Revenue Streams Can Be Moved – and Maximized – Online

Jun 10, 2020

Revenue Streams Can Be Moved – and Maximized – Online

One of the largest impacts of COVID-19 was the rapid expansion of online capabilities in automotive retail. Seemingly overnight, dealerships all over the country found ways to shift their customer-facing activities from in-person to digital.

But sales are only one part of the equation: as a growing number of shoppers want as much of the vehicle ownership experience as possible to take place online (or on their phones), dealers who embrace a fully digital vehicle lifecycle will be ahead of the curve and prepared for the future.

For years, F&I product sales have been a critical component in dealer profits. Recent surveys have shown that shoppers see the value of products like service contracts, and studies show that vehicle buyers in all age demographics are buying them. But the importance of these products to a dealer’s bottom line goes well beyond the point of sale: bringing these customers back to the store for service and maintenance is key to driving profitability long-term, while also creating repeat customers and building mutually beneficial relationships. Efficiently and effectively doing this online is a daunting prospect in an industry still acclimatizing to doing business online.

Fortunately, there are digital solutions that enable dealers to create points of contact with customers via the F&I products they have purchased while also increasing consumer engagement with their product glovebox. Some applications can even integrate all of a dealer’s F&I product providers into one platform, resulting in a streamlined process for staff rather than a complex web of systems to learn and manage on the back end. By integrating with the selling dealership, these digital solutions ensure that claims and appointment requests tied to purchased F&I products initiated in-app bring customers back to your door!

Beyond F&I products, there are many post-sale revenue streams that dealers can move—and maximize—online. One example? Loyalty programs! Offering promotions and coupons or implementing a rewards program would be well-suited to digital engagement platforms. Dealers can also use digital platforms to promote new inventory and incentive offerings, send maintenance reminders, or even send customer surveys about a recent experience at the store.

By utilizing digital platforms with accompanying apps or websites, dealers can put themselves in front of their customers even after the initial vehicle sale has been made. Keeping your store front-of-mind for customers can build brand recognition, increase sales, and build long-term relationships that lead to repeat business and greater customer satisfaction.

Are you looking to offer customers a full digital retailing lifecycle, from claims submissions to maintenance reminders and more?

National Auto Care is partnering with Your Dealer Experience to offer a transformative digital engagement solution to dealers and their customers. Contact us at 800-548-1875, option 4, to learn more!

For additional information, articles or interviews please contact:
Alexi Gonzalez at asgonzalez@nationalautocare.com

 

National Auto Care Corp. provides F&I products, administration, consulting services, training and marketing support to independent agents, insurance companies, financial institutions, third-party administrators, and credit unions. National Auto Care Corp. focuses on increasing agent and dealer profitability by providing unique F&I products in protected markets.

 

National Auto Care is a multi-year award winner for Top Workplace and F&I Product Provider Excellence.

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