F&I

Becky Chernek “F&I Digital Retailing is Here – Should You Be?”


Grand Hall - DealerTalks Stage March 9, 2017 9:05 am - 9:35 am

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Becky Chernek

 

Digital retailing is here. What does your dealership have in place to engage the customer earlier on at the dealership website to convert more customers to financing and sell more cars?

In this workshop, Rebecca Chernek tackles that subject and delivers timely and vital information aimed at teaching you the inherent advantages of an intuitive, interactive website that offers customers the ability to shop for financing.

TrueCar’s recent announcement that it has teamed up with Chase Direct to offer auto buying customers the ability to complete loan processes entirely online is the long overdue wakeup call to dealerships everywhere. The way it works is simple: Customers obtain pre-approval via Chase online, after which they are directed to TrueCar to begin shopping based on loan qualification. The implications are undeniable. Such a move will effectively alter the playing field for auto dealerships everywhere, taking financing entirely out of their hands. Chase may be the first bank to do this, but others are sure to follow. This industry sea change is a wakeup call for dealers to determine best practices that engage customers earlier in the process and keeps them from using third party loan suppliers.

Should auto dealers become more proactive by offering their customers the ability to shop for vehicles and secure financing online? Absolutely. And if an online loan process is not offered, dealers should at very least consider reducing some of the heavy lifting involved by offering a pre-approval notification ahead of the customer coming into the dealership. A transparent customer-centric approach is a win-win. The consequences of a “wait and see” approach will cost you in the end

Digital Retailing is rapidly changing how dealers will retain customer financing at the dealership level. Implementing these best practices will ensure your team has what it takes to meet objectives and offer a transparent and customer-centric approach. This workshop addresses the emerging trend of online financing, and why it’s critical to implement a process that ensures keeping the customer captive at the dealership.

•       Learn the advantages of creating an intuitive website that engages the customer by leveraging a complete F&I turnkey solution.

•       Find out how meeting the customer on their terms, early in the process via the dealership website, can keep third party providers at bay and increase your sales.

•       Burying your head in the sand is not the answer. Learn the importance of implementing an online F&I process that keeps your customers from taking their business to the competition or third party providers. The Chernek three-pronged approach includes:

1.)     Offering a complete financing turnkey solution.
2.)     Ensuring buyer pre-approval prior to the customer coming into the dealership.
3.)     Chat service providers and BDC require training and skills to talk financing or lease terms. Keeping the front end from discussing standard terms will likely cause more harm than good. F&I must engage early! Intuitive websites that are mobile friendly must be willing to meet the customer on their terms.