Tag Archive | "F&I Express"

MakeMyDeal Revolutionizes F&I Selling Process


ATLANTA  – MakeMyDeal, a Cox Automotive company that enables car shoppers and dealers to discuss and agree on the terms of a car deal online, today announced F&I Connect, a product that will bring the finance and insurance (F&I) process into the digital age. Powered by F&I Express® and offered as an extension of the core MakeMyDeal platform, F&I Connect enables dealers to promote their F&I products and prices in a controlled online environment while giving consumers the much-desired opportunity to learn about their vehicle and purchase protection options before finalizing their deal.

“Our research has shown that there is an opportunity within the current F&I process to better educate consumers about the value of F&I products, reduce the time they spend in the F&I office and improve their satisfaction with the buying process overall,” said Mike Burgiss, Vice President and General Manager of MakeMyDeal. “By bringing F&I information and pricing online, we are able to give consumers a better understanding of their protection options, which can ultimately have positive effects for the dealership in terms of satisfaction and sales.”

A 2015 study commissioned by MakeMyDeal showed that while 84 percent of consumers believed that F&I products may have real value, 54 percent said that they prefer to simply complete their purchase and leave the dealership as quickly as possible. This is problematic, the study showed, because there is a significant gap in consumer understanding of F&I products. However, 83 percent said that they are interested in learning about F&I products before entering the dealership, and 63 percent stated that they would be more likely to buy F&I products if they could learn about them on their own time, before finalizing their vehicle purchase.

MakeMyDeal F&I Connect, powered by F&I Express, is designed to do just that—provide dealers with the opportunity to present their F&I products online to educate consumers about their options and ensure that they are a part of the total purchase consideration set.

“F&I Express has the largest aftermarket provider network in the industry with more continually joining,” said Brian Reed, President and CEO of F&I Express. “Our digital platform provides dealers with instantaneous and accurate rates for aftermarket products. Powering F&I Connect allows us to bring the customer information earlier in the car buying process, resulting in more sales. It’s a win for everyone.”

The MakeMyDeal F&I product was launched in beta with select dealers in June of this year. Dealers who are interested in learning more should contact MakeMyDeal at 1-800-309-2040.

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Dent Wizard Teams Up With F&I Express to Offer Digital Solution for Automotive Dealerships


Dent Wizard, the leading provider of automotive SMART (small to medium area repair techniques) reconditioning services and paintless dent repair (PDR), has joined F&I Express, the largest automotive F&I aftermarket product network.

“We have been looking forward to Dent Wizard’s integration with F&I Express,” said Brian Reed, President and CEO of F&I Express. “This digital solution supports F&I managers to accurately eRate and eContract F&I products and services instantly within a deal. It really simplifies the process and allows the F&I managers to focus on the customer’s deal, not the paperwork.”

“Dealers who provide the best customer experience will have a leg up in the marketplace and win the most deals,” said Lindsey Bird, Vice President of Aftersales for Dent Wizard. “In an increasingly competitive marketplace, we want to provide dealerships with every opportunity to improve their customer CSI. eContracting with F&I Express is just the beginning and we look forward to additional digital advancements with them in the new year.”

Currently, F&I Express is working with many auto retailers across the US to improve F&I processes. The company has aggregated a network of nearly 100 automotive aftermarket insurance providers in an online portal accessible by its dealers.

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Digitizing the F&I Process Increases Consumer Satisfaction, Study Shows


ATLANTA — Digitizing the F&I process can have lasting, positive impacts on customer satisfaction for automotive retailers, a new study from MakeMyDeal and F&I Express has concluded. Titled “The Digital F&I Experience Study,” the 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.

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 were satisfied with the amount of time they spend in the F&I office. Add at least one electronic device to the experience and 49% of respondents said they were completely satisfied with the process. That’s compared to 34% of respondents who were satisfied but had a technology-free experience.

“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.”

The study found that 74% of respondents who had an electronics F&I experience were completely satisfied with their purchase experience vs. 56% of those who had a traditional F&I experience. Additionally, 60% of customers who had an electronics F&I experience were very likely to recommend the dealer vs. 39% of those who did not.

“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.”

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F&I Express Launches ExpressDigitalMedia


LAS VEGAS – F&I Express® announced it has launched ExpressDigitalMedia to help automotive aftermarket F&I insurance providers, insurance agents and automotive dealers present aftermarket insurance product and pricing information online, before customers enter the dealership.

Currently, most aftermarket insurance products are sold using outdated equipment and manual processes. In addition, car shoppers typically are not exposed to benefits of aftermarket insurance F&I products until after a vehicle sale has been made. ExpressDigitalMedia allows customers access the dealers aftermarket insurance F&I product providers product and dealer pricing information during the online shopping process. Information will be accessible through the newly announced partnership with MakeMyDeal (Cox Automotive Company), which powers the online shopping solution functionality on Dealer websites and Autotrader.com.

Customer satisfaction is much higher when at least a portion of the aftermarket insurance shopping process is conducted electronically. According to recent research from Make My Deal and F&I Express, 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. In addition, 60 percent of car shoppers 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.

“Today’s consumers are so used to doing things electronically it is imperative that the F&I industry keep pace,” said Brian Reed, President and CEO of F&I Express. “With ExpressDigitalMedia, we are arming the industry with the tools to work with their customers online. Ultimately, this will mean higher sales for auto retailers, aftermarket insurance providers and agents.”

Currently, F&I Express is working with many auto retailers across the US to improve F&I processes. In addition, the company has aggregated a network of nearly 100 automotive aftermarket insurance providers in an online portal accessible by its dealers. Taking that information online for car shoppers through ExpressDigitalMedia is the next logical step in helping shoppers learn more about F&I products prior to entering the dealership.

“The future of F&I is clearly to move more of the process to the information gathering phase,” Reed said. “It will help car shoppers spend less time in the dealership and an educated shopper is also more likely to make a purchase. Moving this information online through ExpressDigitalMedia is a win for everyone involved.”

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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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F&I Express Launching CompliPrice


DALLAS – F&I Express today announced it has launched CompliPrice, a cloud-based tool to help automotive retailers ensure its profits on aftermarket insurance products are compliant with dealer compliance policies, lenders and potential guidelines from the Consumer Financial Protection Board (CFPB).

While it is well documented that the CFPB is closely scrutinizing dealer and lender profits on vehicle loans, it is highly likely that aftermarket insurance products will soon come under the CFPB microscope as well. CompliPrice, when combined with F&I Express’ eContracting platform, provides F&I Managers with built-in functionality to ensure contracts comply with CFPB from program policies.

“In today’s tightly regulated environment, automobile dealers and their F&I departments are under tighter scrutiny than ever,” said Brian Reed, CEO of F&I Express. “CompliPrice provides an important tool to quickly determine the maximum profit margin on any contract and ensure that it meets CFPB criteria.”

F&I Express integrates the industry’s largest network of aftermarket product vendors, making their product and pricing information easily accessible to auto retailer F&I departments. With F&I Express eContracting and CompliPrice, dealers can tap into the vendor network to quickly and efficiently determine the maximum margin on any aftermarket product sold.

Automotive retailers can set their maximum margins based on a percentage or a flat dollar markup. They also can set their system to override the maximum margins, however an alert will be sent to the dealer Compliance officer, or other designated dealer employee, for override reason documentation.

“Manually checking each contract for compliance would be a laborious, cumbersome and expensive process for any auto retailer,” Reed said. “But, not checking opens up the dealership to liability. With CompliPrice, F&I Managers can have peace of mind and still have a quick, customer friendly closing process.”

F&I Express launches CompliPrice with their customers today and provides as a featured benefit for all new dealers who join the eContracting platform. More information can be found at http://www.fandiexpress.com/compliprice/

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