Online presentation is key for F&I profits

Dealers would be well-served to eventually implement a digital F&I process, says Cox Automotive's Mark O'Neil. He offers these tips.

■ Make sure the customer can be financed online. "The next step would be saying: 'Congratulations, you've been approved by so-and-so lender. We'd like to take a moment to make sure you understand your new product. And we're going to ask you a few questions, like we would in an F&I office — how many miles do you plan to drive, are you going to keep the vehicle, and so on.'"

■ Short videos, about 45 to 90 seconds long, should explain various F&I products to consumers, and they should be targeted at consumers based on their responses during the Q&A, O'Neil said. "When you're watching a video, I think your mind is more open to listening and absorbing," he said.

■ Dealers and F&I managers should push themselves to get ahead online. Doing so will improve profitability, O'Neil said, and consumers will walk away more satisfied with their car-shopping experience. At the very least, he said, let the customer get pre-approved for financing online and work out the trade-in. But the more you do things in a disjointed way, the less success you'll have, he warns. The best way to avoid abandonment is by having integration and connected workflows.