Today’s automotive retail environment is changing rapidly. While much of this change was already occurring before any of us had heard of COVID-19, the pandemic has accelerated many of the trends that were already underway. Over the past months, we at First Canadian have been speaking with our dealer partners about some of the biggest challenges finance managers are experiencing today, including:
1) Customers are demanding a better car buying experience and their expectations are increasing at a faster rate than dealers can keep up.
Convenience has become central to buying behaviour, and younger generations of car buyers (particularly millennials, which make up approximately 40% of new-vehicle demand) are more likely to do business where technology, convenience, and mobility are provided. While there is still a place for face-to-face interaction, a one-size-fits-all approach to selling no longer works.
2) Administrative burden remains high and deliveries take too long because of complicated workflow.
Financial Services Managers struggle with workflow inefficiencies such as having to use multiple systems, not being able to quote products quickly, and not having the right tools to assist in telling the Financial Services Department’s story. Disclosure and compliance requirements are also more important than ever. Dealers are looking for tools and control mechanisms to protect themselves from liability risks and to simplify processes.
3) Dealership profitability is under pressure, putting more burden on Financial Services Departments to perform.
A more competitive auto market and decreasing OEM margins are causing dealers to rely heavily on their Financial Services Department for operating profits.
FC Drive from First Canadian is the most comprehensive presentation and closing software in the industry and is proven to overcome these challenges, whether you meet with your customers virtually or in-person. Some dealerships currently using FC Drive report an increase in Financial Services profitability of up to 25%.
FC Drive not only helps increase efficiency and eliminate data entry errors, but also provides a visual, interactive, and transparent customer experience. FC Drive was designed for Canadian dealerships and seamlessly integrates with bank portals, iCerts, and other third-party systems.
Some key benefits of using FC Drive include:
FC Drive is available exclusively to First Canadian clients. Best-in-class training and support on the software is delivered by the largest and most experienced team of Financial Services professionals in Canada. Every FC Drive installation comes with hands-on training including role-play, live-delivery coaching, and ongoing follow-up to guarantee that your Financial Services Department delivers a professional, consistent, and successful experience to every customer.
If you would like to join the hundreds of dealers in Canada already using FC Drive to maximize their customer experience and sales, please reach out to our Dealer Support team at 1-800-561-3242.
