When asked to highlight what 2021 has in store for the automotive industry — and F&I specifically — our team of experts left no stone unturned. From automotive trends, to new products and processes in F&I, to the ever-evolving realm of digital retailing, it’s hard to know which element should be at the top of your priority list.
Our team of executives from the F&I provider and administrator segment offered their predictions on the current state of the economy and where it may be headed; how the new Biden administration will move forward; and what role evolving rules and regulations may play, impacting the industry from OEMs to dealers to providers.
Taking action today to establish a more flexible and accessible website is more than just a nice-to-have. Compliance is an ongoing process and it’s important to ensure that all customers can find what they need on your site.
2021 offers an extremely promising year with the implementation of new technologies adding to the automotive value chain, and digital automotive retailing is predicted to see an observable lift.
If more dealers sold VSCs to their own customers, it would be extremely effective in re-directing this marketplace back to dealerships, which is where these products historically were sold.
As a dealership, you can’t afford to ignore the individual players in your own omnichannel – listen to them and reap the rewards.
Overall, the automotive finance market has remained resilient, despite the pandemic. Staying close to the data will help lenders ensure they have the right options available to fit consumers’ needs and budgets.
With advanced analytical insights, dealers and lenders have more power to reach consumers on a personalized level while also protecting against the threat of fraud.
As we enter a new administration, dealers will need to continue navigating new sales processes while also reverting their attention to risk management and government regulators. Let’s take a look at the likely highest risk areas and discuss a plan to mitigate them.
The model of selling vehicles alone is not enough to grow and drive profits for a dealership.
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