Driving F&I Excellence in 2020 - AADA Convention
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Driving F&I Excellence in 2020 www.op2ma.com Op2ma Confidential
Ann Cawkwell –
Financial Services
• Over 20 years experience covering OEM,
dealership and Financial Services experience
across Australia and Asia-Pacific.
• Specialises in
• F&I Subject Matter Expert
• F&I Training
• Performance Management Coaching
• Highly Awarded
www.op2ma.com Op2ma Confidential
Ian McLean –
Performance Consulting
Over 30 years experience in the automotive
industry, both internationally and in Australia, in
the OEM, automotive financial services and
dealer retail sectors.
Specialises in
• Dealer Profitability
• Sales Training
• Management Training
• RPM Programs
www.op2ma.com Op2ma Confidential
An Automotive Solutions Company
Dealer Solutions Corporate Solutions
Established in 1999, Op2ma is an Automotive
leader in digital solutions, consulting and
consumer engagement services for automotive
clients, including global manufacturers (OEMs),
financiers, insurers and dealers.
Powerpoint Subtitle
PEOPLE
PROCESS
TECHNOLOGY
www.op2ma.com Op2ma Confidential
Op2ma Australia
Adelaide Office
Melbourne Office
Op2ma China
Shanghai Office
Projects in
Powerpoint Subtitle Australia
Brunei
Cambodia
China
Guam
India
Indonesia
Korea
Malaysia
New Zealand
New Caledonia
Philippines
Singapore
Tahiti
Thailand
Vietnam
www.op2ma.com Op2ma ConfidentialCorporate Clients
Corporate Clients
DMS
DMSIntegrations
Integrations
Strategic Alliance
Strategic Alliance
www.op2ma.com Op2ma ConfidentialOur Main Focus Areas
Powerpoint Subtitle
www.op2ma.com Op2ma ConfidentialToday’s insights will help you to ”Drive F&I Excellence in 2020”. www.op2ma.com Op2ma Confidential
Has F&I
changed?
We asked 55,000 people to find out.
www.op2ma.com Op2ma ConfidentialNational Customer survey
AGE WORK STATUS
18-25 26-35 36-45 46-55 56-65 66-75 75+ refused Employed Self-employed Student Retired Unemployed Working Visa Refused
www.op2ma.com Op2ma Confidential• Pre-purchase research
2019 • Payment options research
National • F&I sale experience
• Delivery experience
survey • Missed opportunities
www.op2ma.com Op2ma ConfidentialPre-purchase
research
www.op2ma.com Op2ma Confidential70% researched from
0 - 2 hours
10% researched for
over 10 hours
www.op2ma.com Op2ma Confidential59% went to a dealer website 62% called a dealer 80% visited a dealer www.op2ma.com Op2ma Confidential
Insufficient information
42% face to
39% phone
face
research
research
71% Online research
www.op2ma.com Op2ma ConfidentialPayment options
research
www.op2ma.com Op2ma Confidential80% considered their payment
options BEFORE they started
looking for a vehicle.
www.op2ma.com Op2ma Confidential42% BANK 42% OEM
59% Dealer
Website
26% FINANCE 9% BROKER
COMPANY
www.op2ma.com Op2ma ConfidentialInsufficient payment information
18% online 6% face to face 7% on the
phone
59% complete a quote 42% complete a quote 33% complete a quote
41% want the full T&C’s of 42% want the full T&C’s of 50% want the full T&C’s of
purchase available purchase available purchase available
40% name of a contact 29% complete an application 8% complete an application
person
79% financed 75% financed 67% financed
www.op2ma.com Op2ma ConfidentialF&I Sale
experience
www.op2ma.com Op2ma ConfidentialDid you meet the F&I person? 65% said YES www.op2ma.com Op2ma Confidential
How long did you spend with the F&I
person?
49.8% LESS THAN 35.2% LESS THAN 1 15% MORE THAN 1
20 MINUTES HOUR HOUR
www.op2ma.com Op2ma ConfidentialWere you offered finance solutions
by the F&I person?
72% said 16.5% said 11.5% were
YES NO not sure
www.op2ma.com Op2ma ConfidentialWere you
offered • 75% said yes
insurance • 16% said no
products by • 9% were not sure
the F&I
person
www.op2ma.com Op2ma ConfidentialWere you offered an extended warranty
72.3% SAID YES 17.6% SAID NO 10.1% WERE NOT
SURE
www.op2ma.com Op2ma ConfidentialHow did you pay for your car?
30%
39% cash dealership 17% bank 6% broker
finance
2% credit 2% home 1% credit
3% redraw
union equity card
www.op2ma.com Op2ma Confidential12.7% of customers felt under
pressure to buy F&I
www.op2ma.com Op2ma Confidential• RAA/RACV/RACQ/NRMA 35.2%
• AAMI 11.7%
• ALLIANZ 11.1%
• BUDGET/YOUI 8.6%
Comprehensive • SUNCORP 5.3%
Insurance
Why did you choose them –
70% existing clients
40% on price
www.op2ma.com Op2ma Confidential65% took Dealership finance
Why did because it was fast and easy
you 27% because it was cheaper
choose
your 25% because it had better options
payment
option? 14% long term relationship
9% assorted other
www.op2ma.com Op2ma ConfidentialDelivery
experience
www.op2ma.com Op2ma ConfidentialHow long did the 20% wait?
• 5-15 min 33%
• 15-30 min 34%
• 30+ min 20%
• Had to come back another time 13%
80% of documentation was ready at pickup
www.op2ma.com Op2ma ConfidentialWould you recommend your F&I person?
33% 21% 45%
8 - 10 7-8 0-6
www.op2ma.com Op2ma ConfidentialMissed
opportunities
www.op2ma.com Op2ma ConfidentialTime with F&I LESS THAN 20 M LESS THAN 1 HR MORE THAN 1 HR www.op2ma.com Op2ma Confidential
Finance
• 65% met a F&I person at the dealership
• 26% of those who did not meet an F&I
person financed their car
• 40% of those who were not offered
finance, financed their vehicles
www.op2ma.com Op2ma ConfidentialFinance 34% of 46-55 yr old would’ve been interested in dealership finance if they had been offered www.op2ma.com Op2ma Confidential
Insurance
• 52% of those who were not offered
insurance products would’ve been
interested
• 35% of those who took
RAA/RACQ/RACV/NRMA insurance would’ve
been interested if it was offered
www.op2ma.com Op2ma ConfidentialWarranty
19.4% of all customers would’ve
been interested in an extended
warranty
with a further 32% possibly
interested
www.op2ma.com Op2ma Confidential70% of customers researched for up
to 2 hours
They have requested –
✓ A complete a F&I quote
✓ Full terms and conditions of purchase
✓ Ability to complete an application
✓ The details of the F&I contact person
www.op2ma.com Op2ma ConfidentialSo what’s it worth?
Based on 100 customers
28% missed out on Finance presentation and 34% were interested
16% missed out on a Comp quote and 52% were interested
28% missed out on a Warranty presentation and 19% were interested
10 Finance Contracts
8 Comprehensive Policies
6 Warranties
$12,000
www.op2ma.com Op2ma ConfidentialLast words www.op2ma.com Op2ma Confidential
Customer comments Face to face time is valuable be organised Be prepared to explain it again if I don’t understand Be concise don’t ask duplicated questions One confident person for whole F&I process with personality Competency and transparency Listen to the client and know your product Check the vehicle and fix any issues before I get there Open finance discussion before I buy the car Be professional and courteous www.op2ma.com Op2ma Confidential
Op2ma can help with all
your F&I needs
Visit us at Booth 44 – 45
Op2ma 1300 789 340
www.op2ma.com Op2ma ConfidentialYou can also read
