When a customer leaves the dealership without an F&I product, it can feel like a missed opportunity. But there's new hope for a follow-up sale. In the future, vehicles will send data to dealerships and F&I product vendors directly, helping them to determine which products car owners need and when, industry insiders predict.
Vehicle data could empower dealerships to contact customers at the right time, when they near or reach the mileage limits on their manufacturer warranty or when their check-engine light turns on, for example.
"Right now, as a consumer, you see a warning light go on in your vehicle, and you may be unsure of what to do. With the telematics and additional technology in the vehicle, soon companies like ours can help the dealer and car owner be more proactive," said Scott Karchunas, president of Protective Asset Protection. "Basically, the car will tell you a trouble light's going to come on," added Rick Kurtz, senior vice president of distribution at Protective Asset Protection. "The vehicle is quickly becoming this place where a lot of data can be captured as well as sent back out to other parts of the world."
Vehicle data will tell dealers the mileage and health of the vehicle, positioning them to offer a service contract or another product at the most appropriate time.