January 30, 2020
Agent Entrepreneur published an article regarding the predicted industry trends for 2020. This year’s 2020 Trends, Pt. 1: The Industry, includes shared thoughts and advice on the next decade of automotive retail.
President of Wise F&I, Matt Croak, weighs in along with other industry leaders, on their input of the past, present and future of the F&I industry. Discussing the many components that drive it, the experts all agreed on one common topic; Our industry needs to embrace the technological advances to stay connected with the consumers of tomorrow.
Read more about what Croak has to say on the various topics that was discussed in the article:
“We will be watching closely for a resolution as it relates to the negative impact to GAP sales from the Military Lending Act,” said Wise F&I President Matt Croak, referring to a U.S. Department of Defense interpretation that continues to restrict the sale of this key product to servicemembers.
Wise F&I’s Croak predicts that there will be continued interest on the development of digital retailing solutions in terms of integrated models where dynamic content is also served up alongside rates and contracts. “The focus here,” he said, “is taking the F&I products that a dealer sells in the F&I office and making those same products also available online via a dealer’s retail website.”
Wise F&I’s Croak said the company foresees diminished value protection contract production numbers increasing in 2020 and beyond. With a growing acceptance by both regulators and lenders, we are certain that diminished value protection will be at the top of the F&I menu in the future,” he added.