From this year’s NADA conference to the recent Agent Summit that I attended, to industry magazines and newsletters the buzz word of the day is “digital.” According to one writer, “...consumer demands for transparency and interactivity within the purchase experience... along with research command industry change.” So what does this mean? Well, just as we had to adjust to putting vehicles on our websites, we have to adjust to putting F&I products on them as well. If this sounds familiar to you it is probably because the industry has been talking about this for years. We have had credit applications on line for years but in many cases that is where the finance tab begins and ends.
Research is telling us that while many of our customers are comfortable with the traditional way of hearing about our products, there is a growing segment who are not. Old news: many buyers research the car on-line from make and model to price and trade information. New(er) news: These same buyers like to take their time learning about service contracts, GAP coverage, etc. prior to signing the delivery paperwork. In fact, Brian Reed, President and CEO of F&I Express, went so far as to say, “Going forward, dealers who don’t provide F&I features, benefits and pricing online will be excluded from consideration by consumers who are looking for all sorts of purchase information online.”
He adds that consumers, “...number 1, want information about the F&I products sold in the dealership earlier in the process. Number 2, they would more likely buy these products once at the dealership if they had this information earlier versus waiting for it to be presented.” Number 2 should be reason number 1 that you get product information on the website.
Talk to your dealer and your dealer’s website manager about improving the finance tab of the
website. Possibilities include product write-ups, product videos, interactive videos, menu presentations and on-line rating possibilities. Don’t overlook the opportunity for pure information that doesn’t have anything to do with the purchase of products. That can include information on keeping credit ratings and scores up, certifications and achievements your finance department has attained, and consumer regulations and how your dealership maintains compliance.
It should go without saying that you should always be prepared to present your menu to customers using electronic communication. This is a necessity for on-line buyers, locates, and customers who, for whatever reason, didn’t connect with you prior to leaving the store, just to name a few. Yes, it’s challenging and a bit labor intense, but as always, Jeram Marketing, with the help of our vendors and partners, is here to assist you. And then, just when you think you are on the cutting edge of Information Technology...it all changes and we go back to the drawing board.
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