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.