77% of Dealership F&I Teams Believe In-Person Interaction with Sales Reps is Key to Increasing Business with Lenders

While AI has penetrated various aspects of the automotive industry, many dealers have yet to embrace it in the sales process. According to the J.D. Power 2023 U.S. Dealer Financing Satisfaction Study, 77% of dealership F&I teams see in-person interactions with sales reps as critical to increasing business with lenders. As noted by J.D. Power’s Patrick Roosenberg, one-on-one interaction with lending sales reps is still overwhelmingly preferred by finance teams. The caveat is that sales personnel “need to be prepared and the meetings need to be highly effective. When sales reps can clearly communicate current and upcoming programs and speak to the specifics of the dealership customer base, dealers are four times more likely to send more business within the next 12 months.” Despite these implications, however, “lender reps miss the mark on delivering a highly effective sales meeting nearly 40% of the time.” Whether dealerships will implement new technology to enhance the sales process has yet to be seen: 30% of finance teams say they are comfortable with the current process, while 50% are not. Going forward, Roosenberg believes the focus will be on “striking the right balance between people and technology as the industry evolves.”