ATLANTA – MakeMyDeal, a Cox Automotive company that enables car shoppers and dealers to discuss and agree on the terms of a car deal online, today announced F&I Connect, a product that will bring the finance and insurance (F&I) process into the digital age. Powered by F&I Express® and offered as an extension of the core MakeMyDeal platform, F&I Connect enables dealers to promote their F&I products and prices in a controlled online environment while giving consumers the much-desired opportunity to learn about their vehicle and purchase protection options before finalizing their deal.
“Our research has shown 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 buying process overall,” said Mike Burgiss, Vice President and General Manager of MakeMyDeal. “By bringing F&I information and pricing online, we are able to give consumers a better understanding of their protection options, which can ultimately have positive effects for the dealership in terms of satisfaction and sales.”
A 2015 study commissioned by MakeMyDeal showed that while 84 percent of consumers believed that F&I products may have real value, 54 percent said that they prefer to simply complete their purchase and leave the dealership as quickly as possible. This is problematic, the study showed, because there is a significant gap in consumer understanding of F&I products. However, 83 percent said that they are interested in learning about F&I products before entering the dealership, and 63 percent stated that 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.
MakeMyDeal F&I Connect, powered by F&I Express, is designed to do just that—provide dealers with the opportunity to present their F&I products online to educate consumers about their options and ensure that they are a part of the total purchase consideration set.
“F&I Express has the largest aftermarket provider network in the industry with more continually joining,” said Brian Reed, President and CEO of F&I Express. “Our digital platform provides dealers with instantaneous and accurate rates for aftermarket products. Powering F&I Connect allows us to bring the customer information earlier in the car buying process, resulting in more sales. It’s a win for everyone.”
The MakeMyDeal F&I product was launched in beta with select dealers in June of this year. Dealers who are interested in learning more should contact MakeMyDeal at 1-800-309-2040.
