Dual Narrative: Car Buyer Survey IDs New F&I Opportunity
A new survey of U.S. consumers by Protective Asset Protection finds 69.1% feel “financially concerned” about their vehicle purchases. Analysts see an opportunity for F&I among the 29.2% who say they are more likely to seek protection products in the current economic climate.
However, 56.4% of respondents say the uncertainty makes them somewhat or much less likely to get coverage.
“For dealers, this bifurcation represents a coaching opportunity rather than a conversion problem,” a release states. “The consumers already motivated by financial self-protection are the most ready for a transparent, value-forward conversation. And those who are hesitant often share the same underlying concern: they want to understand whether a product is genuinely worth it.”
The report notes 49.3% of respondents see service contracts as the most valuable product, and failures of major mechanical systems (25%), electrical components (20.6%) and in-vehicle technology (18%) top their list of concerns.
