Dealer software expert provides perspective
Moving F&I Online
Monday July 23, 2018
Article Highlights
- 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.
- 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.