How happy are auto dealers with finance & insurance firms? This survey seeks to

FADA and PremonAsia have joined forces to conduct a dealer satisfaction study focusing on finance and insurance in the automotive industry. This study
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FADA
Covering all segments of the industry, including 2-wheelers, 3-wheelers, 4-wheelers, and commercial vehicles, the FADA study will delve into key areas such as retail and wholesale finance, insurance, and dealer-business relations. (File photo used for representational purpose only) (HT_PRINT)
FADA
Covering all segments of the industry, including 2-wheelers, 3-wheelers, 4-wheelers, and commercial vehicles, the FADA study will delve into key areas such as retail and wholesale finance, insurance, and dealer-business relations. (File photo used for representational purpose only)

The Federation of Automobile Dealers Associations (FADA), India's apex national body for automobile retail, has announced the commencement of a Dealer Satisfaction Study for Finance and Insurance in collaboration with PremonAsia, a consumer-insight led consulting and advisory firm based in Singapore.

The survey aims to understand dealer expectations from finance and insurance (F&I) companies and evaluate how well these companies are meeting those expectations. It will cover dealers across all segments of the industry, including 2-wheelers, 3-wheelers, 4-wheelers, and commercial vehicles. The key areas of focus will include retail finance, wholesale finance, and insurance.

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The study will concentrate on five to six key factors of the OEM-dealer business relationship across three segments: ease of policy purchase and obtaining finance, training of dealership personnel on F&I products and services, loan disbursement/claim payout process, policy renewal, and dealer business relations.

With an increasing number of dealers participating in such initiatives by FADA, the Dealer Satisfaction Study for F&I aims to understand various aspects of the relationship, starting from the ease of obtaining finance and insurance policies to training dealership personnel selling these products, managing disbursements and claims. The study is expected to help F&I companies design new products, services, and processes to assist dealers and end-consumers.

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Manish Raj Singhania, President of FADA, expressed his satisfaction with the annual Dealer Satisfaction Study becoming a benchmark in understanding dealer-OEM relationships. He emphasised the importance of the new study in focusing on key aspects of the relationship between dealers and F&I companies.

Amar Jatin Sheth, Treasurer & Director DSS F&I at FADA, highlighted the study's significance in assisting dealers with all aspects of running their dealerships. He mentioned that the results of the study would help dealers and the F&I sector address key areas of concern to enhance services to end customers.

Rahul Sharma, Director and COO of PremonAsia, emphasised the importance of managing dealer expectations not only with auto OEMs but also with all stakeholders in the auto retail business. He highlighted that the study is expected to improve dealer-F&I company relationships and provide the best products and services to end consumers efficiently and cost-effectively.

The idea for this study was conceived last year, and FADA, along with its knowledge partner PremonAsia, started identifying the various requirements and expectations that dealers have from different F&I companies.

First Published Date: 15 Apr 2024, 13:50 PM IST
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