Statistics show that, on average, consumers are keeping their vehicles longer. This may be attributed to several things:
- Quality vehicles are being made to last longer than their predecessors.
- The tight economy and weak job market has people more skeptical about taking on debt.
- More dealers are offering automobile service contracts that are extending the life of vehicles.
EFG Companies has a full range of added products and services that can help you and your dealership create customer retention programs designed to educate your customers regarding the importance of automobile service contracts. The contracts sell themselves when the customers understand the following.
- Their investment is protected – For most consumers their vehicle is the most important asset they own. It meets all of the transportation needs of the family, and the last thing they need is a large, unexpected repair bill. A service contract alleviates this worry.
- Repairs to fit into their tight budgets – By having a service contract that helps with major repairs, they are able to make payments over time versus the typical one-time large payment due when the repair is completed.
- Vehicle value increases – A vehicle that has been serviced on a regularly scheduled basis usually has a higher resell value than one that has not. The automobile service contract encourages consumers to regularly schedule service appointments, which, in turn, will not only increase the value of the vehicle but also increase the dealership’s bottom line
- Vehicles last longer – The average automobile service contract covers many different parts of a vehicle and often goes beyond the manufacturer’s warranty. Continued coverage on vital components means that they are serviced as needed, which will increase the lifespan of the vehicle and lead to a more reliable performance. This enables consumers to keep their vehicles longer and pass them on to the next generation, which will increase brand loyalty in your dealership.
EFG Companies helps create lifetime customers. We can assess your current customer retention programs and assist you in creating a winning situation that will have your customers returning for generations to come.