The trauma is astounding. If you’ve been the victim of identity theft, you know how violating it feels. Your credit cards are frozen and your credit bureau is red-flagged. It can permeate deep into your life, affecting your social security number, your mailing address, email account, future tax returns, and beyond. It’s a crime that might not seem like a huge problem…until you’ve experienced it. 

It’s the largest cybersecurity incident in the United States, perhaps the world. Earlier in 2017, one of the big three credit bureaus, Equifax, was hacked. Personal information was stolen for 143 million – yes, million – Americans. With more than one-third of citizens in the United States affected personally, paranoia and fear in the credit realm are rampant.

A customizable family program of Auto-Deductible Reimbursement bundled with Paintless Dent Repair and Key Replacement is a proven and winning combination for the customer's vehicle and two additional vehicles in the household. 

Most of us already know the benefits contained within industry-standard F&I solutions. But have you considered the increase in customer F&I engagement and positive impact on profitability when offering a flexible, custom bundle of products that includes coverage on additional vehicles beyond the one being purchased? Our Agent/Dealer clients have experienced better penetration and gross profits through these bundles that offer immense value to your customers.

A recent NADA survey yielded some staggering results. Of all car buyers nationally, only 23 percent service their vehicle at their selling dealer. Of the clients who return to the dealership for regular maintenance, 83 percent will purchase another vehicle from that store. That number on its own is enough to spur higher service retention rates.

One doesn’t happen without the other. In the F&I office, there are no second chances. If a client passes on products and services, the chances are virtually nil that they will ever change their mind. On top of that, future F&I office transactions are unlikely, simply because the client was able to go without them once. With a ‘make it or break it’ mentality, the F&I office has just once chance to earn the sale today. However, today’s successes or failures with the client impact future business just as much. That’s why continuous training and professional development – sharpening skills – is just as important as today’s performance.

The auto industry is beginning to see a transformation not only in how dealerships engage prospects online, but maintaining a "customer first" approach after they walk into the showroom. As impressive and needed as the engagement and sales improvements have been, the industry has yet to truly take on transforming the typcial F&I product purchase experience. But why? 

According to systematic sales coach David Masover, a Needs and Wants assessment should be the center of any sales process. It starts right after the client has entered your dealership.

According to a Gartner Research report, 86 percent of customers will pay a premium for a better customer experience. In that same report, Gartner forecasts that by 2020, customer experience will overtake both price and product as the motivation for choosing one brand over another. While not specifically directed at the automotive industry, Gartner’s report is an insight that can be encouraging or devastating.

Virtually every client coming through the showroom doors has their smartphone in hand. They check email and social media accounts immediately when a message notification appears and browse the web whenever there’s a spare minute. There’s no question; technology has impacted the sales process.

Last week, auto industry thought-leaders from across the nation descended upon the Big Easy for the annual NADA 100 convention. As advertised, the convention was packed to the gills with industry sponsors and exhibits, workshops of shared industry best practices, and compelling keynote speakers. But looking back over the course of four very full days, here are the three most striking things I learned about where the auto industry is heading and in some cases, has already arrived.