F&I and Showroom, December 2020

www fi magazine com 27 F I and Showroom fully shifted to digital retailing Carvana is one resounding example It reported second quarter revenues of 112 billion and nearly 56000 units sold an increase of 13 over 2019 with the number of cars sold up 25 year over year What is it doing right and how can you translate some of its best practices to your structure Partner wisely and train thoroughly Invest in digital retail tools that are integrated with your CRM and website and test for user experience improvements Simplify and make the digital retail process consistent for all customers providing sufficient training and documentation to your sales and BDC teams While this evolution may be a dramatic change for your business you dont want to be left behind the pack thats charging ahead in the digital race You also dont want to leave revenue on the table Just as you wouldnt finalize a sale without offering F I options to a customer in person youll want to integrate digitized menu selling seamlessly into your online offerings Keeping in mind that in house sales are not vanishing either carrying this optimized customer experience into the back room is critical as well because these interactions will continue to be shaped by the need for a streamlined efficient presentation to minimize time and contact But in this area its about much more than just automating the conversation around protection products extensions and December 2020 add ons This is where harnessing the digital aspect of your platform can make an eye popping difference Look at some of the top digital retail solution providers in the industry for example The F I presentation software they offer has been adapted successfully by some of the largest and most prestigious automotive groups in the country because they go well beyond replicating the exact same presentation that a dealer may have been using for 20 years These tools utilize big data and predictive analytics to create a tailored presentation based on the overall deal vehicle and financial situation for each customer Pair power like that with a service contract provider and administrator committed to helping you build wealth through best in class F I products and youll take your digital strategy way above the next level Once youve hit all the marks in developing your online presence amp up your marketing to make sure people know about it Hit social media and make good use of customer data you already own to spread the word through email outreach or whatever works best for your brand Online auto retailing is here its vital and its valuable The best time to get started was yesterday Dont waste another minute ABOUT THE AUTHOR Michael LaMotta is CEO of Dealer Owned Warranty Company which he founded with lessons learned from almost 30 years of automotive experience many of which spent as a car dealer and almost a decade spent on F I administration DOWC offers customizable F I products and expertise in compliance as well as a full suite of technology designed to optimize productivity and expedite claims adjustments processing and reporting Search for jobs in your field at www fleetjobfinder com