Online research grows for automotive shopping; but online F&I product education still lacking

CHESTERFIELD, MO (July 3, 2019) – Protective Asset Protection, a provider of F&I programs, services and dealer owned warranty company programs, announced today it has made available online, a series of informational videos for dealers to help educate consumers early on in their vehicle research of F&I options. Click here to see the online videos.  
 
Consumers want a digital car shopping experience. According to a recent report from CDK Global, more car shoppers are willing and likely to start the car buying process online. CDK found 83% of car shoppers indicated online buying technology would help them narrow down their vehicle choice and determine what is affordable.
 
However, consumers also feel added pressure and frustrations when considering additional products and features for their vehicles – including F&I products. According to the Beepi Consumer Automotive Index, 87% of Americans dislike some aspect of car shopping at dealerships, with the majority saying they feel pressure to buy right away or to buy additional features.
 
Protective Asset Protection believes this pressure and mindset could be lessened if car shoppers had information ahead of time on F&I product options so they can learn the benefits of these products in the comfort of their own home as opposed to the dealership where they don’t have time to make proper considerations.
 
“There is so much emphasis placed on a digital retailing experience today, but much of the F&I process remains absent from this experience,” said Rick Kurtz, senior vice president of distribution. “You can get vehicle pricing, custom build options, inventory and even financing, but the protection plan and ancillary product education is often not available, and this is what consumers need in order to make the right decision at the time of purchase.”
 
The CDK Global research study also found among those same consumers, almost 60% felt more comfortable starting their process on a dealer’s website compared to third-party sites. The online videos library is available for Protective’s DOWC™ program participants as well as other dealer clients, to upload and make available on their dealer websites.
 
The video library contains educational content on topics such as vehicle protection plans, auto care plans, tire and wheel, paintless dent removal, key repair and replacement, windshield repair, certified warranty programs, and lifetime powertrain and engine program options. Each of these important F&I programs can save consumers money over the life of their vehicle ownership, which today averages 71.4 months according to R.L Polk.
 
Click here to view the online video catalogue.
 
ABOUT PROTECTIVE ASSET PROTECTION
Protective Asset Protection provides vehicle protection plans, GAP, and credit insurance through vehicle dealerships. Protective Asset Protection has been serving dealers for more than 55 years and currently provides products and services to automobile, marine, RV and powersports dealers. Protective Asset Protection is part of the financial services holding company, Protective Life Corporation. For more information about Protective Asset Protection call 800-323-5771, or visit www.ProtectiveAssetProtection.com.
 
ABOUT PROTECTIVE LIFE CORPORATION
Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective traces its roots to its flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. Protective’s home office is located in Birmingham, Alabama, and its 3,000+ employees are located in offices across the United States. As of March 31, 2019, Protective had assets of approximately $92 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.