AutoFi: A Digital Retail Solution for Canadian Car Dealers
Businesses all over the world are adopting digital retailing. Today, the digital retail space in Canada is on fire. Technology has allowed retailers to implement automation and customer-focused applications that make buying products and services accessible and convenient.
One such example of digital retailing growth is the launch of AutoFi, an end-to-end retail solution for car dealers with real-time lender offers.
The market in Canada is jumping at this digital retailing tool. Consumer expectations for car buying are changing as e-commerce continues to grow in popularity. The consumer wants transparency, efficiency, and convenience
As technology evolves, the dealer website plays a significant role in the car purchase process. Canadian car buyers want to purchase their cars the same way they make all their other purchases – at their own pace, in a transparent, straightforward way.
AutoFi Digital Retailing Solution
The Canadian marketplace is developing ways to help consumers easily discover new products, services, and experiences. Enhanced buying experiences increase convenience and personalization, which drives sales and helps increase revenue.
AutoFi, a digital retail solution for car dealers, is an excellent example of the way advanced technologies are transforming e-commerce in Canada.
By connecting to a network of lenders, AutoFi helps customers purchase automobiles from the comfort of their homes. The added convenience of financing and buying vehicles online, in minutes, leads to a happier customer.
Shoppers can configure payments and select financing options from a network of lenders. It’s all done online, on your website.
Car dealers can make sales while they’re sleeping. This convenient, new way of car-buying (and selling) will continue to attract more customers to car dealerships and increase conversion rates.
Eliminate Buyer Fatigue
In a “2019 US Consumer Survey of Vehicle Finance Perceptions” FICO cites, ninety percent of consumers would accept (or at least consider) an instant vehicle loan offer if it meant avoiding dealing with a bank or doing extra paperwork.
Online car shopping provides a significant improvement over researching car dealers, traveling (sometimes long distances) to dealerships, and waiting hours for approval and paperwork processing.
It’s simple. Customers complete a short credit application and within ninety seconds they receive real offers from a network of lenders. A pick-up or delivery can be scheduled right from the tool.
The AutoFi tool includes your aftermarket products in a simple (very clickable) interface. Many F&I managers report that the heavy-lift is already done before the customer comes into the dealership. Wait-times and long hours inside the dealership are reduced. Pressure to not make or rush a decision improves the experience all around.
When customers come into the dealership, they’re ready to talk. Therefore, it’s much easier to up-sell and cross-sell products and accessories.
Happy customers like to provide referral business.
Do you feel uneasy or reluctant to lose control of the sales process? We have you covered.
When customers shop on your site, AutoFi’s dashboard allows dealers to track the customer journey. For example, if an online customer stops while evaluating a price, you can send a contextualized offer to help move them to the next step. AutoFi’s lead optimization interface empowers your sales team to text, email or call the customer at key sales touchpoints. With more information, your internet sales close at triple the industry average.
Online leads are pushed to a dealers’ CRM system for improved customer engagement. Closing rates are three times the industry average. It’s driven by enhanced payment estimating tools, trade-in valuation capabilities, and customized offers.
Annette Sykora from South Smith Plains Ford-Lincoln reports that internet sales are up twenty five percent.
Data shows that dealers close more sales based on deeper insights generated from an AutoFi lead.
AutoFi by the Numbers
The leads delivered to dealers through the platform have eclipsed 2018 totals. Applications submitted are growing month-over-month. Dealers using AutoFi average ninety leads per month. Eighty percent of leads have additional contextual information – such as deal structure, credit, and trade-in, vs. the typical lead generation form.
Improved context during the journey to purchase results in more sales and higher levels of customer satisfaction.
On average, dealers on the AutoFi platform receive almost 100 leads and applications per month.
AutoFi is revolutionizing the way Canadian car dealers connect with customers. We’re also changing the way consumers finance vehicles.
Auto Financing – A Huge Market In Canada
Within the last few years, Canada’s auto financing market has grossed $60 billion, a number that will increase in the coming years.
Vehicle ownership is essential to Canada’s workforce, the Financial Consumer Agency of Canada (FCAC).
It’s especially important for Canadian consumers to have access to a functional, fair, and competitive auto finance market.
AutoFi is a viable solution to support consumer needs and ensure future car sales.
There’s a handful of digital retailing software as a service (SaaS) products. AutoFi is the only SaaS solution with end-to-end lender integration.
To learn more about AutoFi Canada, feel free to visit our website or schedule a demo today.