LAS VEGAS – F&I Express® announced it has launched ExpressDigitalMedia to help automotive aftermarket F&I insurance providers, insurance agents and automotive dealers present aftermarket insurance product and pricing information online, before customers enter the dealership.
Currently, most aftermarket insurance products are sold using outdated equipment and manual processes. In addition, car shoppers typically are not exposed to benefits of aftermarket insurance F&I products until after a vehicle sale has been made. ExpressDigitalMedia allows customers access the dealers aftermarket insurance F&I product providers product and dealer pricing information during the online shopping process. Information will be accessible through the newly announced partnership with MakeMyDeal (Cox Automotive Company), which powers the online shopping solution functionality on Dealer websites and Autotrader.com.
Customer satisfaction is much higher when at least a portion of the aftermarket insurance shopping process is conducted electronically. According to recent research from Make My Deal and F&I Express, 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. In addition, 60 percent of car shoppers 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.
“Today’s consumers are so used to doing things electronically it is imperative that the F&I industry keep pace,” said Brian Reed, President and CEO of F&I Express. “With ExpressDigitalMedia, we are arming the industry with the tools to work with their customers online. Ultimately, this will mean higher sales for auto retailers, aftermarket insurance providers and agents.”
Currently, F&I Express is working with many auto retailers across the US to improve F&I processes. In addition, the company has aggregated a network of nearly 100 automotive aftermarket insurance providers in an online portal accessible by its dealers. Taking that information online for car shoppers through ExpressDigitalMedia is the next logical step in helping shoppers learn more about F&I products prior to entering the dealership.
“The future of F&I is clearly to move more of the process to the information gathering phase,” Reed said. “It will help car shoppers spend less time in the dealership and an educated shopper is also more likely to make a purchase. Moving this information online through ExpressDigitalMedia is a win for everyone involved.”
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