A human dealership representative still has value in the finance-and-insurance sales process, though that person doesn't need to be physically present, according to three companies with mechanisms for video F&I conversations.
This new approach comes as consumers show interest in conducting more of their auto financing online while retaining some elements of the traditional auto buying experience.
A CarGurus-GfK spring 2022 poll found 70 percent of recent car buyers want to do more of their next auto purchase at home, and 56 percent want to handle financing online. But 32 percent of the respondents also said they appreciate the financing help available when visiting the physical dealership; 64 percent still handled financing in person on their last car deal.
Two-thirds of vehicle shoppers want enhanced digital auto retail tools, according to a Capital One October 2022 survey of 2,210 recent or impending vehicle buyers. Nearly 60 percent of buyers said they want to finish researching the vehicle online before visiting the dealership, and 34 percent said they want to understand their financing first. Three-fourths of shoppers also want more upfront information about pricing and financing.