AutoFi's Platform Expansion Reduces Deal Time by 70%

AutoFi’s Platform Expansion Reduces Deal Time by 70%

After years of development, with early adopters achieving higher than expected results, AutoFi is launching its new showroom solutions to dealers nationwide.

AutoFi Inc. announced in a press release the company has expanded its platform into the showroom to solve issues dealers have grappled with for years which create inefficiencies in their sales process including bottlenecks at the sales desk, consumer distrust and decision overload.

The showroom capabilities were developed in partnership with dealers to address the disconnected legacy systems and processes weighing down their businesses. Capabilities including deal estimation, desking, lender routing and F&I menu are now all included in one powerful platform effectively bridging the existing sales technology gap between the in-store CRM and DMS systems. AutoFi’s expanded platform solves everyday problems with the flexibility to enhance existing dealership processes, not force change on them, the release stated.

AutoFi announced the results for early adopters of AutoFi’s showroom selling solution are striking, with the sales process taking less than 30 minutes from customer check-in to loan approval (compared to approximately 90 minutes traditionally), loan approval rates of nearly 80%, and more than $400 of incremental back-end PVR on each deal. With AutoFi, dealer staff can now be freed up to manage the floor more efficiently, fast-track the “yes,” and make better lender decisions, which translates to faster sales, higher satisfaction and more profit.

“We find using AutoFi creates a win-win scenario for the customer and our team. Involving the customer in the deal neutralizes the friction and our sales team is closing deals faster than ever before,” said Matt Greenblatt, VP at Matt Blatt Dealerships.

“It’s all about speed and flexibility. We hire smart people that have little to no retail experience. With AutoFi’s technology and training they are up and running in two weeks and selling 18-19 cars per month. The software is easy and upfront, customers love the experience, and our people are comfortable and successful selling,” said Chris Morris, VP of operations at Hello Automotive Group.

“We were a pioneer developing the industry’s first finance-centered digital retailing solution for dealers,” said Kevin Singerman, CEO and founder of AutoFi. “While digital retailing has positively impacted the car-buying experience across the industry, it did not fundamentally improve how cars are sold. So we rolled up our sleeves, and went into the stores to sell cars alongside our partners. With rapid product iteration across a diverse dealer base, we have brought to life a product that delivers results we never could have imagined. Our customers are able to sell smarter, not harder, finally unshackled from legacy technology.”

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