Pub. 17 2018-2019 Issue 1

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S 23 new jersey auto retailer W W W . N J C A R . O R G It is important for dealers to make sure they review the coverage they have and explore the various options available to them to en- sure they offer the best coverage to their customers. Many dealers are beginning to offer Identity Theft Protection. The technology and connectivity of cars today puts consumers in a much more vulnerable position when it comes to their privacy and identity. Identity Theft Protection is a product with a very high perceived value to consumers and is available at a very reasonable price. This, in turn, can boost dealership profitability. When it comes to customer retention, a great starting place for dealers is to consider implementing an app that drives customer interaction post-sale. There are a number of ways to tackle this, including vendors that provides dealers with a customer app (at no cost) that can be downloaded by every customer who purchases an F&I product. These apps store their policy information, pro- vide easy claims access, and allow customers to request a service appointment, and much more. Another option is to choose an inventory management program that is accompanied by an app and other benefits that can be upsold in the F&I department for additional revenue opportunities. When looking at new technologies, it’s important to find products that drive customers back to the dealership as many times as pos- sible. Many apps offer a push notification feature that allows the dealership to communicate with anyone that has downloaded the app. This is great to promote vehicle or service specials, or even notify customers when they are due for service to ensure they return to the dealership for those needs. Another option to enhance post-sale communication is to im- plement a Service Contract Follow Up program. This provides dealers with a program that intelligently markets to sales and service customers for Vehicle Service Contracts if they opted out of purchasing one when they originally bought their vehicle or show no record of having one as a service customer. Many of us are familiar with phone calls from illegitimate com- panies trying to sell service contracts, many times for vehicles we no longer own. The coverage from these companies is usually very limited and not disclosed very well to the customer and, unfortu- nately, the burden tends to fall on the dealership to explain what is and isn’t covered. Dealers can implement their own programs, with their name and branding. They control the type of coverage being offered to their customers. There are many directions dealers can go when looking to incor- porate more technology into their customers’ experiences. When choosing an F&I provider, make sure to identify one that offers the best industry options and walks the dealership through im- plementation. As technology continues to advance, it is becoming more and more necessary for dealerships to review their programs and providers annually to ensure they are staying ahead of the curve. Jim Polley is Founder and CEO of Vanguard Dealer Services, an F&I Development and Product Provider for dealers nationwide. He can be reached at 973.575.7171 or jpolley@ezvds.com .