More dealerships are looking for new ways to add profit in 2023 and one stream of income that has become hot is having an auto insurance agency in-house. Someone there during open hours to help car buyers shop for a new policy and in theory, find one that saves them money.
While that sounds good on the surface and maybe it does work well for some stores, it can be a tricky business to interrupt or delay a deal in progress by shifting gears to the in-house agency quote.
After all, the latest surveys out of Cox Automotive cited the time consuming nature of a car deal as the top problem Millennials and Gen Z had with the dealership experience. They simply hate the time it takes to go from picking out the car to driving home.
Honestly, we all do.
But there are compelling reasons to rethink this one part of the car buying process. By finding a faster way to get an insurance quote at the beginning of the deal and in a way that doesn’t slow down the process, you actually will see several benefits that may surprise both your sales and F&I team.
Let’s look at 5 reasons why an insurance quote delivered quickly during the deal can be a win-win for your store and your customer -
- Frees up space for F&I products: Who wouldn’t love to save their customer $50 per month in car insurance and then show how they can now add $45 a month for the VSC they wanted but thought they couldn’t afford? When you can show them that savings in ‘real-time’, your ability to close on products increases exponentially. Seamless savings, happy customer. With 8 out of 10 car buyers being payment buyers, this only helps make it easier to meet their needs.
- CSI Skyrockets: Delivering good news about a cheaper monthly or annual car insurance premium with a real quote, not a quick quote with no hard MVR pull, leads to higher CSI surveys. Save your buyer a bunch of money and help them get the GAP insurance they need for no extra monthly spend? They’ll not only sing your praises through CSI but that’s a no-brainer for higher retention.
- Late Night Deal? No Problem: Being able to provide a fast auto insurance quote that doesn’t depend on whether the agent has left the store for the night is just as important to consider. Not every dealership has an in-house agency and if they do, there’s no guarantee they will be available during a 10pm deal. We all know those deals still happen.
- F&I Deal Flow is Smooth & Steady: No F&I manager wants unnecessary stops and starts to their presentation. There is a flow, a rhythm to the deal that keeps things moving from the credit interview to the menu presentation and through the final paperwork. Having to interrupt that with a lengthy car insurance quote or bringing the agency rep into the office can throw that flow off. Not good for your F&I manager and not good for customers. A 10 minute real quote doesn’t throw anyone off their game.
- Organic Opportunity: Your buyers already have their car insurance on their mind when they come to your store. They know they have to show a current policy to leave the lot with their new car. Bringing up a fast, real quote early in the deal is a more organic way to introduce the idea of helping them make some space for protections they need without coming out of pocket more each month for them. It’s the perfect time to introduce that potential savings without sounding forced or salesy.
DealerSure can offer this instant quote with the ease of an app your salespeople or F&I staff use on their phone. Your staff gets a referral fee for each quote whether it binds or not and your customer gets the best rate possible provided from over 150 carriers.
Quotes are delivered within an average of 10 minutes…pull at the beginning of the deal and have the answer by the time you get to the menu presentation.
We have perfected a car insurance quote process that doesn’t interfere with YOUR process of selling the car, increasing PVR, and all the while helping your customer save thousands of dollars per year.