Sixty percent of dealerships have generated higher finance-and-insurance product sales this year, according to the 2022 Protective Asset Protection F&I Trends Report.
Twelve percent of retailers saw F&I sales volume rise more than 10 percent from 2021, according to the F&I product provider. Another 48 percent increased sales by 5-10 percent, which Protective's Distribution and Training Senior Vice President Rick Kurtz called "very healthy."
F&I sales were unchanged at 22 percent of dealerships, and the remainder were down 5 percent or more year-over-year, Protective said in the report.
With fewer vehicles being sold in 2022 than 2021, the increase in F&I product sales is material and meaningful, Kurtz said.
Multiple factors contributed to the increase.