{"id":609,"date":"2014-07-17T10:21:16","date_gmt":"2014-07-17T15:21:16","guid":{"rendered":"http:\/\/efgintelligence.com\/dealershipcorridor\/?p=609"},"modified":"2015-07-13T15:14:14","modified_gmt":"2015-07-13T20:14:14","slug":"post-recession-consumers-primed-fi-products-taking-advantage-trend","status":"publish","type":"post","link":"https:\/\/efgintelligence.com\/dealershipcorridor\/post-recession-consumers-primed-fi-products-taking-advantage-trend\/","title":{"rendered":"Post-recession consumers are primed for F&I products. Are you taking advantage of this trend?"},"content":{"rendered":"

\"Gabe-Aldrete-Blog-Headshot\"<\/a>We have a paradox! More consumers are returning to the dealership to get out of their old vehicles; yet, there are more decade-old cars on the road today than since the depths of the recession in 2009<\/strong>.<\/p>\n

If you\u2019ve been following the news for the past two years, or even just the past month, there is not a doubt in your mind that the economy is improving and consumers are returning to dealerships. Both new and used car sales are up, and lenders across all credit tiers are seeing an uptick in loan volume<\/strong>.<\/p>\n

According to the latest \u201cAutomotive Market Trends\u201d analysis from Experian, the percentage of vehicles on the road predating the 2001 model year has reached its highest level since 2009.<\/strong> In fact, vehicles in that age group made up more than 28.3 percent of all vehicles on the road.<\/strong> To put this in perspective, before the recession, in 2008, that age group only made up 22.1 percent of vehicles on the road.<\/p>\n

It\u2019s understandable that during the worst of the recession, consumers held off on making big purchases like vehicles. With mass layoffs and companies filing for bankruptcy left and right, everyone was concerned about jobs and economic stability.<\/p>\n

But now that the economy is expanding, shouldn\u2019t consumers be trading up for a newer model?<\/strong><\/p>\n

According to Melinda Zabritski, Experian Automotive\u2019s senior director of automotive credit, \u201cWhile the growth in early model vehicles on the road is slowing, getting the most out of the vehicle they purchase still appears to be top of mind for consumers.\u201d<\/strong><\/p>\n

Everyone knows that after the recession F&I managers were faced with a more informed and demanding consumer. But what few have taken into consideration is that this could be a good thing. With consumers hyper-vigilant about stretching their dollars, and getting more value from the companies with which they choose to do business, dealerships and lenders have the opportunity to create lasting relationships by aligning with their needs.<\/strong><\/p>\n

The consumers sitting across from the F&I manager know what it takes and the difficulties involved in maintaining older model vehicles. Imagine talking to a consumer who has dealt with three or more costly vehicle repairs within a single year. While they are concerned with current-model dependability, they still expect to keep their vehicles longer than historically normal.<\/strong><\/p>\n

By structuring your F&I products<\/a> to meet their current needs, you can significantly enhance your dealership\u2019s brand and generate lasting consumer relationships.<\/strong> Picture the relief on a consumer\u2019s face when you tell them that your powertrain warranty<\/a> will cover some of the most expensive repairs that could have set them back for months with their previous vehicle; or your vehicle service contract<\/a> comes with roadside assistance so they\u2019ll never be stranded again.<\/p>\n

With their relief also comes increased profits for your dealership as well as the opportunity to build a lasting relationship for repeat business.<\/strong> With almost 40 years of experience in structuring successful consumer protection products, EFG Companies<\/a> knows how to leverage consumer trends to successfully impact your business. Find out how<\/a> today!<\/p>\n","protected":false},"excerpt":{"rendered":"

We have a paradox! More consumers are returning to the dealership to get out of their old vehicles; yet, there are more decade-old cars on the road today than since […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[106,7],"tags":[313,109,13,251,162,60],"class_list":["post-609","post","type-post","status-publish","format-standard","hentry","category-economy","category-fi","tag-efg-companies","tag-fi-products","tag-finance-insurance","tag-gabe-aldrete","tag-powertrain-warranty","tag-vehicle-service-contract"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7hsqu-9P","jetpack-related-posts":[],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/posts\/609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/comments?post=609"}],"version-history":[{"count":5,"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/posts\/609\/revisions"}],"predecessor-version":[{"id":844,"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/posts\/609\/revisions\/844"}],"wp:attachment":[{"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/media?parent=609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/categories?post=609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/efgintelligence.com\/dealershipcorridor\/wp-json\/wp\/v2\/tags?post=609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}