready for it? Let’s see what the numbers say…

A survey conducted by reinsurer Assurant revealed the following…

  • 92% of buyers actively want to learn more about F&I products before making a purchase
  • 40% of buyers are interested in learning more about VSC’s online for themselves
  • 63% are more likely to buy F&I products if they have the option of learning about their benefits online.

Those stats illustrate the need to add as much F&I education and interaction as possible to the digital environment. Videos, online chats with F&I staff, and detailed menus of package options available will all make for an easier experience for your customers.

Some dealers have even started using Zoom or FaceTime video calls to help explain products and answer questions in real time. Your staff still gets that personal interaction without compromising the health and safety of either party.

Now is the time to make sure your store is offering a robust digital buying experience that INCLUDES the F&I department. Pandemic or not, it represents the way people want to buy a car now.

We can help with that digital F&I makeover…click here to see how we can make it an easy transition.