Earning More F&I Revenue Per Vehicle with Mobile Technology – Dealer Profile
Just as consumers use their technology to research and shop around for vehicles, dealers can leverage the same mobile technology to up-sell customers and end up with more revenue and profit-per-deal than ever before. For example, Scott Cooper and his team at Mercedes-Benz of Coral Gables, Florida, have embraced innovative electronic menu technology on an iPad to present aftermarket F&I offerings and “wow” and appeal to today’s tech-savvy consumers. Their initial use of Dealertrack’s eMenu for iPad has resulted in an increase of more than 16 percent in F&I revenue per vehicle retailed (PVR), an average aftermarket sale of more than $2,000 and more than two F&I products sold per contract for the dealership.
The eMenu for iPad delivers a level of detail and engaging presentations that blow paper menus away. When the customer is at the salesperson’s desk, they are handed an iPad to take a self-paced, interactive tour of the F&I options available to them. Using real-time iPad survey data from the customer’s “virtual tour” of the F&I offerings, dealership personnel can personalize the specific menu presentation to help highlight and upsell the right products for that specific customer. “We both look at the iPad and it’s really professional, which is invaluable,” said Cooper. The tool also collects electronic signatures and includes pricing thresholds to help with compliance.
Instead of working with customers who are anxious and impatient with the process, Cooper and his team are seeing customers enjoying and actively engaging in the F&I process through the use of the iPad. He attributes this to presenting better information and the fact that the customer has more control over the process.
While eMenu for iPad is saving five to 10 minutes off of the process, Cooper feels that this isn’t the most important factor. “The customer’s perception of the speed of the process is changing. If customers are apprehensive and nervous and want out of your office as quickly as possible, it’s probably because you didn’t answer their questions. They want a better experience, not necessarily a faster experience. That’s what we’re giving them now, and our improved CSI scores prove we’re on to something.”
At the upcoming NADA convention in New Orleans, Cooper, his dealership and their use of eMenu for iPad are featured in a cover story in the special NADA issue of F&I and Showroom Magazine.
Let us know how your dealership is leveraging technology to improve your F&I results.
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