F&I products such as service contracts, prepaid maintenance, appearance protection, etc. are a $77 Billion industry. F&I sales represent nearly 25 percent of auto dealerships’ gross profits. Moreover, F&I drive business to the service department, which is biggest profit generator at a dealership. And as pricing pressure on car sales grows, so does the importance of F&I. However, selling F&I products is not easy: most customers have no knowledge of F&I products when they walk into the dealership. As such, dealerships rely on F&I managers to educate and sell the customers on the products. In an age where most customers research and even buy cars online, F&I industry’s challenge is ensuring F&I product benefits are presented throughout the sales process, starting with when customers start researching cars online – where there is no F&I manager.
“Whether it is a product provider, agent, dealer, or insurance carrier, our ultimate goal is to enable everyone in the F&I industry grow their business, reduce their costs, and keep them at the forefront of the industry.”
Ensuring F&I products can be presented and sold in all possible sales channels is a singular focus of F&I Administration Solutions, LLC. The market-leading pioneer in delivering next generation F&I product administration and reporting solutions, F&I Admin has a comprehensive and integrated platform to sell and manage the broadest array of F&I products for passenger cars, trucks, motorcycles, RVs, and more. “With connectivity to 70+ F&I sales platforms, we are present in an overwhelming majority of channels where F&I products are sold, including menus, lending platforms, DMS systems, direct marketing, and now direct to consumer online sales” says Kumar Kathinokkula, COO of F&I Administration Solutions.
Specifically engineered for F&I product providers, agents, and dealers, F&I Admin’s pure FI/SCS Auto™ platform automates and streamlines the administration of all F&I products in a single system. This platform supports the full lifecycle of an F&I product – including product configuration, dealer and agent management, menu integration, contract management, receivables management, commissions, over remit, claims, reinsurance management, and risk analysis. The integrated, theme-able DAP allows dealers & agents to lookup contracts, process cancellations, submit claims, and access billing statements and more.
Their newly enhanced clearFI™ platform turns dealer DMS and product provider data into actionable intelligence for the entire F&I value chain starting with agents, dealers, and providers. Dashboards can be tailored to individual audiences and pushed to a single user experience where everyone can get access to provider reports and DMS reports by logging into one system.
F&I Admin delivers such comprehensive, modular, yet integrated experiences for everyone in the F&I value chain by continual investment in a robust and scalable platform architecture. The platform is open such that all partners can plug in and provide services that all stakeholders require. Such partnerships include F&I menu systems, lending portals, inspections providers, payment plan providers, DMS systems, card payment services, parts providers, labor guide providers, and yet more to come.
The most recent example of the connected platform’s benefits F&I Express’s launch of the Express Recoveries platform with F&I Admin. Express Recoveries connects product providers on the pure FI/SCS Auto platform with lenders on the F&I Express platform to create a powerful refunds recovery network. This network enables lenders to process cancellation refunds more reliably, accurately, and quickly by automating the communication between product providers, dealers, and lenders. The integrated workflow and reporting improves the ability of lenders to comply with the changing regulatory environment and provide better service to their customers.
With an ethos rooted in constant innovation and customer success, F&I Admin will continue to deliver more pen platform solutions for everyone in the F&I industry value chain. “Whether it is a product provider, agent, dealer, or insurance carrier, our ultimate goal is to enable everyone in the F&I industry grow their business, reduce their costs, and keep them at the forefront of the industry” ends Kathinokkula.