In the traditional car-buying process, Finance and Insurance (F&I) products are often an afterthought. Customers show up to buy a vehicle, spend hours deciding, and then spend even more time in a room signing paperwork for their new car. It’s at this point that managers often introduce F&I products to the shopper. But customers are usually exhausted by the long sales process and overwhelmed by the selection and complexity of offerings at this point. They often reject these products as unnecessary and costly purchases.
Our F&I software solutions seek to mend this broken system through education and personalization. They create an environment where shoppers can discover and explore F&I products before the sale. And, for those shoppers who just aren’t ready to purchase service or protection plans when they close the deal, our technology can automate post-purchase follow-up, educating customers on the relevance and value of F&I products. Here’s how our automated dealer F&I software can help you solve these problems while increasing profit and customer retention.
Fixing The Broken System
Rethinking the F&I sales process starts with one of the first steps a customer takes in buying a car: checking out the VDPs (Vehicle Detail Pages) on the dealership website. Most consumers aren’t aware of the F&I products dealerships have to offer and don’t ever hear of them before their car purchase. But if they learn about them early, they’re far more likely to buy F&I products when the time comes. In fact, according to Cox Automotive, 63% of car shoppers would be more likely to buy if they had an opportunity to learn more before the purchase.
By educating buyers sooner, dealerships reap three benefits:
- The consumer is educated and interested in something they previously didn’t know they needed or possibly even existed. They have time to research the products and understand the benefits while at the exploration stage.
- Since they’re familiar with the products, the customer is more likely to ask questions of the F&I manager. They’ve looked into the options and may have even calculated the payments for the F&I products they’re interested in. This makes for an easier conversation, a more likely sale, and a satisfied customer.
- The Business Office Manager knows the customer’s interests and preferences ahead of time, which means a more personalized and productive presentation.
Another critical challenge in the F&I process is the low attachment rate (less than 50%, according to NADA). Many consumers simply aren’t ready to commit to additional products after making one of the most expensive purchases of their lives. If not handled correctly, dealers can lose these precious sales opportunities.
The Solution: Impel’s F&I Products for Dealers
Our F&I software solutions give customers the information they need to make an informed F&I purchase that’s easy and automatic. F&I Advantage software showcases your value-added warranty and protection plans on the dealership website’s VDPs.
As soon as your customer interacts with your site, it educates consumers about the need for supplemental insurance early in the process. The software configures the F&I merchandising based on what your dealership offers, selecting from available content across all major F&I categories. You can customize it to include every vehicle in your inventory while offering tailored product suggestions based on inventory type, make, and mileage. F&I Advantage will automatically populate your entire inventory of new, used, and CPO vehicles.
This way, shoppers learn about plans most suited to their daily habits and don’t have to work hard to find them. Once customers know about your offerings beforehand, you can start reaping the benefits.
While attracting new customers is good, ensuring you retain them even after the vehicle sale is even better. Over 50% of customers leave the dealership without buying any additional protection, service, or warranty products (NADA). F&I Pursuit helps dealers turn what were lost opportunities into sales after the fact. It automatically follows up with your customers after the vehicle sale to encourage them to learn more and purchase relevant F&I products from the comfort of their own home.
F&I Pursuit utilizes AI to continuously mine a dealership’s DMS data. The technology identifies customers who did not purchase F&I products. It then engages them with relevant personalized email and SMS communications that educate customers on the value of supplemental education plans. Unlike traditional AIs, however, F&I Pursuit is a fully automated platform. It continues to build consumer trust and confidence even after the vehicle sale in a lower-pressure environment.
Our solution enables you to create an automated, fully customizable messaging cadence. By leveraging email and SMS to deliver personalized communications, F&I Pursuit creates an omnichannel experience and ensures consistent follow-up with every customer.
F&I Pursuit also offers a complete eCommerce experience. Once a shopper decides to buy an F&I product, they can simply check out online within minutes. No need to revisit the dealership—or the F&I office.
Benefits for Customers and Your Dealership
We designed our F&I Advantage and Pursuit solutions as the ideal F&I product software for dealerships just like yours. Our products help build consumer trust and awareness with minimal effort on your part. And the software tailors your customer experience to products and vehicles offered by your dealership.
Once your customers receive the education they need about your F&I product offerings, they are much more likely to buy your products, increasing your revenue and customer retention. By building better relationships with your customers and selling them the products they need to have the best experience with their vehicle, they’re far more likely to return to your dealership and become loyal customers.
Jared Black, General Manager, Larry H. Miller Toyota of Boulder, said “We’ve made no changes to our F&I process other than implementing Impel and saw a record-breaking attachment rate.” Impel’s software can fix the broken system of selling F&I products by giving customers a better experience before and after the sale. Then your dealership will thrive on the financial benefits. It’s a win-win solution for everyone.
Bring Your Sales and Your Team to the Next Level
With Impel’s F&I Pursuit and F&I Advantage software, your business can maximize F&I profits and create a seamless, delightful experience for shoppers and customers alike. Schedule a demo with us today!