The coronavirus pandemic prompted many changes at U.S. dealerships last year, particularly in the finance and insurance office. Eric Fifield, chief revenue officer at EFG Cos. in Irving, Texas, outlined some of the challenges and opportunities retailers experienced in 2020, and his predictions for the year ahead, in a conversation with Staff Reporter Jackie Charniga. Here are edited excerpts.
Q: At a high level, how has the pandemic affected the F&I transaction?
A: It definitely created some sharpening of our skills. Back to the basics. Nothing happens until a vehicle has been sold. Used-car prices start to hike up because of the shortage of supply. Inventory has definitely started to stabilize, but that doesn't mean we're out of the woods yet. It's going to take all of this year, 2021, before we start to get back to pre-pandemic levels.
What are customers looking for in the F&I office during the pandemic?
The average price of a vehicl…