According to Autotrader.com, the average CSI score drops after a consumer spends longer than 90 minutes at the dealership. Therefore, aim for a purchase process that’s 90 minutes or less, and use technology to help reduce customer wait times. The benefits of moving parts of the F&I process up stream is an expedited purchase process, increased transparency, and elimination of waste associated with printed paper.
Here are tools designed to help speed up the transaction process:
• Mobile CRM to seamlessly transition customers from online to the showroom
• Mobile vehicle appraisal tools
• Digital F&I menu offering product video presentations and features, such as a needs-discovery survey, designed to feed information to the F&I producer
• Electronic signature capture tools and laser forms that can be electronically signed and stored within the deal
The tools listed should also work on a tablet, which represents a great way to introduce new technology into the dealership. These devices are relatively inexpensive, and most employees know how to use them.
Besides digitizing your in-showroom and F&I experience, it’s important to offer remote signing capabilities for customers who prefer not to come into the dealership. Ask your DMS vendor if it offers an electronic document solution with a remote-signing option, along with the following:
• Signature boxes already set up on the forms to prevent missed signatures
• The ability to suspend and save a signing session so forms can be added or multiple deals can be prepped in advance
• A digital deal jacket containing all the signed documents and can be emailed to the customer or provided to them on a thumb drive
• Digital storage capabilities so documents are easily accessible and can be searched by the customer’s name