Personalization Should Be Priority in F&I Process, Execs Say

Personalization is the key to improving the consumer’s F&I experience, according to a webinar co-hosted by CDK Global and Darwin Automotive.

“Through our survey, we’ve found that 90% of the customers feel that personalization is important in the presentation of F&I products,” said Jeff Stafford, chief marketing officer of Superior Integrated Solutions. “Therefore, we should think out-of-the-box and customize the presentation.”

In this evolving technology landscape, customers have a very high expectation with regards to the online shopping experience, Stafford said. For example, a lot of Amazon’s revenue growth relies on integrated recommendations across the buying experience; Walmart designs unique homepages for customers based on their location, local weather, and search history; and Zulily has developed a true, one-on-one experience for each customer based on all the information talked about before.

Although the automotive industry tends to lag behind other industries in terms of the online shopping experience, it is helpful to start thinking about how to revamp the automotive-selling approaches, Stafford said. Every financial manager should look into these factors when serving the customers: vehicle preference; previous purchase history; third-parties statistics (such as Edmunds, Repair Pall, and Kelley Blue Book); customer behaviors; vehicle information; and deal factors, he said.

Separately, Stafford asked financial managers not to overlook millennial customers’ unique demand. Millennials usually have different car-shopping habits compared with the general population. For example, while 61% of shoppers would purchase additional F&I items after the sale, this number goes up to 76% for millennials, he said.

Additionally, millennials’ preferences for an electronic paperwork process is different than other consumers, said Susan Bensinger, director of product marketing at CDK Global. While more than 50% of consumers prefer reviewing, signing, and receiving an electronic copy of their paperwork, this number increases to 71% among millennial consumers.

Bensinger has already witnessed significant changes of dealership technology over the years. “I have seen the process becoming more seamless with the advent of technology and many digital platforms,” she said.