2021 Industry Trends: The State of Automotive F&I

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May 27, 2021By Kate Spatafora, Providers & Administrators

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When asked to highlight what 2021 has in store for the automotive industry — and F&I specifically — our team of experts left no stone unturned. From automotive trends to new products and processes in F&I to the ever-evolving realm of digital retailing, it’s hard to know which element should be at the top of your priority list.

Alexi Venneri thinks a trend that consumers are going to want, specific to the industry, but also within F&I, is to be able to purchase more things related to their vehicle while online, immediately after their purchase.

“We’ve got to give them more ways to buy F&I online, and there will be some new F&I products that will be available to purchase online, such as regular full sanitation of your vehicle,” said the co-founder and CEO of Digital Air Strike. “There’s also going to be more ways to automate and expedite the F&I process, certainly with solutions like credit prequalification technology.”

Another trend Venneri expects we’re going to see is centralized F&I offices across the dealer groups to centralize F&I job functions.

“It doesn’t have to be an individual sitting in the dealership, especially if consumers aren’t even coming into the dealership,” she said. “A centralized F&I process with more technology to support it, as well as shortening the deal time for F&I as well, is a trend we’ll be seeing more of in 2021.”

To read the full article, click here.

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