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NADA 2020 — Las Vegas, February 15–17

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Dealer software expert provides perspective

Moving F&I Online

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Article Highlights

  1. Millennials have an increased presence in the auto retail space and Generation Z will enter the market over the next few years. Car buyers’ preferences are moving from face-to-face interactions to online activities.
  2. According to Cox Automotive’s 2017 “Future of Digital Retailing” study, while most consumers prefer completing at least one step of the car-buying process online, most car buyers want to complete the transaction at a dealership.
  3. Nearly nine in 10 respondents want to complete their purchase at the dealership; only 11% of consumers are ready to review and sign paperwork online away from the dealership.

Millennials have an increased presence in the auto retail space and Generation Z will enter the market over the next few years. Car buyers’ preferences are moving from face-to-face interactions to online activities.

According to Cox Automotive’s 2017 “Future of Digital Retailing” study, while most consumers prefer completing at least one step of the car-buying process online, most car buyers want to complete the transaction at a dealership. Seventy-one percent of consumers want to get accurate, detailed information on the deal online and 83% of consumers want to complete at least one purchase activity online.

However, the study also concludes the dealership continues to play a significant role in the car buyer’s journey. Nearly nine in 10 respondents want to complete their purchase at the dealership; only 11% of consumers are ready to review and sign paperwork online away from the dealership.

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