How the Automotive Industry is Adapting to Digital Business Cars

Revolutionizing the Automotive Business Post-COVID

As the automotive industry navigates a changing landscape in the wake of the COVID pandemic, insights from industry leaders illuminate the path forward. Recently, Gary Suman from Global F&I Solutions shared his perspective on adapting to new business environments. With a decade-long partnership with Global Lending behind him, Suman is embarking on a journey to redefine his role in the industry—positioning himself as a facilitator of innovative lender partnerships and programs.

In 'Back to Work,' the discussion dives into the evolving automotive industry, exploring key insights that sparked deeper analysis on our end.

Embracing Digital Transformation in Auto Sales

In his address, Suman emphasized the essential shift towards digital operating models. “You need to be digital, compliant, and easy to do business with,” he stated. As the auto industry embraces technological advancements, dealers must equip themselves with tools that optimize operations. Automotive training centers and online automotive courses are rising to ensure that dealership staff remain knowledgeable and adaptable.

Forging New Partnerships for Growth

Despite the challenges posed by his departure from Global Lending, Suman’s optimism shines through. “I’ll just find new lenders and new platforms,” he remarked. His proactive approach highlights a trend where dealers are encouraged to seek new, vetted, and trustworthy partners. This strategy is pivotal for dealerships looking to expand financing options and tap into digital business avenues effectively.

Why Auto F&I Trends Matter Now More Than Ever

The automotive finance and insurance (F&I) sector is undergoing significant changes. Suman’s commitment to bringing vetted partners into the fold aligns with current trends that prioritize transparency and trust. The pressing need for subprime loans for cars indicates a shift in consumer demand, making it crucial for dealerships to rethink their financing options in a way that meets diverse customer needs.

Engaging the New Breed of Customers

Understanding customers’ needs has never been as critical as in today’s market. With the pandemic shifting consumer behavior, dealerships face an emerging customer base that is more digitally savvy than ever. Online automotive classes can prepare sales teams to understand these new consumer habits and tailor their approaches accordingly. Awareness of digital business cars—those integrated within online platforms—also presents new selling avenues for used cars and their financing.

Future Predictions for Auto Sales Training

As we look to the future, auto sales training will evolve significantly. Educators and training centers are already adapting to meet the demand for automated online courses that empower teams with the latest F&I knowledge and customer engagement techniques. This not only boosts productivity but also enhances the operational capacity of dealerships amidst ongoing change.

Actionable Insights: Preparing for Future Challenges

For dealerships keen on thriving, here are actionable guidance points: form new partnerships grounded in ethical practices, invest in training that bridges gaps in knowledge, and develop adaptability when it comes to customer service. As Suman suggested, staying proactive and innovative is key to navigating a challenging business landscape.