F&I managers at Audi Burlingame and Porsche Burlingame in California have cut the time spent in the F&I office in half after Drive Motors partnered with RouteOne and Dealertrack.
When the customer gets to the dealership, the financing forms through RouteOne and Dealertrack are already filled out.
Drive Motors features an online checkout feature on dealerships’ websites. When customers click, at any time of day, they can structure their deal before finalizing and taking delivery of the vehicle at the dealership.
The customer can submit the information in five to 10 minutes, even while the dealership is closed, said Drive Motors CEO Aaron Krane. Then the information will pre-populate into the dealership’s Dealertrack and RouteOne platforms, saving time when the customer enters the store.
Krane said that almost half of the Drive Motors-enabled leads happen when the dealership is closed.
The customer enters a trade-in value and Drive Motors provides an accurate value seconds later using Kelley Blue Book data. The customer also enters a credit-score range, mileage and other factors. Customers can then choose which F&I products, available online by the dealership, they would like to buy. Drive Motors does not pull the credit score or submit the customer’s information to the lender. It leaves that up to the dealership. The payment information that the customer submits is loaded into the Dealertrack or RouteOne financing software.
The dealership has to count on customers to truthfully report their credit-tier ranges, but so far, customers have been responding honestly, Krane and his dealership clients said.
Drive Motors calculates an APR and monthly payment based on what the customer will likely qualify for. “Normally, it’s pretty accurate,” said Travis Quadlander, Internet sales director at David McDavid Honda in Irving, Texas. He said it’s only inaccurate if consumers say they have excellent credit when they don’t, for example.
Craig Mucci, general manager at Audi Burlingame and Porsche Burlingame, said his stores began using Drive Motors to “address the millennial buyer.”
Car buyers, especially millennials, want total transparency and a convenient way to purchase. Almost half of Mucci’s Internet business occurred after hours last quarter, he said.
Drive Motors, Quadlander said, “is another thing that moves the needle for us.” It starts the conversation with customers who are ready to buy.
“My goal is to create a hassle-free buying experience for the customer, and this has done that,” Quadlander said. “It allows us to capture the customer that wants everything done before they come in.”