The Virtual F&I Office
LAS VEGAS — A world where a customer never steps foot into a dealership—from applying for a loan to getting the keys delivered to his doorstep — just might be closer to the norm than we think.
In a session at the recent F&I conference held in Las Vegas, F&I professionals like David Duncan of Safe-Guard Products International LLC discussed the possible future of online car shopping that could also include a virtual F&I office. He noted that when the internet first emerged as a shopping tool, dealers figured that customers would still have to visit the store to pick up the new vehicle. But the reality is that some dealers are already starting to break from that concept.
“Customers are demanding a transaction where they never step foot on the lot,” he said, noting that in places like Atlanta, some dealers are already allowing the whole transaction to be completed online. Sales people are bringing the paperwork to the customer and allowing the closing of the deal to be done over the telephone or email, he added.
“We’ve got to be prepared as F&I professionals to present F&I through some type of collateral that is displayed over the internet,” he said. “Whether it be JPEGs, PDFs or maybe some type of short video.”
As econtracting and iPads also begin to slowly become a norm throughout the industry, lenders, too, need to jump on board to become part of the latest trends.
“If we stick our head in the sand, I think we are going to be in trouble,” Duncan said.
So could this be the future of car buying? And how many consumers will opt to do away with test drives and in-person communication?
