MakeMyDeal, a Cox Automotive company that is geared to enable dealers and shoppers to negotiate a vehicle deal online, recently rolled out a new solution it’s calling F&I Connect.

The company explained this product is designed to bring the finance and insurance process “into the digital age.” Powered by F&I Express, F&I Connect can let dealers promote their F&I products and prices in a controlled online environment while giving consumers the opportunity to learn about financing and insurance program options before finalizing their deal.

“Our research shows that there is an opportunity within the current F&I process to better educate consumers about the value of F&I products, reduce the time they spend in the F&I office and improve their satisfaction with the overall buying process,” said Mike Burgiss, vice president and general manager of MakeMyDeal.

“By bringing F&I information and pricing online, we are able to give consumers a better understanding of their options, which can ultimately have positive effects for the dealership in terms of satisfaction and sales,” Burgiss continued.

A 2015 study commissioned by MakeMyDeal shows that while 84 percent of consumers believe that F&I products may have real value, 54 percent say that they prefer to simply complete their purchase and leave the dealership as quickly as possible.

The study indicates that the majority of vehicle purchasers feel that they are familiar with F&I products. However, when asked to define F&I products and services, the study reveals a significant gap in consumer understanding.

Additionally, 83 percent are interested in learning about F&I products before entering the dealership, and 63 percent would be more likely to buy F&I products if they could learn about them on their own time, before finalizing their vehicle purchase.

MakeMyDeal F&I Connect, powered by F&I Express, is designed to do just that — provide dealers with the opportunity to present their F&I products online to educate consumers about their options and ensure that they are a part of the total purchase consideration set.

“F&I Express has the largest aftermarket provider network in the industry with more continually joining,”, President and CEO of F&I Express president and chief executive officer Brian Reed said.

“Our digital platform provides dealers with instantaneous and accurate rates for aftermarket products,” Reed continued. “Powering F&I Connect allows us to bring the customer information earlier in the car buying process, resulting in more sales. It’s a win for everyone.”   

The MakeMyDeal F&I product was launched in beta with select dealers in June. Dealers who are interested in learning more should contact MakeMyDeal at (800) 309-2040.