Electronic F & I Leads to Higher Customer Satisfaction and Increased Referrals

A recent survey of 500 new car buyers by F&I Express and Make My Deal found that an electronic F&I process sharply increases customer satisfaction with the purchasing process and the probability of referring the dealership to friends and family.

The good news is that there is a lot of opportunity in this area as only 100 of the 500 respondents replied that there was any electronic component to the sales process so there are a lot of dealers out there whom are sticking with the traditional paper process.

Among the findings:

  • Almost three-quarters of respondents whom reported an electronic purchasing process were completely satisfied compared to just 56% of those going through paper forms.
  • 60% of those with an electronic experience were very likely to recommend the dealership compared to just 39% of those who endured a traditional experience.
  • 49% of respondents with any electronic component to F&I were completely satisfied with the time spent during the buying process compared with just 24% whom went through the traditional experience.
While incorporating electronic elements into the buying process is an enormous investment of time and money, given the results of this recent study and the apparent lack of competitors employing the approach, might it be something worth investigating for your store? 
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