EFG Companies, the innovator behind the award-winning Hyundai Assurance program, sees an on-ramp to profit via an elevated bridge between the F&I office and the service drive. The relationship between the F&I office and the service drive has always been a tertiary strategy. Road savvy dealers now recognize that failure to accelerate that relationship will sub-optimize revenue potential and detour long-term customer relationships. To watch EFG’s CEO John Pappanastos’ comment on the highway to the future success of retail automotive, visit http://bit.ly/2RB7qcg.
Disruptive business models, like Carvana and Vroom, have grasped the concept of utilizing customer service as a means to more efficient conversions. A high level of customer service is becoming a requirement for doing business, especially among Millennial consumers who demand their needs be met on their terms. According to Cox Automotive, only 66 percent of this demographic is satisfied with the dealership experience, and 79 percent want to learn about F&I on their own, before they visit the dealer. In addition, 63 percent of shoppers across all age demographics are more likely to purchase F&I products if they could learn about them on their own time before purchase.
Read the Road Signs
At EFG’s recent annual Agent Council, top-tier agents from across the United States discussed ways to accelerate the relationship between service and F&I. Continue reading