7 Ways Express Digital Media is Powering Digital Retailing

  1. Express Digital Media developed by F&I Express is a solution for all Digital Retailers to present F&I products online.
  2. Express Digital Media is customized to only show quotes to customers for aftermarket products that are accurate for the exact make, model, mileage, and year of the vehicle and specific to the dealers’ F&I providers and rates.
  3. In a study of 500 car shoppers, 83% of participants said they were interested in learning about F&I products before entering the dealership and 71% indicated they would like to start the process online.[1]
  4. Customers are in control of what aftermarket products they choose, they choose the terms, the packages, and products. Selling the experience, not the price will make it easier for the customer to research. Transparency creates trust, allow the customer to see the terms and the conditions to which they are agreeing.
  5. A significant number of customers showed skepticism about F&I products, with 61% indicating that they believe the products are just ways for the dealer to make more money. However, further results from the study indicate that the resistance felt in the F&I office is not about the products themselves, but about the experience. This is supported by the fact that customers realize that F&I products may be beneficial: 84% say they believe that F&I products may have real value, and 66% indicate that they think F&I products may save money in the long run.
  6. Some customers have lack of understanding of F&I product offerings. One-third of respondents say they find the list of F&I product choices confusing. Even among customers who said they were familiar with key product offerings, a significant portion could not correctly identify them. For example, 46% of respondents who claimed to be familiar with the Vehicle Service Contract did not select the correct definition. Similarly, 56% of those who claimed familiarity could not identify the correct definition for Prepaid Planned Maintenance.
  7. The dealer service process has remained relatively unchanged, making it a strong candidate for revitalization that will help achieve greater aftermarket product sales.

[1] News, C. (2018). Mike Burgiss: Results from the Future of Digital Retail Study. [online] CBT Automotive Network. Available at: https://bit.ly/2yv2EZ7 [Accessed 21 Jun. 2018].