Cox: Dealers Embrace Digital Sales and F&I Process
The latest Digitization of Automotive Retail Study from Cox Automotive finds the number of dealers offering a fully online transaction has doubled in the past two years, resulting in a more efficient process increasingly driven by AI-powered tools.
Last year, 43% of surveyed dealers allowed customers to complete every step of the transaction online, from credit application to F&I product selection, up from 34% in 2022. About half use in-house tech for at least half the steps to purchase, a “significant decline,” according to analysts.
Consumers appear to be onboard. The majority (about 70%) tell surveyors they agree with the statement that completing steps online “saved time, increased efficiency and improved my experience.”
“AI use is emerging as a critical differentiator. Buyers who engage with chatbots report a 57% improvement in their dealership experience,” notes a release announcing the findings. “High-performing dealers report significantly higher close rates and profit margins by using AI and [offering] key retail steps.”
