The Future of F&I with Autovance Menu
Davis Buick GMC in Medicine Hat, Alberta wanted to modernize the way they conducted business in their F&I office. To accomplish this, they turned to Autovance and introduced Autovance Menu for their F&I presentations. The results from the first six months of this change in their process were staggering and well-above what management expected.
- Decrease friction by using a more modern, full-disclosure approach
- Eliminate F&I manager bias from the product presentation process
- Reduce the time and energy required during F&I turnover
- Implement Autovance Menu to present customers with all of their options through the use of a tablet, every time
- Educate Sales Managers and F&I Managers with a two-day workshop delivered by Motors Insurance Corporation
- 53% increase in F&I gross profit for new vehicles in the first six months, on average
- 23% increase in F&I gross profit for used vehicles in the first six months, on average
- Drastic reduction in F&I turnover times
Davis Buick GMC in Medicine Hat set out to find a low-friction approach to helping customers protect their vehicle purchases and increasing their staff’s efficiency. They were looking for a full-disclosure approach that would eliminate F&I manager bias and ensure that each customer was given the opportunity to select the most relevant products for their individual lifestyle and driving habits. They wanted to reduce the amount of time customers spent in the buying process while still increasing their PVR.
“We wanted something quicker, more efficient, more effective.”
F&I managers are often given a long list of items that they are able to sell, but with little understanding of which items are best suited for each individual buyer. Products are often all presented in succession, which makes for a very one-sided conversation between F&I managers and their customers. Many times buyers quickly become agitated with this process and halt the dealership’s presentation before they are introduced to items that offer real value to them. This results in a less than exceptional experience for all parties involved.
The way that customers interact with dealers has changed drastically over the last 20 years, but oddly enough, it seems like the final part of the transaction is also the final piece to take a step into the 21st century. F&I managers have been left to fend for themselves while all of the other areas of the sales department have leapt forward with technology that has increased their efficiency and profitability.
Davis saw there was an opportunity in front of them, having worked with other dealers who had seen varying levels of success in adopting menu-based selling systems in their F&I offices. They knew from experience that these tools often presented challenges when integrating into their Dealership Management System (DMS). That’s why they turned to Autovance for help: they had been relying on Autovance Desk as their desking tool for a number of years. Not only did it provide accurate, timely manufacturer data (interest rates, residual values, and rebates), but it was also built to seamlessly integrate into their DMS, Quorum’s XSELLERATOR™. Davis knew they wanted the same frictionless presentation model and high degree of configurability for their F&I menus that they were already accustomed to having in their desking tool.
“It’s been such a smooth and quick transition. Our Sales Managers were already building all of their deals in Autovance, so it was almost like we were halfway there when we started.”
Autovance Menu has enabled the F&I team at Davis to present customers with tailored menus and relevant products every time, rather than wasting time trying to sell things the customer would never care to buy. “The Build Your Own feature has really changed how we customize the presentation for every customer”, said Hauck.
It turns out that customers love the ability to interactively pick and choose products that fit their lifestyle and budget. Interactive menu selling generates a conversation, making it so much easier to build a lasting relationship with them.
“Finally, an F&I solution that gets customers engaged. People are so receptive to having choices!”
Six months after the implementation of the Autovance Menu, Davis Buick GMC in Medicine Hat has not only seen an increase over 50% new retail F&I gross, but they have also found the process easier and more fulfilling for everyone involved.
“It’s better from a profit standpoint, it’s better from a customer service standpoint: it’s just better!”
As technology continues to change, so do buyers.
Dealerships have a choice: push customers to do things their way or change to better serve their customers.
With Autovance Menu, dealers can move into the future, and make F&I better by:
- Shortening F&I times
- Creating a conversational sales process
- Presenting every product every time
When you’re ready to make the move to better serve your customers with the future of F&I, contact Autovance to get started.
Toll Free: 1-855-388-0145