New vs Used Customers - Identifying Their F&I Hot Button

by Rick McCormick
Agent Entrepreneur
March 4, 2015

We have seen major shifts in customer buying behavior since the great recession. In fact we have realistically seen more changes in their buying habits in the last five years than we have in the previous 25! One of the major shifts has been a record in the length of the average loan with a 27.62% increase of new car buyers going 73+ months during the first quarter of 2014 as compared to the same period in 2013. The used car buyer saw an increase of 25.73%. Consumers have spoken loud and clear as they recovery personally from a downturn in income and/or confidence in today’s economy. They still love their cars and are willing to stretch out their loans to have the vehicle they want. 

Time for F&I to Join Rest of Automotive World

by Brian Reed
WardsAuto
July 22, 2015

Think for a moment about how the typical car shopper goes about finding a vehicle in 2015.

They see a sleek commercial from a manufacturer – maybe on television, but almost as likely as a lead-in to watching Netflix online.

Next, they hit a third-party or dealer website, read reviews and compare features and pricing with similar models. Then, they figure out what their current trade-in is worth, check interest rates and calculate their monthly payment.

They walk into the dealership well-educated and with confidence. And, more often than not, they will sign on the dotted line to buy or lease a new vehicle.

But, a key element is missing from the online shopping experience, and it’s one that represents a significant opportunity for F&I departments. According to a recent study of 500 car shoppers by MakeMyDeal, 63% of customers would be more likely to purchase F&I products if they had the option to learn about them before finalizing their vehicle purchase.

Marketing and Selling Cars to Milennials

by Erik Radie

for DrivingSales.com

June 24, 2015

99 percent of consumers expect their car shopping experience to be a ‘hassle’ (according to the recently completed Consumer Experience survey by Driving Sales). That’s pretty clear systemic incitement, pointing to the fact that nearly every step in the purchase funnel has room for improvement including how we market to consumers. In the spirit of eating this elephant one bite at a time, let’s focus on how we can shape our marketing to face the now largest segment of our population, the Millennials. Born from 1981-1997, they will overtake the Baby Boomers this year in total population and range in age from 18-34. Attracting and retaining this population of consumers will pave the way for a successful future for those willing to address them on their terms. Here are 3 relatively simple changes that will positively impact the attraction of the Millennial audience.