During our AutoTech Effect Episode with Vero, we spoke with Ryan Williams, Executive Vice President, to discuss how to overcome some of the challenges the F&I process presents in the auto warranty space.
Vero is a marketing and distribution enterprise, which pertains to the development of business opportunities in the retail automotive and credit union industries, and includes finance, insurance, and customer retention products and services. Since its inception, Vero has grown through the development of new products to meet the changing driving habits and consumer demands as well as through product acquisition and strategic alliances.
Williams addresses recent changes in the automotive industry, such as a shift in technology and subscription coverage. Williams shares that there is a lot of consolidation within the dealerships. A benefit of consolidation is it can bring in resources and additional technology platforms, but these resources are currently underutilized. Other areas of improvement include more transparency and the widespread availability of consumer-facing apps.
Williams believes system integrations can pose a problem, resulting in a lag in technology adoption. Companies are acquiring other businesses and growing at a rapid pace, which makes it difficult to integrate specific technologies and choose a lead system.
Williams suggests using an administrator who provides customers with tools that make it easy to access all their benefits. Whoever can deliver a smooth customer experience that’s quick, easy, and transparent, with the lowest number of cancellations will be the most profitable in the space.
Customers should have direct access to claims, which is an area that can cause a lot of friction. Williams also suggests exploring a different business model, such as subscription, which provides more payment flexibility to consumers. Overall, hire great people and have a streamlined process that allows you to more efficiently onboard customers and leads to an enhanced consumer experience.
To learn more about Vero, you can view the full episode here.