ST. LOUIS - A new study has found auto dealers saying they are in favor of consumers shopping online for F&I options.
According to a report from Protective Asset Protection, a provider of F&I programs and services, 68.5% of dealers polled said they are likely or definitely a proponent of enabling customers to research their F&I options online.
Among the other findings:
- 89.2% said they are likely or definitely a proponent of enabling customers to purchase their F&I options online. Those dealers believe that having F&I options online will help customers take the time they need to make the right decisions, which can help lift F&I sales, the company said.
- 58% said they agreed that offering F&I product sales online as part of the retail transaction would be the most effective way to improve their F&I product sales.
- 49% of dealers stated that access to a more diverse set of F&I product options would also be helpful to improve their F&I sales.
Additional Findings
Among dealers who offered F&I product sales online over the last 12 months:
- 67.2% said they’ve actually seen a moderate increase due to their online F&I options. When asked what would help dealers sell more F&I products in the future, 49% said offering F&I products that could assist customers with vehicle affordability issues.
- When asked about their top products, 61.4% of dealers stated they’re selling GAP coverage, 61% said pre-paid maintenance, and 55.2% distributing limited warranties/certified limited warranties.
Reasons for Sales
When asked the most frequent reason given by consumers for purchasing F&I protection products:
- 49% said covering electrical components was the most frequent reason cited
- 46% said to cover advanced technology features
- 45% said the need for emergency roadside services.
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