F&I Advantage™ enables dealers to showcase vehicle protection, warranty and insurance products at the earliest stages of the car shopping journey
SYRACUSE, NY – February 14, 2020 – SpinCar, the global leader in digital automotive merchandising software, launched today the industry’s first F&I merchandising solution designed to integrate directly with dealer website VDPs, at the 2020 NADA Show in Las Vegas. F&I Advantage™ enables auto dealers to increase F&I sales by educating consumers and creating demand for vehicle protection, warranty and insurance products before a shopper ever arrives at their dealership. SpinCar will be showcasing the technology at NADA, booth #5533N, from February 15-17.
F&I Advantage is a specialized digital merchandising product that can be seamlessly added to the Vehicle Detail Pages (VDPs) on any dealer’s existing website. By highlighting available protection, warranty and insurance offerings directly on the VDP, dealers can educate shoppers on the benefits of these products early in their car shopping journey. F&I Advantage builds shopper confidence with easy-to-understand explainer content, infographics and videos. Educational content is currently available for all major categories of F&I products, including vehicle protection and extended warranties, service contracts and prepaid maintenance plans, supplemental insurance, roadside assistance and more.
Why it Matters: F&I product sales account for more than 50% of a dealership’s new and used vehicle gross profits according to NADA, yet traditional “end of the process” approaches to selling these products leave consumers feeling confused and pressured. Because the majority of consumers don’t fully understand F&I offerings before they walk into a dealership, most feel ill-prepared to make purchase decisions. F&I Advantage streamlines the post-sales financing meeting by equipping consumers with knowledge that allows them to make faster and more confident buying decisions, while enabling dealership business managers to save time and personalize their conversation.
“We recognize that better F&I product merchandising before the sale improves product penetration, but until now we have struggled to find the right solution,” said Casey Tuggle, Chief Marketing Officer, Kelly Auto Group. “We love SpinCar’s approach as our products are introduced during the customer’s feature exploration phase, which has led to a 19% increase in F&I penetration. It’s the perfect time to get customers acquainted with the value of additional protection for their purchase.”
How it works: Powered by SpinCar’s personalization platform and rich multimedia library of F&I educational content, available aftermarket protection and insurance options are automatically presented to a consumer through several different entry points on each VDP. Product offerings can be tailored based on inventory type, make and mileage. Once configured by the dealership’s F&I manager, relevant content is populated for a dealer’s entire inventory of new, used and CPO vehicles. Online shoppers who visit those VDPs are able to access F&I content while they browse a dealer’s website from any PC, tablet or mobile device. A report detailing each consumer’s interactions with the rich content is then sent to the F&I manager, allowing them to customize their in-dealership product review discussion.
“Digital technology has been rapidly changing every aspect of the auto sales process, and F&I is no exception,” said Devin Daly, SpinCar Co-Founder and CEO. “The most profitable dealers have known for years that introducing dealership visitors to F&I products earlier in the sales process drives higher attachment rates, but until now they haven’t been able to extend their efforts to shoppers browsing their online showroom. F&I Advantage provides a powerful digital merchandising solution that enables dealers to reach consumers even earlier in their shopping journey, resulting in greater sales of these high-margin products while at the same time delivering a better experience for consumers.”
SpinCar offers automotive dealers, wholesale auctions and OEMs the industry’s most advanced platform for digital automotive merchandising. The company’s 360° WalkAround® and Feature Tour® products build trust between buyers and sellers by bringing the physical showroom experience to car shoppers wherever and whenever they want. F&I Advantage™ enables dealers to increase insurance and protection product attachment rates through early shopper education. SpinCar supports dealers and shoppers in 20 countries around the globe. To learn more, visit SpinCar.com.