The most important aspect of Virtual F&I to consider is the technology needed for it to work. Luckily, with many people still at home, there is less of a learning curve as more people are familiar with these tools.
A few key differences between traditional and virtual F&I is there is no interview on the sales floor. In the JM&A process, we strongly believe that F&I Managers should meet the customer where they are most comfortable. The F&I Manager traditionally meets them at the salesperson’s desk after they agree to buy the car. During this time the manager conducts their interview and builds rapport with the customer. During the Virtual F&I process you do not have that personal connection at the salesperson’s desk so you have to build that relationship much faster and more efficiently through digital tools.