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New DDI Perspectives: Auto Dealers, Transparency and Customer Expectations
DDI Technology’s Perspectives section features short articles on technologies and services designed to help financial institutions and automotive dealers increase efficiencies, reduce costs, and improve their customer service.
Simplifying Sales Process Makes for Happier Customers, Successful Dealerships
DDI Technology’s latest Perspectives thought leadership piece looks at how auto dealers must navigate new transparency regulations while also meeting ever-evolving customer expectations.
The big buzzword around the automotive industry—with dealers and lenders–is transparency. With new compliance regulations soon to be implemented and further guidance from the Consumer Financial Protection Bureau (CFPB), it is evident that dealers need to ensure disclosures are in place and arbitration agreements are included. These components of transparency are what is needed to remain compliant, however is that what consumers are really looking for?
Studies continue to show that buyers want to be able to shop online, narrow down their choices and come to the dealership for the final negotiations, trade evaluation and paperwork completion. Ninety-two percent of transactions continue to have an in-person component to the sales process; the completely digital car buying experience is just not there yet.
So, what can be done to ensure you provide the best experience for your customers? Of course, online tools matter. Combining a great website along with a pre-approval tool to allow buyers to understand the payment range they can afford, and matching inventory to their particular payment range allows for faster decisioning. The next steps matter just as much.
The number one complaint from consumers is the amount of time spent at the dealership on negotiations and paperwork. The negotiation part is handled through the payment and inventory selection process online. The paperwork and process to deliver the vehicle is how you can ensure great CSI scores.
Ensuring your DMS system integrates with your electronic title and registration system is essential to producing faster license plate issuances or transfers. Your provider also should be able to auto-generate required documents and allow your F&I team to focus on selling products, not waiting around for slow processes.
DDI Technology’s Premier EVR product provides both services in a single platform. It simplifies the process for the sales team, F&I and title clerks. By providing a better platform for your dealership staff to use, the business can save time and increase customer satisfaction. These benefits are in addition to the savings dealers can realize by reducing the cost of transactions, which can add up to thousands of dollars annually.
The imperative to reduce the time it takes to complete a sale and let customers drive off in their new vehicle quickly is very real for dealers. Visit Premier EVR – Electronic Vehicle Registration – DDI Technology today and see how Premier EVR can help dealerships improve their processes and meet the demands of their customers today.
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