Finalizing Financing Online

A recent automotive article suggested that dealers aren't taking advantage of finalizing financing online. You don't have to be an F&I veteran to know that this is an issue. Dealers want their customers captive at the dealership so that they can do whatever possible to close a deal.

The pandemic has pushed digital retailing to the forefront of consumers mind. Car shoppers like having the flexibility of seeing financing options during their online browsing well in advance of making a purchase decision.

 

What we discuss in this episode:

• Becky explains why consumers like digital retailing options

• During the height of the pandemic, dealers were doing whatever they could to stay afloat. This included adopting some digital retailing solutions to keep their business moving. As things slowly return to normal, many dealers are sinking back to their old ways.

• Today the business is in a different ball game and it's more important than ever to do what is needed to attract customers on their terms.

• In an effort to put the customer first, Becky encourages car dealers to be as transparent with financing options upfront, and to adapt to the new and evolved consumer demands. It's all about giving car shoppers the options they are looking for, when and how they are looking for them.

• F&I can either enhance or detract from the excitement of buying a new or used car.

• Becky shares some of the software solutions that will help you improve your F&I process

• Providing upfront financing options doesn't mean you won't be able to offer additional after-market products.

• Becky shares some simple word tracks to help introduce after-market products like performance tires, repairs and replacements.

• If your tire and wheel penetration is lower than 40%, tune into future episodes of the podcast where we'll discuss how to gain more customers, repeat business and more — all from tire and wheel sales.

 

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Connect with Becky Chernek:

• LinkedIn - https://www.linkedin.com/in/beckychernek/

• Facebook - https://www.facebook.com/rebecca.chernek.1/

• F&I Today with Becky Chernek - https://www.facebook.com/groups/260984864044461

• Website - www.chernekconsulting.com