Good news, finance and insurance managers: Your service and parts department — and your product providers — are making your repeat customers more receptive to the products you sell.
An overwhelming percentage of customers who had a claim on an F&I product said the service department handled that claim well, making them more inclined to buy similar products again, according to an online survey of consumers conducted for Automotive News by DealerRater.
The survey was conducted Feb. 12-20 and had 13,815 respondents. Of those, 5,348 said they had a claim paid on an F&I vehicle-protection product, such as tire-and-wheel protection, extended service contracts or so-called dent-and-ding protection.
Of those who had a claim paid, a whopping 86 percent said it was handled well, making them more inclined to buy the product again. Only 5 percent said it was handled poorly, making them less inclined to buy again. Eight percent said it was handled well, and 1 percent poorly, but in neither case was it likely to affect their future purchase decisions.