Selling ancillary products is paramount to dealership profitability. Driving results in the F&I department has become central to the modern dealership strategy. The importance of F&I earnings increases as front-end margins compress, interest rates rise, and SAAR cools. With the adoption of digital retail, F&I is moving upstream in the customer buying process.
Jack Madden Ford, the 3rd largest volume dealer in the region, set out to change the way customers view the car buying experience. As a result, they convert more leads and sell more cars. They have happier customers.
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.
Over the past few months, you may have heard the digital retailing buzz. Some dealers wonder if it will impact F&I profits. In a recent article published in F&I and Showroom’s online magazine, Nick Waddell, general manager of Central Florida’s Peterson Toyota of Sarasota, believes that dealers succeed by creating a “measurable difference” in customer experience. Nick has been in the automotive business for nearly 25-years primarily under the Toyota brand. Having a background as a finance director, he became a general sales manager, setting monthly records and mentions the mentorship of great GM’s at Toyota.
The automobile industry has historically used traditional marketing methods such as TV advertising, print or blow up gorillas on rooftops. However, in the current digital age, the auto brands cannot afford to invest in traditional media marketing alone, it has to go digital too.
Getting consumers to your showroom instead of the competitors is always challenging. With resources devoted to sales, service, and administration it’s hard to allocate time and personnel to Social Media. It’s certainly hard to measure ROI without link tagging and Google Analytics setup. The only catch with shorting Social Media activities is that’s where your customers are. Social media isn’t necessarily hard, but you need a plan. Digital Dealership Tips are meant to give you quick “snackable” tips that can be applied right away.
Over the last few years, we’ve been hard at work developing an end-to-end commerce solution. You may have heard the term ‘digital retailing’. There are many meanings floating around. It could be a confusing term. Let’s unpack what it really means. At AutoFi, digital retailing means a platform that can transact with customers, in real-time.
On behalf of AutoFi, I’d like to extend a warm welcome to Our City by the Bay.
When I moved from Boston, I worked in the Financial District. After work, I’d typically walk five blocks to a parking garage. During this walk, I had an eerie feeling something was amiss. I couldn’t put my finger on it for months. I noticed clean streets, approachable outlooks, but people didn’t have movie star complexions. Aren’t Californians supposed to have beautiful tans? I’ll get to that one in a bit.
A smooth in-store experience is paramount to successfully running with a digital retailing strategy. A smooth online experience should follow them when they show up to take delivery.
If everything is prepared and ready, the customer continues down their painless digital path. If they show up and everyone is scrambling, it further reinforces the negative stereotype that you’ve worked so hard with your digital process to distance yourself from.
Imagine what would happen if your shoppers could experience a digital retail solution right on your website. If the customer could price, structure a deal, value trade-ins, include your protection plans, and select a car conveniently from a mobile device or in-store, how would that change your business? What would happen if your website could also convert those shoppers to buyers with an integrated lender decision?