Tag Archive | "MakeMyDeal"

Kathinokkula to Host Online F&I Panel at PALS 2016


LAS VEGAS — Software expert Kumar Kathinokkula will serve as moderator for a panel dedicated to online F&I at the upcoming P&A Leadership Summit, organizers announced Thursday. The event will be held Aug. 30–31, 2016, at Paris Las Vegas.

“Making F&I products available online for end consumers is a subject of great interest to dealers, agents and providers as car buying evolves ever closer to full online purchasing,” said Kathinokkula, who serves as COO of F&I Administration Solutions. “Doing so requires educating the consumers on the value propositions of these products, simplifying the choices, and ensuring the dealer stays in control of the transaction. I feel confident that, with the group we have convened for this panel, we can deliver an intelligent and thought-provoking discussion on this topic.”

The session, “Presenting F&I Products Online,” will also include Daniel Lievrouw, vice president of operations and IT at American Guardian Warranty Services Inc., and Brett Pomerantz, director of ecommerce for Cox Automotive and a founding member of the MakeMyDeal team.

“Any change to the F&I process, even in the name of progress, is bound to spur debate,” said David Gesualdo, show chair and publisher of P&A magazine. “My hat is off to Kumar, Dan and Brett for tackling the subject head-on, and I look forward to a memorable session.”

To register for the 2016 P&A Leadership Summit, click here. Attendees who register by midnight tonight, will save $100.

To inquire about sponsorship and exhibition opportunities, contact David Gesualdo via email hidden; JavaScript is required or at 727-947-4027.

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Mike Burgiss to Discuss ‘Next-Level’ F&I Sales at Agent Summit


LAS VEGAS — Organizers of Agent Summit have announced that MakeMyDeal’s Mike Burgiss will present “Next-Level Product Sales” at the 2016 event, scheduled for May 9–11 at the Venetian Palazzo Las Vegas.

“Those who know Mike Burgiss know he is at the leading edge of F&I product sales,” said David Gesualdo, show chair and publisher of Agent Entrepreneur and F&I and Showroom. “Agents and dealers who fail to stay abreast of the latest advances risk losing opportunities.”

Burgiss’ presentation will focus on protection-product sales in the dealership as well as with customers who wish to complete all or part of the F&I transaction at home or their place of business, online or by phone. He will also discuss new technology designed to maintain or improve production as car buyers’ preferences and demands continue to evolve.

“The opportunity for dealers to build a consumer’s intent to purchase F&I products is greater than it’s ever been, and delivering a modern and efficient experience in the business office is the perfect complement to a strong sales process,” Burgiss said. “Dealers and agents that adopt an online and digital mindset for F&I will continue to grow their businesses faster and stronger than the competition.”

Registration for Agent Summit is now open at the event’s website as well as by phone, fax and email. Attendees who register by April 4 will enjoy a $100 discount. To inquire about sponsorship and exhibition opportunities, contact Eric Gesualdo via email hidden; JavaScript is required or call 727-612-8826.

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MakeMyDeal Rolling Out F&I Connect Tool


ATLANTA — MakeMyDeal, Cox Automotive’s online marketplace, has begun rolling out its new F&I Connect, a tool the company bills as a product designed to bring the F&I process into the Digital Age.

Powered by F&I Express, F&I Connect allows dealers to promote their F&I products and prices in a controlled online environment while giving consumers the opportunity to learn about F&I program options before finalizing their deal.

“Our research shows 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 overall buying process,” said Mike Burgiss, vice president and general manager of MakeMyDeal.

A 2015 study commissioned by MakeMyDeal revealed that most vehicle purchasers felt they knew what F&I products were. But when asked to define F&I products and services, many could not. That same study, however, also revealed that that gap in knowledge did not mean customers lacked interest in F&I products.

Of the 500 respondents, 83% of said they were interested in learning about F&I products and 63% said 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.

“By bringing F&I information and pricing online, we are able to give consumers a better understanding of their options, which can ultimately have positive effects for the dealership in terms of satisfaction and sales,” Burgiss said.

MakeMyDeal’s new tool, which was tested at select dealerships this past June, was launched in select markets this week, a company spokesperson said.

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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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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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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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