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May 29, 2024

Polly Study Expects Auto Insurance Market to Improve

Discover how insurance conversations impact F&I profit with customers spending $264 more on average.

Polly released our Quarterly Embedded Auto Insurance Report today. In this quarter’s reportPolly analyzed 384,121 vehicle sales at 19 dealer groups with 178 rooftops. Results show:  

  • Insurance Conversations Impact F&I Profit: Customers in Polly’s data set who received insurance quotes spent an average of $264 more in the F&I office than those who did not. 
  • Insurance Saving are Linked to Even More Profit: Dealerships in the data set saw an average $636 increase in back-end gross when car buyers saved on their new insurance. 
  • 2024 is a Big Embedded Market Opportunity: The data shows that the hard auto insurance market of 2023 is set to improve dramatically in 2024. 

Chief Marketing Officer Mike Burgiss said: “The data from 384,121 vehicle transactions reinforces what we already knew to be true: an insurance program in the dealership correlates to an increase in dealership profitability. When customers just receive insurance quotes, back-end gross lifts by $264 on average just though the anticipation of savings. But when car buyers switch insurance and save, back-end gross lifts by a stunning $636 compared to customers who don’t see insurance in the process.”

Polly’s data couldn’t come at a better time for dealers, as post-COVID margins.

Article originally published on AutoSuccess.

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Tag(s): News

Polly

Polly is on a mission to offer people a better way to buy insurance, by embedding it into life’s biggest, most important purchases, like a car or a home. Instead of having to buy a car in one place and insurance in another, Polly embeds 30+ top insurance choices into the car-buying process. Get insurance options from...

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