Dealertrack announced recently a new F&I software platform, Dealertrack uniFI. The new platform is designed to streamline the car-buying process for consumers, dealers, lenders and warranty providers by offering the industry’s first single platform that seamlessly connects the entire deal process with open integration.
Dealertrack uniFI addresses a major pain point for consumers, dealers and lenders. Less than half of consumers are satisfied with the three hours it takes on average to finalize their car purchase at a dealership, Cox Automotive’s 2018 Car Buyer Journey Study revealed. Dealers recognize the issue with 69 percent concerned about the need to deliver a better customer experience and increase the efficiency of their sales process, according to 2018 Cox Automotive Dealer Communication & Operations Study. On the lender side, delays often occur around multiple systems requiring rekeying of data and the error rate on paper contracts.
This final stage of car-buying, called the financing and insurance or F&I process, is complicated with different systems handling different parts of the process, such as credit checks, loan applications, taxes, titling and trade-in values. Dealership staff navigate on average more than six different systems to finalize a sale, a Cox Automotive poll showed.
Dealertrack uniFI is the industry’s first software platform to bring together these different systems to create a seamless F&I solution. Instead of switching between multiple systems and re-entering data each time, dealership staff can use Dealertrack uniFI to run credit checks, submit credit applications, structure deals and calculate accurate payments, add aftermarket products, and speed trade-in payoff and title release. This single platform also generates compliance-specific documents that meet federal laws and regulations and creates a check-list to track actions — all in one digital deal jacket. Dealertrack uniFI connects both online and in-store interactions, making it easier to seamlessly track the entire car-buying experience for each customer.
“The car-buying experience should be an exciting time for consumers, but it’s often lengthened by a set of disjointed technologies required to finalize the sale,” said Cheryl Miller, vice president and general manager of Dealertrack F&I Solutions. “Dealertrack uniFI creates a single technology platform to simplify the process. Dealership sales staff spend less time logging into and typing data into various systems, enabling customers to enjoy their new vehicles more quickly and freeing dealers to focus more attention on serving customers.”
Open Platform Connecting the Automotive Ecosystem
Dealertrack uniFI streamlines the process by creating a single system built as an open platform to make it easier to connect various systems needed to handle different parts of a car deal. The open platform allows Dealertrack uniFI to work with other Cox Automotive solutions, solutions from other providers as well as with Dealertrack’s network of more than 1,600 lending institutions.
“After our upgrade to the new Dealertrack uniFI platform, I’ve experienced a level of efficiency that gives me both speed and accuracy and allows me to work more deals for more customers in a shorter period of time,” said Richard Cirami, finance director of North Shore Honda in Glen Head, NY, an early customer of Dealertrack uniFI.
“F&I is the backbone of any dealership, and Dealertrack uniFI has made a significant impact on our business by making our F&I process faster from start to finish,” said Joe Speaker, sales manager for Neuwirth Cars On Market in Wilmington, NC, who’s also an early customer of Dealertrack uniFI. “I now utilize more lenders and the faster workflow has made me a more valuable employee. The quicker turnaround time in F&I also means happier customers and better CSI scores.”
“In today’s fast-paced world, we could all use some extra time,” added Miller. “Dealertrack uniFI is one way that Cox Automotive is trying to help both customer and dealers gain back time that they can spend on more enjoyable and productive activities.”