Tag Archive | "F&I Express"

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Currently, most aftermarket insurance products are sold using outdated equipment and manual processes.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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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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