ATLANTA, Nov. 13, 2015 /PRNewswire/ -- MakeMyDeal, a Cox Automotive company that enables dealers and shoppers to negotiate a car deal online, today announced F&I Connect. This industry-first product brings the finance and insurance (F&I) process into the digital age. Powered by F&I Express, F&I Connect lets dealers promote their F&I products and prices in a controlled online environment while giving consumers the opportunity to learn about financing and insurance program options before finalizing their deal.
"Our research shows that there is an opportunity within the current F&I process to better educate consumers about the value of F&I products, reduce the time they spend in the F&I office and improve their satisfaction with the overall buying process," said Mike Burgiss, vice president and general manager of MakeMyDeal. "By bringing F&I information and pricing online, we are able to give consumers a better understanding of their options, which can ultimately have positive effects for the dealership in terms of satisfaction and sales."
A 2015 study commissioned by MakeMyDeal shows that while 84 percent of consumers believe that F&I products may have real value, 54 percent say that they prefer to simply complete their purchase and leave the dealership as quickly as possible. The study indicates that the majority of vehicle purchasers feel that they are familiar with F&I products. However, when asked to define F&I products and services, the study reveals a significant gap in consumer understanding. Additionally, 83 percent are interested in learning about F&I products before entering the dealership, and 63 percent would be more likely to buy F&I products if they could learn about them on their own time, before finalizing their vehicle purchase.
MakeMyDeal F&I Connect, powered by F&I Express, is designed to do just that—provide dealers with the opportunity to present their F&I products online to educate consumers about their options and ensure that they are a part of the total purchase consideration set.
"F&I Express has the largest aftermarket provider network in the industry with more continually joining," said Brian Reed, President and CEO of F&I Express. "Our digital platform provides dealers with instantaneous and accurate rates for aftermarket products. Powering F&I Connect allows us to bring the customer information earlier in the car buying process, resulting in more sales. It's a win for everyone."
The MakeMyDeal F&I product was launched in beta with select dealers in June. Dealers who are interested in learning more should contact MakeMyDeal at 1-800-309-2040.
About the Study
The F&I Process Evaluation Study is a quantitative study conducted in order to understand consumer feelings toward the current in-dealership purchase process of F&I process and how it affects their perception and the dealership and their interest in moving the F&I product presentation online. An online survey of 500 respondents was conducted in April 2015. To qualify, respondents much have purchased any vehicle from a dealer within the previous six months.
MakeMyDealSM is a new Cox Automotive™ company that is revolutionizing the car buying experience. The MakeMyDeal platform, which can be accessed through participating dealer websites, select third-party sites including Autotrader, and at makemydeal.com, enables car shoppers and dealers to discuss and agree on the terms of a car deal. Buyers experience the convenience of negotiating and reserving their car deal online from the privacy of their own home. Dealers start trust-based relationships with buyers who submit Desk-Ready Deals(SM) directly from their online inventory pages. The deal gets finalized at the dealership, which leaves buyers and dealers each in control of their own deal making process. Based in Atlanta, GA, MakeMyDeal is a Cox Automotive company. Additionally, Cox Automotive owns Manheim Auctions, Autotrader®, Kelley Blue Book®, vAuto®, Xtime®, VinSolutions®, HomeNet Automotive®, Dealertrack®, NextGear Capital® and Haystak™ Digital Marketing. Visit MakeMyDeal online at http://makemydeal.com/dealers.
About F&I Express®
Since 2008, F&I Express® has been dedicated to bringing aftermarket sales into the digital age. With innovative technology that cuts costs, increases efficiency, F&I Express helps its dealer clients' CSI ratings by providing a faster and error-free process to eRate, eContract and eRegister all of their aftermarket products on one platform. Established by international company Intersection Technologies Inc., F&I Express has a network of more than 95 aftermarket providers. By moving product and pricing information online, F&I Express provides all parties the instant online data access they want with simplicity and transparency. The company's ExpressDigitalMedia solution allows automotive retailers and aftermarket insurance providers to engage customers online and earlier in the shopping process with updated media and informative tools to simplify the buying process. The ExpressRecoveriesSM program helps auto finance sources improve recoveries and compliance for ancillary product cancellations. For more information about the innovative technology solutions, please visit http://fandiexpress.com/ or follow us on [email protected]