New Delhi: The automobile retail is becoming a core business in India with the multiplicity of OEM brands, their variants, different fuel options, and electric vehicles. Dealers have to deal with not only the OEMs but also with the finance and insurance companies for enhanced customer satisfaction, the cornerstone of their business.
The annual dealer satisfaction study by the OEMs in association with the Federation of Automobile Dealers Associations (FADA), the apex national body of automobile retail in India, has become the benchmark in understanding the dealer-OEM relationships.
FADA wants to take a step further to understand the different aspects of relationships with the finance and insurance companies, the key players, after OEMS, in the dealer business. FADA aims to understand the ease of getting finance and insurance policy, the training needed for the dealership staff for loan disbursements, selling insurance products, and making the claims.
FADA also wants the finance and insurance companies to design new products, services and processes to help dealers and end-consumers.
Dealer satisfaction survey for F&I
.In order to meet all these objectives in a scientific manner FADA has initiated a a dealer satisfaction study (DSS) for finance and insurance in association with PremonAsia, a consumer-insight led consulting and advisory firm based in Singapore.
The study will cover the relationship of the finance and insurance (F&I) companies with the dealers. The results of the exercise are expected to help the dealers and the F&I sector work on key areas of concern in order to improve services to the end customers, FADA said in a media release.
FADA President, Manish Raj Singhania, said, “With the annual Dealer Satisfaction Study, becoming the benchmark in understanding the dealer-OEM relationships, FADA is happy to take a step further to launch the Dealer Satisfaction Study for Finance & Insurance Companies. The study will focus on key aspects of the relationship between Dealers and Finance & Insurance companies and therefore, provide a platform to understand the nuances of this relationship. I am sure that the study will get overwhelming support from the F&I Sector as this is the first attempt towards understanding the issues faced by auto dealerships with companies in this sector.”
The Study will look in to the key factors and attributes impacting the business relationship across areas of retail and wholesale finance and insurance. The DSS for F&I will try to understand the different aspects of relationships starting with the ease of finance and insurance policy, training of dealership personnel selling these products, disbursements and claims. It is expected that the results of the study will help F&i companies to design newer products, services and processes to help dealers and end-consumers, the release said.
The study will cover three broad sectors – Retail, Wholesale, and Finance and Insurance. Within each of the sectors Dealer Principals will be requested to choose the most preferred partners and rate them on different attributes and factors related to services offered and the processes. Based on the Dealer ratings, the best F & I companies will be listed depending on the score that they get in different segments of the automotive industry-4-Wheeler Mass, 4-Wheeler Luxury, 2 Wheeler Mass, 2 Wheeler Luxury, 3 Wheelers and Commercial Vehicles (CVs), the release said.
FADA Treasurer and Director DSS F&I, Amar Jatin Sheth, said, “In line with FADA’s stated objective of helping Dealers with all aspects of running their dealership, the DSS for F&I is the first study to be launched covering the Insurance and Finance company relationships with the dealers. The results of the exercise are expected to help the dealers and the F&I sector work on key areas of concern in order to improve services to the end customers.”
The idea of starting a study of this nature was conceived last year and FADA along with its knowledge partner PremonAsia started identifying various requirements and expectations that the Dealers have with different F&I companies. The broad structure of the questionnaire was prepared and discussed with industry professionals for their inputs. With their suggestions incorporated in the questionnaire, it was then tested with key automotive dealers across segments of the industry to include any other area that may have been missed out, FADA said.
The Survey is open to all Automotive Dealerships and FADA is sending invites requesting dealers to take this survey and help the study to be successful with large participation. The questionnaire has been hosted on the web and will be open till May end.
The results of the study will be announced to the industry at the Annual FADA Insurance and Finance Summit on June 14 in Mumbai.
Based on the results of the study, the top players under each segment of the automotive industry will be awarded, the release added.
