Tag Archive | "Brian Reed"

Digitizing the F&I Process Increases Consumer Satisfaction, According to New Study


ATLANTA – Digitizing the finance and insurance (F&I) process can have lasting, positive impacts on customer satisfaction for automotive retailers, according to a new study from MakeMyDeal and F&I Express. The study, titled The Digital F&I Experience Study, showed that consumers who had one or more digital elements in the F&I experience were more likely to purchase F&I products, more satisfied with the experience and more likely to recommend the dealership.

Much of the car shopping process has been digitized, either through online tools or desktop tools at the dealership. However, a significant portion of the process for automotive aftermarket insurance products still involves cumbersome printed documents and manually signed 5-ply forms.

“As an industry, we know that the F&I experience is more difficult than it should be, but what we haven’t had until now are the numbers to show how that experience could be affecting the long-term profit potential for the dealership,” said Mike Burgiss, founder and vice president of MakeMyDeal. “By digitizing the experience, dealers will not only have happier customers, but they’ll also reap the benefits of more word-of-mouth recommendations and repeat business.”

Brian Reed, CEO of F&I Express, is helping lead the charge to digitize the F&I sales process.

“F&I is one of the few remaining areas of the dealership that hasn’t been digitized, and this study clearly shows that there is a real need—and opportunity—for more of the process to be brought online,” said Brian Reed, President and CEO of F&I Express. “Consumers have an expectation to have digital options for just about anything they are shopping for. Auto dealers have a chance to strengthen relationships with existing customers, and ultimately improve their profitability by shifting to a digital F&I strategy.”

The study grouped participants into two categories: those who had at least one electronic element in their F&I experience and those who had a traditional F&I experience. Overall, only a third—37 percent—of people are completely satisfied with the amount of time they spend in the F&I office. However, people who had an electronic experience reported higher satisfaction with their time spent in the F&I office than those who did not: 49 percent of people who had at least one digitized element in the process were completely satisfied, versus 34 percent of people who had no electronic elements.

Further, those who had an electronic element in the F&I experience reported greater purchase satisfaction and a stronger likelihood to recommend the dealer:

  • 74 percent of those with an electronic F&I experience were completely satisfied with their purchase experience versus 56 percent of those with a traditional F&I experience.
  • 60 percent of those with an electronic F&I experience said there were very likely to recommend the dealer versus 39 percent of those with a traditional F&I experience.

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Reed, Burgiss to Bring ‘Power of Digital F&I’ to PALS


LAS VEGAS – Organizers of the annual P&A Leadership Summit have announced that Brian Reed, president and CEO of F&I Express, and Mike Burgiss, founder and vice president of MakeMyDeal, a Cox Automotive company, have agreed to speak at the 2015 event, which will be held Sept. 8–10 at Paris Las Vegas.

Their session, “The Power of Digital F&I: What it means for F&I Administrators,” will focus on the research and benefits of online F&I shopping processes and offer different perspectives on what needs to happen within the industry to move F&I product information upfront in the online shopping process — now and into the future.

“We are excited to offer our attendees the insight that this powerful duo has to offer administrators,” said David Gesualdo, show chair and publisher of F&I and Showroom and P&A magazines. “Their knowledge of digital F&I processes will make for a valuable takeaway to all who attend.”

Burgiss specializes in leading innovations that drive new business growth. His 17 years of experience leading ecommerce and innovation has resulted in 13 awarded patents for consumer technology products. “Consumers use technology in almost every part of their lives,” said Burgiss. “This has raised their expectations for just about everything, including how they shop for F&I products.”

“Providing product and price information online along with associated product content will improve the customer’s understanding of F&I products prior to entering the dealership, and ultimately improve F&I closing rates,” said Reed, adding that he leads the F&I Express team in its quest to provide world-class technology to support electronic processing and ecommerce.

Registration is now open for the P&A Leadership Summit. Attendees who register by Aug. 7 will enjoy a $100 early-bird discount. More information, including additional speakers and travel, is available at the event’s website. To inquire about sponsorship or exhibition opportunities, contact David Gesualdo via email or call 727-947-4027.

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Reed, Burgiss to Bring ‘Power of Digital F&I’ to PALS


LAS VEGAS – Organizers of the annual P&A Leadership Summit have announced that Brian Reed, president and CEO of F&I Express, and Mike Burgiss, founder and vice president of MakeMyDeal, a Cox Automotive company, have agreed to speak at the 2015 event, which will be held Sept. 9–10 at Paris Las Vegas.

Their session, “The Power of Digital F&I: What it means for F&I Administrators,” will focus on the research and benefits of online F&I shopping processes and offer different perspectives on what needs to happen within the industry to move F&I product information upfront in the online shopping process — now and into the future.

“We are excited to offer our attendees the insight that this powerful duo has to offer administrators,” said David Gesualdo, show chair and publisher of F&I and Showroom and P&A magazines. “Their knowledge of digital F&I processes will make for a valuable takeaway to all who attend.”

Burgiss specializes in leading innovations that drive new business growth. His 17 years of experience leading ecommerce and innovation has resulted in 13 awarded patents for consumer technology products. “Consumers use technology in almost every part of their lives,” said Burgiss. “This has raised their expectations for just about everything, including how they shop for F&I products.”

“Providing product and price information online along with associated product content will improve the customer’s understanding of F&I products prior to entering the dealership, and ultimately improve F&I closing rates,” said Reed, adding that he leads the F&I Express team in its quest to provide world-class technology to support electronic processing and ecommerce.

Registration is now open for the P&A Leadership Summit. Attendees who register by Aug. 7 will enjoy a $100 early-bird discount. More information, including additional speakers and travel, is available at the event’s website. To inquire about sponsorship or exhibition opportunities, contact David Gesualdo via email or call 727-947-4027.

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F&I Express Wins Dealers’ Choice Award for F&I Technology


DALLAS – F&I Express today announced it has won a prestigious “Dealers’ Choice Award” from the publishers of Auto Dealer Monthly Magazine and its sister publications F&I Magazine and Showroom Magazine. F&I Express won a Gold Award in the F&I Technology category.

This is the 11th year for the Dealers’ Choice Awards, and it is the first year for the F&I Technology category. Creation of the F&I Technology award underscores how quickly F&I Technology is evolving and transforming the entire F&I process.

F&I Express was recognized for providing online connectivity for automotive retailers and providers of aftermarket auto insurance and other ancillary products. Traditional F&I processes too often still rely on 5-ply forms, antiquated product brochures and printer technology from the early 1960s. By connecting F&I departments with their vendors online, F&I Express is helping dealers reduce the time it takes to close F&I sales, increase Customer Satisfaction Ratings and eliminate errors.

“The traditional F&I sales process is broken. No customer wants to sit in a 10 by 10 room after purchasing their dream car and fill out documents and sign multiple forms,” said Brian Reed, CEO of F&I Express. “We are helping the industry evolve to a technology-driven, customer-friendly model that is a win for customers, dealers and ancillary product providers. We appreciate the recognition from the Dealers’ Choice Awards, as it shows dealers realize we are helping automotive retailers realize the benefits of the latest technology.”

The Dealers’ Choice Awards are voted upon by dealers and dealership personnel and recognize the industry’s leading third-party vendors, suppliers and finance companies. Dealers completed lengthy online surveys, entered company names manually and rated their providers on products and services, customer support and whether they would recommend the company to a colleague.

This year’s program will include 29 categories, including two new categories: Compliance Training and F&I Technology.

Currently, F&I Express integrates the largest network of product vendors, making them easily accessible to auto retailer F&I departments. Pricing can be reviewed online and contracts can be signed and submitted electronically instead of signing five forms manually. The entire process saves time, ensures correct forms are submitted 100 percent of the time and creates satisfied customers.

Reed predicts the F&I industry will embrace technology and continue to evolve.

“Customers want to complete as much of their vehicle shopping process online as possible,” Reed said. “This includes F&I. Our goal in the coming years is to support forward thinking automotive retailers who move more of the F&I process online with technology making improvements that are in the best interests of car buyers, retailers and vendors. The best is yet to come.”

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CornerStone United Launches eContracting on F&I Express


SOUTHLAKE, Texas – F&I Express is pleased to welcome CornerStone United to its rapidly growing network of aftermarket F&I product providers, now the largest provider network in the industry. CornerStone United is one the most established service plan administrators in North America. CornerStone United’s addition to F&I Express will allow dealers the ability to eRate, eContract, and eRegister all of their aftermarket F&I products. Initially, all automotive products, including the CornerStone United Extended Service Contract, GAP, and Tire and Wheel products, will be available. Not only will dealers have the ability to electronically prepare their aftermarket contracts via F&I Express, but dealers will also have the ability to prepare their remittance for all products processed on F&I Express.

“CornerStone United represents a quality F&I product provider that has great agent relationships throughout the United States,” said Brian Reed, President and CEO of F&I Express. “The addition of CornerStone United to the F&I Express network will now allow its many dealers another option of how they can prepare and remit their business electronically in an easy, fast, and errorless manner,” added Reed.

“With F&I Express being the leader in providing technology solutions to F&I departments, we are very pleased to be integrated with their platform,” said Ted Thompson, Senior Vice President of CornerStone United. “We continually strive to make it as easy as possible for our dealers and agents to do business with us. Integrating with F&I Express is a huge step towards reaching that goal.”

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Service Payment Plan, Inc. Is Now Integrated with F&I Express eContracting Platform


SOUTHLAKE, Texas – Intersection Technologies Inc. – F&I Express® is pleased to welcome Service Payment Plan, Inc. (SPP) to its ever-expanding, network of aftermarket F&I providers. SPP’s addition to F&I Express will allow dealers on the SPP dealer network, the ability to eRate, eContract and eRegister all of SPP’s payment plan contracts.

Founded in 1983, SPP is the largest service contract payment plan company in the industry, and offers programs to independent service contract providers and manufacturers, throughout the United States and Canada. Customers, whether paying cash, outside financing, or limited financing can benefit from 0% interest payment plans for vehicle service contracts. SPP offers their customers the ability to finance the purchase of their aftermarket products, turning a no into a yes.

“Service Payment Plan, Inc., has been in business for over 30 years, and has been providing consumers a way to buy vehicle service contracts without raising the cost of their car payments. SPP is a fantastic addition to F&I Express,” said Brian Reed, President and CEO F&I Express. “With F&I Express, SPP can now offer consumers an easy, error-free financing process to help speed the vehicle delivery process, thus improving the whole buying experience.”

“The integration of SPP and F&I Express will help insure all contracts are submitted timely to the service contract administrators and SPP as well as improve accuracy in the F&I office. Customers and F&I managers will appreciate how quickly the sale and the paperwork can be completed,” said Bob Hymen, President, Service Payment Plan, Inc.

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