ATLANTA — MakeMyDeal, Cox Automotive’s online marketplace, has begun rolling out its new F&I Connect, a tool the company bills as a product designed to bring the F&I process into the Digital Age.
Powered by F&I Express, F&I Connect allows dealers to promote their F&I products and prices in a controlled online environment while giving consumers the opportunity to learn about F&I program options before finalizing their deal.
“Our research shows that there is an opportunity within the current F&I process to better educate consumers about the value of F&I products, reduce the time they spend in the F&I office and improve their satisfaction with the overall buying process,” said Mike Burgiss, vice president and general manager of MakeMyDeal.
A 2015 study commissioned by MakeMyDeal revealed that most vehicle purchasers felt they knew what F&I products were. But when asked to define F&I products and services, many could not. That same study, however, also revealed that that gap in knowledge did not mean customers lacked interest in F&I products.
Of the 500 respondents, 83% of said they were interested in learning about F&I products and 63% said they would be more likely to buy F&I products if they could learn about them on their own time before finalizing their vehicle purchase.
“By bringing F&I information and pricing online, we are able to give consumers a better understanding of their options, which can ultimately have positive effects for the dealership in terms of satisfaction and sales,” Burgiss said.
MakeMyDeal’s new tool, which was tested at select dealerships this past June, was launched in select markets this week, a company spokesperson said.