Are you one of the 80% of NIADA independent dealerships who are losing money by not investing in an excellent F&I program? Do you even offer virtual F&I?
The virtual F&I program guides your customers through your online buying process when they purchase a vehicle. This technology presents F&I products to buyers. It does this via video conferencing set up with your online sales department.
Is your team prepared? If not, take a moment and review our guide to making the most from your finance department using virtual F&I.
3 Ways You Can Make the Most from Your F&I Department
According to a FICO report, the F&I department of independent auto dealerships generates an income for the dealership at a rate of 2.9% for new and 3.8% for used cars in North American. These numbers have taken a recent hit due to the global pandemic. However, virtual F&I was able to keep those numbers reasonably steady.
With fewer people going out to buy a car, more are staying home and shopping online. This new buying pattern is how your dealership can use virtual F&I and increase profitability, no matter what global crises there may be.
1. Offer Low Monthly Fees
When choosing a company that provides F&I services, you need to ensure that they will offer your customers the lowest monthly fees for the services they need. Make sure you do thorough research.
2. Remain Customer Driven
When your dealership remains customer-driven, you increase your customer satisfaction. You are more likely to win a customer for life if they feel that you have done the most to provide F&I services that benefit them over your dealership. In the long run, you both win.
3. Provide the Best Protection
Car buyers spend 59% of the time shopping for cars online. If your virtual F&I program gives them the information they need to buy confidently, they will get the protection they need for their new automobile. You rest assured that you have given your customers what they need to be safe on the road.
Make More by Investing in a Partnership for Virtual F&I with Vantage
You are leaving money on the table, and the only way to turn it around is to invest in a sound F&I program. We have the tools, strategies, and technology to help your dealership make even more from its F&I department.
Once you complete our “Getting Started” forms, Vantage becomes your F&I department. We elevate your profits on every deal. We are the partner that ensures you remain compliant while also increasing your customers’ satisfaction. You cannot lose with talented F&I individuals to back you up. We place a full spectrum of national lenders at your fingertips.
Are you ready to set your F&I department for total success? Contact our helpful professionals today!
