The festivities of graduation still linger and families are on the hunt for the perfect used car for their kids leaving the nest. With used cars flying off the lots, you are probably trying to make the most of this ample opportunity to increase F&I profit.
You already know that a vehicle service contract is an excellent way to increase used car sales. It eases parental anxiety and provides their kids with quality coverage on most of the same components as a manufacturer’s warranty. But, you have also had more than your fair share of customers with concerns about the mileage limits, especially on a much older vehicle.
Take for example, an F&I manager presenting a 10-year/100-mile vehicle service contract to a customer looking at a car with 60,000 miles on it. Traditionally, this VSC would only cover the next 40,000 miles and many customers often feel like such a product is not worth their money.
However, with EFG’s Motorist Assistance Plan, dealerships have the opportunity to provide more value to their customers with extra protection from financial risk, leading to higher PRU. With MAP®, customers can add on both miles and time from the time of purchase, taking them well beyond a traditional VSC.
MAP’s add-on miles provides your F&I manager with a significant closing tool. And, if that’s not enough, MAP can be offered with six months complimentary WALKAWAY®, the product behind the award-winning Hyundai Assurance.
WALKAWAY relieves customers of their lease of loan obligations when unforeseen life events occur, such as involuntary unemployment, physical disability, or critical illness.
While providing your customers with this extra protection, MAP and WALKAWAY:
- strengthen margins and profitability with upsell opportunities;
- manage risk by adopting a strategy that decreases repossessions and collection costs;
- drive traffic to your service department;
- transform potentially frustrating events into loyalty-building opportunities; and,
- differentiate your offerings, thereby retaining and attracting new customers.
With more than 35 years as an administrator of consumer protection products, EFG Companies knows how to innovate products that build profitable and lasting relationships with your customers. Contact EFG today to learn how products like MAP can increase your PRU.