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How to treat customers fairly
Understanding the impact of FCA guidelines for car dealerships.
At Future Thinking we’ve been busy monitoring consumers’ responses to their treatment under the FCA’s ‘treating the customers fairly’ guidelines for a wide number of clients. Changes came into effect on 1st January 2015 for the automotive sector that signal real positive benefits for the consumer in addition to opportunities for car dealerships and manufacturers.
With research from our Automotive Trends 2015 report indicating that 36% of vehicle purchasers or intended purchasers will involve finance, the FCA’s rules are likely to affect a large number of consumer experiences through 2015/2016, with rules governing areas including:
- Treating all customers fairly
- Providing the correct information to enable an informed choice
- The clarity of the information provided
- A full and sensitively handled assessment of the consumer’s ability to sustain payments
Here at Future Thinking we’ve helped clients design customer-centric programs specifically focussed on monitoring compliance. Our research indicates that 58% of people don’t like visiting dealerships because of salespeople’s pushy behaviour so a renewed commitment to a transparent and fair process with the customer at its heart represents a huge step forward in re-creating consumer trust.
Capturing feedback from all relevant stages of the purchase process enables close management of the consumer experience and ensures that any compliance gaps within established or fledgling dealer processes are highlighted. Through a blend of satisfaction ratings and sentiment analysis we highlight areas of best practice and pockets where improvements are needed; flagging reported dissatisfaction in real time to ensure that dealer networks are supported in being fully compliant with the FCA’s rules.
To find out more information about how Future Thinking can help you, please contact Lisa Bedwell, Head of Automotive Research on +44(0)1865 336 413