AE caught up with AutoFi’s director of sales, Devon Ader, following his presentation at the inaugural Technology Challenge at last fall’s Industry Summit.
Devon, why did you participate in the Technology Challenge?
Ader: The market has shown that there is clearly an urgency to meet customer needs and drive F&I performance at the same time. Our platform uniquely provides for both. We found this an interesting opportunity to showcase how we impact changing consumer buying habits.
What did you feel made your presentation stand out with the Industry Summit audience?
Ader: Insurance products have a primary role in dealership sales and service profitability, alongside customer retention. The AutoFi journey allows the customer to control the shopping experience, receiving a real-time 24/7/365 lender approval, and access to accurately rated F&I products specific to the vehicle and their needs. Most tools on the market offer no actual lender approvals and generic products, forcing the customer back into a decision point once they reach the dealership.
Were you impressed by any other presentations?
Ader: I thought the Engine 6 product was really interesting. As we learn more about customer shopping habits, speed of page loads is vitally important. I thought it was a very impactful presentation and product.
What is driving the growing interest in digital sales and F&I solutions?
Ader: We have seen exponential growth as a company and it is in direct correlation to the shift from “What is digital retailing?” to “Why do I need digital retailing?” to “Who am I going to use for digital retailing?” This is an unbelievably fast evolution, showing how quickly customers respond when we provide a tool to improve their experience. It is also a direct result of exceeding our dealer partners expectations with Q1 results of AutoFi dealers showing a $1,718 F&I PVR, 52% vehicle service contract penetration, and 48% GAP penetration.
What’s next for your company?
Ader: Right now, we’re growing at close to 100 dealers per month! The keys are attribution results, reporting, and the evolution of our platform. We’ve recently added additional lenders to support the digital retail experience and expanded consumer options. It’s important for us to listen to all of our customers: dealers, agents, lenders, and most importantly, the end user, the consumer.
Is there anything else you would like to add that may be of interest to our readers?
Ader: We have found that consumers and dealers want real information, not fake offers and estimates. Our tool provides a real-time credit decision, which drives F&I profitability and customer satisfaction. Online customers that would have historically looked for third-party financing can now do it through a dealer’s website.
I really enjoyed the opportunity to present at the Technology Challenge! It was exciting to present alongside some amazing folks that are changing an industry that hasn’t changed in our lifetimes. We’re seeing an increasing engagement from agents to stay abreast of what’s happening in digital retailing, how they can stay ahead of technology and how they can be the best value to their dealers in the future. I invite them to reach out if we can help on that journey.