Auto retailing is retailing, period. Since 2020, online shopping has gone through the roof for industries far beyond clothing and groceries. Auto sales and dealerships made a dramatic shift across the country since then, and shoppers turned to the internet in droves.
Has this shift meant a magical transition to seamless digital sales across the industry? Certainly not, but the trend is moving in the right direction, with more retailers shaping their strategies to move from simply using the internet as a tool to bring people into the dealership to truly offering a comprehensive virtual sales experience. In this moment of seismic change in the retail environment, it’s critical to understand that brick-and-mortar days aren’t necessarily over — but to stay relevant and competitive, physical dealerships require expansion to include a digital storefront as well.
This expansion must include evolution in the online F&I presentation to ensure customers are being offered a full range of services and that the full scope of revenue opportunity is being captured. Taking an entrepreneurial approach and following the example of those who are leading the charge, is a great place to start.
Now is the perfect time to:
Evaluate your online capabilities. Do you have efficient and scalable e-commerce functionality? Do you have the staff or professional resources to build and manage your online offerings?
Educate yourself on best practices. Make a careful study of your competitors or those in the industry that have successfully shifted to digital retailing. What are they doing right and how can you translate some of their best practices to your structure?
Partner wisely and train thoroughly. Invest in digital retail tools that are integrated with your CRM and website, and test for user experience improvements. Simplify and make the digital retail process consistent for all customers, providing sufficient training and documentation to your sales and BDC teams.
While the tech evolution may be a dramatic change for your business, you don’t want to be left behind the pack that’s charging ahead in the digital race. You also don’t want to leave revenue on the table. Just as you wouldn’t finalize a sale without offering F&I options to a customer in person, you’ll want to integrate digitized menu selling seamlessly into your online offerings. Keeping in mind that in-house sales are not vanishing either, carrying this optimized customer experience into the back room is critical as well because these interactions will continue to be shaped by the need for a streamlined, efficient presentation to minimize time and contact.
But in this area, it’s about much more than just automating the conversation around protection products, extensions, and add-ons. This is where harnessing the digital aspect of your platform can make an eye-popping difference.
One such solution is Virtual F&I, a cutting-edge SaaS platform revolutionizing the car-buying experience by providing dealerships with digital tools to improve their customers’ experience. The company’s state-of-the-art technology is powered by advanced analytics and AI technology which gives customers up-front pricing and access to an F&I expert anywhere, at any time. Virtual F&I’s various F&I process options allow dealerships to walk purchasers through every step of the process. This customer-centric approach helps buyers find vehicles they love and make purchases they feel confident about.
As the automotive industry continues to evolve, innovative digital solutions are transforming the way dealerships interact with customers. The F&I presentation software offered by top digital retail solution providers has been successfully adopted by some of the largest automotive groups in the country. Unlike traditional systems, they go beyond replicating outdated presentations used by dealers for years. These tools utilize big data and predictive analytics to create a tailored presentation based on the overall deal, vehicle, and financial situation for each customer.
Pair power like that with a service contract provider and administrator committed to helping you build wealth through best-in-class F&I products and you’ll take your digital strategy way above the next level.
Once you’ve hit all the marks in developing your online presence, amp up your marketing to make sure people know about it. Hit social media and make good use of customer data you already own to spread the word through email outreach or whatever works best for your brand.
Online auto retailing is here, it’s vital, and it’s valuable. The best time to get started was yesterday. Don’t waste another minute.
