There will still be a need for a traditional F&I models in dealerships, but only one or two F&I personnel will be required, panelists agreed at Auto Finance Innovation 2017 last month.
“I think it’s more about how does a dealer repurpose and refocus their F&I team,” Kevin Singerman, co-founder and chief executive at AutoFi, told attendees. “Our platform, what it enables is for best performers to spend less time on deal structuring and working back and forth with a consumer and lender, and focus more on product sales, which drives more top line growth.”
Dealerships will still need one or two F&I personnel to handle “deeper credit customers” that cannot be automated, Singerman said, “but having five to seven F&I people just doesn’t make sense anymore.” Additionally, staff can be more product sales focused and clerical on funding, he added.
In terms of how welcoming dealership personnel are to the evolution of the F&I model, the F&I directors “get it,” Singerman said.
“For them, they can focus on an area where they can add value,” such as getting the customer in and out of the dealership quicker. “[AutoFi’s digital platform] creates less tension in the consumer experience with the salesperson and F&I director because the customer feels like they are driving the process. The consumer feels that they are making the decision.”
Hear more about the evolution of the dealership F&I model in the video below — the fourth in a six-part series from Auto Finance Innovation 2017.
