The Federation of Automobile Dealers Associations (FADA) has announced the commencement of a comprehensive Dealer Satisfaction Study (DSS) focusing on finance and insurance companies. This study, a collaborative effort with Singapore-based PremonAsia, aims to delve deep into the nuances of dealer relationships with these pivotal sectors.
FADA President, Manish Raj Singhania, expressed enthusiasm about the initiative, stating, 'The annual Dealer Satisfaction Study has become a cornerstone in understanding dealer-OEM dynamics. Expanding this to include finance and insurance companies marks a significant step towards addressing broader dealership concerns.'
Insights from this study are expected to lead to the development of improved products and services, ultimately benefiting the consumer base.
Amar Jatin Sheth, FADA Treasurer and Director of DSS for F&I, highlighted the study's objective of aiding dealers in all operational facets. 'This is the first such study that encompasses both the insurance and finance relationships with dealers. We anticipate that the findings will prompt significant improvements in these crucial areas,' said Sheth.
PremonAsia’s Director and COO, Rahul Sharma, commented on the importance of managing dealer expectations across all stakeholders to ensure smooth operations and optimal customer service. 'The 2024 FADA DSS for F&I is set to pioneer understanding in this sector, facilitating better relationships and streamlined services,' Sharma noted.
The study will evaluate key factors affecting business relationships in retail and wholesale finance and insurance. It will explore areas such as the ease of obtaining finance and insurance policies, training for dealership staff, and the efficiency of disbursements and claims.
Dealers will rate their preferred finance and insurance partners across various service and process attributes. Based on these ratings, top-performing companies will be recognised in different segments of the automotive industry—ranging from mass to luxury vehicles across two-wheelers, four-wheelers, three-wheelers, and commercial vehicles.
The culmination of this study will see the highest-rated F&I companies being honoured at a prestigious award ceremony during the Annual FADA Insurance and Finance Summit on June 14, 2024, at Hotel Sahara Star, Mumbai.
FADA has opened the survey to all automotive dealerships, encouraging widespread participation to enrich the study’s findings. The survey results, expected to be unveiled at the June summit, will potentially reshape industry standards and enhance dealer support mechanisms.
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