Tag Archive | "F&I"

CNA National Named Top Provider for 14th Year in a Row


SCOTTSDALE, Ariz.CNA National (CNAN) has been named a leading provider for the 14th consecutive year. In the 2018 Dealers’ Choice Awards, the company earned a first-place Diamond award for “Service Contract Provider” and a second-place Platinum award for “Reinsurance Provider.”

Dealers have voted the company number one every year since the competition began in 2005. To date, CNAN has received a total of 24 accolades making it the most-awarded F&I company.

“It is an incredible honor to be acknowledged by our dealers for 14 years in a row,” says Joe Becker, president and chief executive officer. “Despite the changes that continue to occur in our industry, our company’s commitment to customer-service excellence continues to be a guiding principle, as it has been for more than three decades.”

CNA National provides vehicle service contracts, limited warranties, tire-and-wheel protection and GAP (Guaranteed Asset Protection) waivers through franchised auto dealerships across the U.S. With more than four million contracts in force and having exceeded payment of $3 billion for claims across all product lines, CNAN has earned its reputation as a first-class F&I provider.

In a long line of exceptional service contracts, the company’s latest and most advanced product provides superior coverage—propulsion batteries, LED lights and Bluetooth connectivity, to name a few—and numerous benefits, including towing, rental car compensation, and travel and lodging reimbursement.

“These awards validate our dealers’ recognition that we continue to offer the most customer-friendly products and best-in-class service to support them,” says Alan Miller, senior vice president of sales. “We owe many thanks to our highly experienced agents and dedicated employees, whose tireless efforts to provide unmatched service keep us at the top.”

Auto Dealer Today hosts the Dealers’ Choice Awards annually with an award ceremony in October.

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To F&I and Beyond


It’s OK to admit it. After a while, it’s easy for agents to let F&I professionals go through the motions when presenting a service contract. They follow the 300% rule (100% of the products, to 100% of the customers, 100% of the time), they showcase all your products, the customer accepts some, declines others, and everyone goes about their days happy with the products that did land. Business is good, your dealer clients are happy, and that’s enough, right?

But what if business could be better — for you and your dealerships? And if business can be better, how do you get there with out confusing dealership personnel with a new process, technology or any other experience other than what they’re used to?

The answer is simple: a renewed focus on high-mileage vehicles.

If you think about it, it’s a logical next step for dealerships going through the motions in the F&I office. They can apply the same principles, the same tactics and reap the same rewards. However, what many agents and dealerships alike may not realize, is that the rewards from a high-mileage service contract can be even greater than your run-of-the-mill new-car F&I business.

Let me explain.

If you step back and take a look at all areas of your dealerships’ businesses, you could be surprised by how many areas a quality high-mileage vehicle service contract can touch. Let’s take a look at a few areas of importance that could benefit from inserting a process around a topnotch high-mileage vehicle service contract program.

F&I Profitability

It may seem obvious that service contracts are profitable products for an F&I department, but have your dealerships taken a look at how they are performing with F&I products on high-mileage used vehicles? Are they reaping these benefits at all?

There’s a large opportunity for many franchise dealers, whether they are reticent to present a service contract on a high-mileage used vehicle because of the concerns on losses or they aren’t retaining high-mileage used vehicles to begin with. In either instance, having a relationship with a quality high-mileage service contract provider opens up doors to added F&I revenue on vehicles once only destined for auction.

Making sure a service contract partner is reputable and experienced should alleviate any issues about losses. A service contract provider familiar with the high-mileage space will understand how to reserve appropriately and protect both reinsurance pools and dealer reputations.

For dealerships who previously dismissed the thought of retaining high-mileage vehicles, a quality high-mileage service contract offering can help ensure that customer stays in the vehicle, enjoys the vehicle, and returns for a future purchase. And as we discussed earlier, dealerships who previously didn’t retain high-mileage inventory can now build a new stream of service revenue as these vehicles come back for larger, more frequent repairs.

The Service Department

The best dealerships understand that selling a vehicle is just the beginning. Getting that customer back into the dealership for service is the next step in creating a loyal, repeat customer. But let’s be honest. A service drive stands to generate much more revenue from used vehicles than new. It’s not rocket science. Used vehicles break down more often, are outside of factory warranty coverage and generally require more frequent repairs.

Insert a quality used-vehicle service contract here. If your dealer has sold a service contract on a vehicle with 80,000, 90,000 or even 100,000-plus miles on it, that customer isn’t just coming back for oil changes and tire rotations. They’ll be back for air conditioning, transmission and fuel system repairs too. These are all high-value repairs that a customer will be more willing to address with the dealership that protected them from the large out-of-pocket expense.

When a dealer can build trust with a high-mileage service contract, that customer will come back for repairs and that service department has now uncovered a new source of revenue that’s adding instant value to the bottom line.

Used (and New) PVR

It’s no secret that uncovering F&I revenue potential on a segment of inventory that historically wasn’t retailed can improve PVR on used vehicles. But have you or your dealer clients given thought to how these F&I products can improve a dealership’s overall PVR?

Applying the same tactics in the F&I office with high-mileage vehicles that are currently in use with new vehicles can provide an added boost in times of need. If competition, seasonality or other profit-compressing factors are pinching new PVR, making up those numbers on a new segment of used inventory could be just the financial jolt that a dealership needs.

Ideally, this should be an easier path toward closing an F&I sale. A customer in the market for a higher-mileage vehicle can’t deny the fact that their car is more likely to experience a breakdown in their term of ownership than a new car. These customers will also likely be more budget-conscious. By combining the truth about used cars with a tighter monthly budget, getting service contracts on high-mileage vehicles should be child’s play for savvy F&I managers at franchised dealerships.

Capitalizing on this low-hanging fruit can serve as the express lane for dealerships looking to make up for PVR compression on the new car side of the business. When you think about it in these terms, it’s almost a no-brainer to not only retain high-mileage inventory, but turn it into a high-profit opportunity with a quality service contract on the back end.

To bring this all together, it takes an agent and a dealer who share a holistic view of a dealership’s overall performance. In a time where margins on new vehicles are ultra-slim and dealerships are being judged on PVR and CSI, it’s no secret why more and more franchise dealerships are turning to high-mileage inventory to discover new opportunities for revenue and profit.

The dealers who adopt a smart, logical and successful approach to high-mileage service contracts are the ones who reap the rewards in all the areas of the dealership that we’ve covered here. The benefits might be easy ones to realize, like added F&I profitability, by uncovering a new back-end source of revenue. Some benefits might need a little more foresight to realize, like the effects on overall dealership PVR.

The immense opportunity on the back end of high-mileage deals presents a unique opportunity to make up for tight margins on new car business. It takes agents and dealerships with a special blend of savvy and creativity to pounce on this opportunity.

And when it’s all said and done in the F&I office, let’s not forget about the added service department opportunity. It’s not just new inventory coming back for service, it’s higher-mileage cars that require more frequent repairs that will be covered by the quality high-mileage service contract provider you sold.

Put this all together, and you’ve taken a process your dealerships are familiar with — service contract sales — and created a new profit opportunity that any F&I manager can master. And best of all, it’s a process that’s repeatable and brings additional profit to nearly every department within a dealership.

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RoadVantage Brings Don Oliver Aboard as SVP


AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, announces the addition of Don Oliver as Senior VP of Operations.

Mr. Oliver is a 30-year veteran of the VSC (Vehicle Service Contract) administration business, having spent the majority of his automobile industry career with CNA National Warranty Corporation (CNA National) which was previously privately-owned by Paul Askos (Western National Warranty) prior to acquisition by CNA in 1995. As the EVP (Executive Vice President) of CNA National, Mr. Oliver developed many of the processes and practices of the administration departments that made the company a nationally-known success. After a long and successful career, Mr. Oliver chose to retire in 2017.

After a year of reflection, Don began to realize that he still had the desire to offer more value to the industry. Through a CNA National partnership with RoadVantage, he was exposed to the product innovations and industry-leading service levels the company provides and thus began discussions on how he might become part of the RoadVantage team. A decision was reached that Mr. Oliver could be most effective in helping the company support its rapid growth as the Senior VP of Operations.

“We are ecstatic to have Don join our team at RoadVantage and bring to us his many years of valuable experience in administration”, said Garret Lacour, RoadVantage CEO. “We know that quality administration defines the difference between a good vs. a great provider. Our young company is leading the market and setting new standards in product innovation with the highest levels of service. The last three years of Gold, Platinum, and Diamond-level Dealers’ Choice Awards are proof of our success and the validity of our mission statement, to ‘Deliver an Exceptional Customer Experience.’ We’ve been very fortunate in attracting the very best talent and we know that Don Oliver’s administration expertise will help us continue our success as we further our vision.”

“I’m excited to help RoadVantage exceed expectations and to deliver an Exceptional Customer Experience for agents, dealers and contract holders,” said Don Oliver about his new position. “As Executive VP of CNA National, I worked with RoadVantage for the last five years. Originally, I was a little uncertain about the company’s ability to meet my own high expectations, but must admit that I’ve been impressed with all they’ve achieved in a short period of time. When I decided to reignite my career, RoadVantage was the obvious choice. I couldn’t be more excited to join the team.”

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ADG EasyCare Adds Yelverton to F&I Specialist Roster


NORCROSS, Ga. — ADG EasyCare announced that Richard Yelverton has been hired as an F&I specialist. He is based in Northern Virginia and tasked with supporting EasyCare’s dealer clients by providing in-dealership F&I training and consulting and sitting in for F&I professionals.

“As our operation grows and our F&I development program evolves, we are adding to our ranks with professional, dynamic recruits, and Richard fits that description perfectly,” said Greg English, president of ADG EasyCare. “We expect our company and our clients to benefit from his work in the retail environment.”

Yelverton is a 10-year veteran of the automotive industry, having risen through the ranks at Enterprise Rent-A-Car, where he ultimately served as branch manager for the company’s prominent, high-volume Walt Disney World branch in Orlando, Fla. He also served in a leadership position with pharmaceutical giant Eli Lilly and Co. prior to joining ADG EasyCare.

“I did my research and I know they wanted to bring on the right person,” Yelverton said. “They want people who have management and sales experience to be trained properly and to continue to train others, and I’m excited to join a company that puts so much focus on ongoing learning. From being encouraged to ‘read an article a day’ to the collaboration with my peers, I’ll be learning something new every day.”

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StoneEagle Welcomes New CEO


DALLAS — StoneEagle announced the appointment of Cindy Allen as the company’s new CEO. Cindy will be responsible for driving the company, and innovative F&I solutions, to the next level, building on the momentum achieved by the StoneEagle team under Bobby Allen’s leadership, according to the announcement.

Since founding the company in 1987 and devoting 30 years to its management, development and growth, Bobby Allen will retain his position as chairman and focus on identifying and developing new and unique opportunities.

Brent Allen, one of StoneEagle’s founders and its long-standing COO, will offer Cindy the very best counsel and knowledge available as she drives the company forward by lending his leadership, management skills, and extensive industry relationships, and experience. Brent will maintain an active role in day to day activities of StoneEagle as its managing partner, the announcement said.

Cindy Allen brings experience in establishing new ventures, leading organizations and stimulating growth, as well as a mix of leadership, excitement, marketing expertise, technical abilities and a passion for customer experience and business growth.

Before returning to StoneEagle, Cindy served as CMO for American Express Global Business Travel, as well as CEO at GDSX Ltd., until such time it was acquired by Concur. While in the role of vice president at Concur, Cindy helped launch a new division servicing and partnering with travel management companies worldwide.

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RoadVantage Introduces Preferred LeaseCare Active Protection PLUS a Lease End Benefit


AUSTIN – RoadVantage introduces a powerful and innovative program for lease customers called Preferred LeaseCare. This new concept combines the “as you drive” benefits of RoadVantage ancillary products with an excellent lease end benefit, possibly saving the lessee thousands of dollars through the lease term.

Preferred LeaseCare offers Dent & Ding Repair with a $1000 hail deductible benefit, Windshield Repair, Interior/Exterior Repair and Key Replacement during the term of the lease — all with no aggregate limits. This program adds an additional Lease End Benefit of up to $2,000 with no single event limit, covering items for excess wear such as worn tires & wheels, exterior scuffs, bumpers, missing parts and much more.

“We believe this product is a game changer for lease customers because this program allows a consumer to keep their vehicle in the great condition they desire while they drive and offers a great lease end benefit. Innovation is the engine of our success and offering a ‘Better Customer Experience’ is our passion. As the fastest growing provider of F&I programs, this new offering is just another example of ‘how and why’” said Garret Lacour, CEO of RoadVantage. Preferred LeaseCare is now offered to agents and dealers in most states across the country. Learn more about it at www.roadvantage.com

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