With economic challenges throwing doubt onto players in the motor finance industry, there is an opportunity for innovative trend-setters to emerge as market leaders.
This is according to automotive tech firm DealTrak, which warned businesses that they must adapt to survive. In the firm’s recent report on F&I success, managing director Martin Hill said: “With advancements in the automotive industry showing no sign of slowing down, businesses must invest in new technology, place focus on strong leadership and, above all, stay relevant in order to survive.”
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“The automotive sector has always been one which enjoys constant evolution,” Hill explained. “But, with changes in legislation, the Worldwide Harmonised Light Vehicle Test Procedure (WLTP), diesel-gate, and of course, Brexit, it’s high time for the industry to embrace the ever-evolving landscape.”
The report suggests that there are ways to make the sales process more appealing to buyers, at a time when consumers are growing more suspicious of the motor finance industry. Greater product visibility will result in an increasing number of people seeking a better deal than the one offered on the dealership forecourt.
Hill continued: “As the hybrid sales process increases, there’s an ever-increasing disconnect between the customer and the salesperson. Buyers can easily become frustrated with the length of time which lapses between making the decision to purchase – and driving away.
“Digitisation has significantly reduced the level of tolerance for reams of paperwork, as well as the need to repeat basic information – such as name, address, date of birth – multiple times. Although it’s a given that dealerships will work with several lenders and utilise multiple compliance tools, in 2019, a firm shouldn’t need to log onto each point of sale system separately – such practices are outdated and inefficient. The search for integration is therefore crucial,” said Hill.
