FADA launches dealer satisfaction study to enhance relations with finance & insurance companies

New Delhi [India], April 15 : The Federation of Automobile Dealers Associations (FADA), in collaboration with PremonAsia, has initiated a Dealer Satisfaction Study focusing on Finance and Insurance companies, scheduled to commence in mid-April.
According to a press release, this pioneering study aims to unravel the intricacies of the relationship between auto dealerships and finance & insurance entities, providing insights to enhance services and customer experiences in the automotive retail sector.
With the survey link open until mid-May 2024, dealerships across India will have the opportunity to participate and contribute their perspectives on various aspects of their relationships with F&I companies.
Following the data collection phase, thorough analysis is scheduled for mid-June, employing regression analysis methodology to assess the importance of different factors and attributes.
The results of the study will be unveiled during the prestigious 3rd FADA Finance and Insurance Summit, set to take place on June 14, in Mumbai.
Alongside the presentation of findings, an Awards Ceremony will acknowledge outstanding achievements and contributions in the realm of finance and insurance within the automotive retail sector.
This initiative builds upon FADA's longstanding commitment to supporting dealerships and fostering excellence in automotive retail.
By focusing on key areas such as retail finance, wholesale finance, and insurance, the DS-F&I study aims to address dealer expectations and enhance the performance of F&I companies.
The study will encompass insights from dealers across all segments of the automotive industry, including two-wheelers, three-wheelers, four-wheelers, and commercial vehicles.
Key areas of examination will include the ease of policy purchase, training of dealership personnel, loan disbursement and claim payout processes, policy renewal procedures, and overall dealer-business relations.
Manish Raj Singhania, President of FADA, expressed his enthusiasm for this initiative, highlighting its significance in understanding the dynamics of dealer-Finance and Insurance company relationships.
He emphasized that the study would serve as a platform to address key aspects of this relationship, ultimately benefiting both dealers and consumers.
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 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."
He added, "I am sure that the study will get overwhelming support from the F&1 Sector as this is the first attempt towards understanding the issues faced by Auto Dealerships with companies in this sector."
Amar Jatin Sheth, FADA Treasurer and Director of Dealer Satisfaction Study (DSS) for Finance & Insurance, underscored the association's commitment to supporting dealers in all aspects of their operations.
He stressed that the insights derived from this study would empower dealers and finance & insurance companies to collaborate on enhancing services and addressing areas of concern.
Sheth said, "In line with FADA's stated objective of helping Dealers with all aspects of running their dealership, the DSS for F&l 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&l sector work on key areas of concern in order to improve services to the end customers."
Rahul Sharma, Director and COO of PremonAsia, emphasized the importance of managing dealer expectations across all stakeholders in the auto retail business.
He highlighted the significance of the 2024 FADA Dealer Satisfaction Study for Finance & Insurance in fostering stronger relationships and delivering optimal products and services to end customers.
Sharma said, "Managing Dealer expectations, not only with the Auto OEMs but with all other stakeholders in the Auto Retail business is important for a smooth business operation and to provide best services to the end customer. It is with this intention that 2024 FADA DSS for F&l is being launched, a first study of its kind in the Industry."
He added, "It is expected to go a long way in not only improving Dealer & F&I companies relationship but also provide the best products and services to end-consumers in the lowest possible time and costs."
Segment-level analysis of data, encompassing close to 30 attributes from five to six factors, will be conducted to provide comprehensive insights into dealer satisfaction levels.
By indexing data on a 1000-point scale, the study aims to offer a nuanced understanding of the dynamics between dealerships and F&I companies, paving the way for enhanced collaboration and improved services for end customers.