DALLAS — DealerSocket Inc. announced the launch of a new partnership with F&I Express at its user summit this week. Executives said the integration between DealerSocket’s Precise Price digital retailing solution and F&I Express’ network of approximately 160 F&I product providers will enable an even more accurate and intuitive digital retailing process for dealers and customers alike.
Precise Price, initially developed to address the strong interest among consumers to transact online from any mobile device, marked DealerSocket’s entrance into the burgeoning digital retail category. It was billed as the first digital retailing platform to come equipped with integrated desking software, allowing for the delivery of dynamic price quotes with rebates, incentives, and all applicable taxes and fees factored into deal calculations.
“DealerSocket’s Precise Price integration with F&I Express’ Digital Media solution helps dealers and their customers have a better experience during the digital retail process,” said Brad Perry, co-founder and CPO of DealerSocket. “Utilizing the integration within Precise Price leads to happy customers that convert and buy more back-end protection packages. Our initial pilot found that dealers who used the integration saw a nearly 20% increase in back-end gross.”
Now, through Precise Price’s integration with F&I Express’ Digital Media solution, the platform is able to display VIN-specific, state-specific, and dealer-specific F&I product rates and dynamic content. This powerful connection also allows digital retailers, dealer websites, menu systems and other platforms to dynamically access F&I product ratings and content, all according to the announcement.
“Trends reveal that car buyers are becoming more partial to an online retail experience. In fact, research shows 71% of consumers prefer to get online information about their entire deal, including aftermarket add-ons,” said Gary Peek, vice president and general manager, F&I Express. “By giving customers more transparency and authority over the course of their deal, Express Digital Media can help dealerships reach consumers earlier in their car buying journey. This can improve customer satisfaction and for revenue through more F&I sales.”