Increasing Technology in Fixed Ops?

According to AutoNews, Technology is receiving a greater amount of attention in the department that deals with finances and insurance. Let's jump in and see what they have to say about it!

Dealerships face the tough but vital reality of attempting to protect the information of their customers and vendors from being compromised by malicious intrusions. Retail cybersecurity may be expensive, particularly for small to medium dealers, and it requires either the dealer or a member of their staff to lead the process of implementing it. Despite the fact that the Federal Trade Commission recently granted dealers a respite of six months in order to achieve some of its safety standards, it is still a challenge for some.

TrueCar, a firm that lists vehicles for sale, is the most recent business to introduce an online credit application for Southern California auto consumers who are interested in purchasing or leasing a vehicle. Customers will no longer need to go to a dealership in order to submit F&I documents, and they will have access to real-time information on the ultimate price of their purchase. Cars.com, a rival of TrueCar, began offering quick finance on its marketplace and Dealer Inspire websites at the beginning of 2022.

As more electronics are integrated into cars, providing clients with insurance that specifically covers technology is becoming an attractive and cost-effective alternative to providing them with full vehicle repair contracts. This insurance policy protects technology in motor vehicles that is typically replaced rather than fixed. Drivers may be required to spend hundreds of dollars on replacements. There are a few providers, like Ally, APCO, JM&A Group, and AUL, that offer one-of-a-kind protection policies that are technology-specific to vehicles.

While the focus on security is meant to make the operations of F&I offices safer and more streamlined, the introduction of these new products provides clients with solutions that are commensurate with the rapidly expanding usage of technology both at the dealership and in the vehicles themselves.