<![CDATA[Pressat Main Newswire]]> https://pressat.co.uk/rss/ <![CDATA[Pressat Main Newswire]]> https://pressat.co.uk/media/site/logo.png https://pressat.co.uk/rss/ en-gb Copyright: (C) Pressat Pressat <![CDATA[ AUTOPROTECT SCOOPS DOUBLE AWARD AT CAR DEALER POWER AWARDS 2013 ]]> https://pressat.co.uk/releases/autoprotect-scoops-double-award-at-car-dealer-power-awards-2013-d892f6193b2fbeaaf42ffd1c4b120196/ https://pressat.co.uk/releases/autoprotect-scoops-double-award-at-car-dealer-power-awards-2013-d892f6193b2fbeaaf42ffd1c4b120196/ Monday 14 October, 2013
AutoProtect has been presented with the Car Dealer Power Awards accolade for Best GAP Product for the second year in a row, plus added recognition of the Best Warranty Product provider.

Car Dealer readers voted for the awards, which were presented to the business at Portsmouth’s Spinnaker Tower on Wednesday 12th June.

The awards recognise best in class performance across the automotive retail supply chain, as nominated by dealers throughout the UK. With up to 200 nominations for key awards, competition is fierce.

AutoProtect’s GAP insurance product was heralded as the winning contender as a result of its effective and innovative concept, which enables customers to obtain a refund of their premium if they choose to end their GAP insurance ahead of the agreed cover period, while protecting the dealer’s commission.

Underwriting Director Prakash Chandarana, who developed the GAP product and introduced it into the AutoProtect portfolio said that the company’s emphasis on best practice and its innovative approach had proved a huge success with dealers, and helped them enjoy repeat success in the category.

“Customer service is now at the crux of every business, and as part of that, they have to be treated fairly, but dealers need to feel reassured that they are getting a fair deal too. AutoProtect’s GAP insurance product enables dealers to comply with ABI Best Practice and protect GAP as a key profit source, while leaving customers satisfied with the service they received – a win-win solution for all concerned,” he said.

“The balance between ethics and commercial gain has played a key part in its reception from dealers and manufacturers, and the customer-centred approach to GAP products has resulted in an increased client-base and a surge in existing clients taking this product on board. Many have in turn adopted AutoProtect’s other warranty products and SMART Protect insurance, which we believe was a major contributing factor in our dual success at the Car Dealer Power Awards this year,” he added.

Mr Chandarana continued “While any kind of acknowledgment is always welcome, the recognition of our peers and customers is particularly important to us. To win in two key categories this year is something we’re extremely proud of, and AutoProtect is working on new developments all the time to continue to benefit dealers and customers alike”.


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http://www.autoprotect.net 14 Oct 2013 11:23:51 GMT Motoring
<![CDATA[ Getting it right with GAP & RTI ]]> https://pressat.co.uk/releases/getting-it-right-with-gap-rti-03121dc0831e02fae0bdf19da5964933/ https://pressat.co.uk/releases/getting-it-right-with-gap-rti-03121dc0831e02fae0bdf19da5964933/ Wednesday 1 May, 2013
Dealers across the country have increasingly switched onto the value of successfully promoting Gap insurance products. However, in offering Gap cover, it is imperative that the dealer does so accurately.

The Financial Ombudsman Service and FSA have both published guidance on Gap sales. The emphasis is very much upon ensuring products offered are not mis-sold and that the customer is treated fairly. The risks of mis-selling are very real if sales people:

• Do not fully understand the product mix correctly
• Fail to fully qualify the customer
• Fail to explain the products to the customer correctly
• Fail to keep adequate records

AutoProtect has worked to enhance the quality of training available to dealer personnel and to develop their product offering to ensure it is more customer friendly. It is a market leading position that the business feels will create and sustain value for the long term.

1. Product Demand

Used car values may have risen from the low points of 2009, but the value offered by Gap to buyers continues to provide an attractive option to car buyers who are increasingly aware of the risk that any write off can offer to their finances. The wider product range and customer flexibility offered by AutoProtect are designed to make it easy for customers to choose a product to suit them with the option to cancel (with a pro rata refund of premiums) or transfers it to an alternative vehicle.

2. Training

Gap products can vary significantly and as the FOS observe failure to describe the product on offer accurately is the key source of customer complaints with Gap type policies.

The AutoProtect training support programme is tailored at dealer level to ensure sales personnel are fully up to speed with current legislation and guidelines (notably on areas such as the ABI guidelines on customer rights on cancellation and transfer of policies). Above all, it is about ensuring that sales personnel understand the different types of Gap insurance that exist and the specific terms and conditions offered.

The Gap Portfolio Mix

Correct training can help to avoid mis-selling repercussions. All too often, in training sessions the AutoProtect team discovers that sales personnel do not fully appreciate the differences in products. In essence, there are three key generic products in market:

1) Finance GAP insurance – the payment is made direct to the finance company to meet any amount still outstanding on the vehicle loan after the motor insurer has paid out.

2) Return to invoice insurance – the payment is made to the consumer, based on the original invoice price minus the amount the motor insurer has paid out.

3) Vehicle Replacement GAP insurance – the payment is made to the consumer, based on the price of a new vehicle (of the same model and specification) at the time of the claim minus the amount the motor insurer has paid out.

“Even within these three key headings, the products available can vary considerably. It is vital sales staff know the precise details of the products they are offering to ensure they meet the customer’s needs.” Observed AutoProtect’s Mike Macaulay. “When a customer does need to make a claim, the policy sold well will create a ‘raving fan’ and customer for life. However, if a policy is sold poorly the risk of creating a dissatisfied customer is all too real.

3. Meeting the Needs of all Buyers - Product Development

Product development to the AutoProtect range has been designed to ensure that there is a product suitable for every buyer. Policies offered can be transferred and cancelled on a "pro-rata" basis.

AutoProtect’s high integrity approach to Gap that embraces the ABI Code of Conduct ahead of any formal regulation is designed to be easy for the customer to buy covering most new and used cars, vans and motorbikes.

Gap Does Offer Clear Value

Sold correctly and with high integrity Gap insurance can offer significant support to customers faced with a total loss insurance situation

• 482,000 vehicles were reported as written off in 2011 (MIB)
• 71% of stolen cars disappear, never to be seen again. In 2011, 65,000 stolen vehicles – worth an estimated £300 million - were stolen and never recovered. Cars worth between £10k and £25k are least likely to be recovered (Swiftcover)
• Of the 24.3 million private vehicle insured in 2010, 3.7 million made an insurance claim in 2010, leading to £22.4 million per day being paid out in claims (ABI)


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http://www.autoprotect.net 01 May 2013 12:30:49 GMT Business & Finance
<![CDATA[ GAP Insurance – the right product & approach is even more relevant today ]]> https://pressat.co.uk/releases/gap-insurance-the-right-product-approach-is-even-more-relevant-today-731932b347a064dcdf6d64a6378b0734/ https://pressat.co.uk/releases/gap-insurance-the-right-product-approach-is-even-more-relevant-today-731932b347a064dcdf6d64a6378b0734/ Monday 30 November, -0001
“Record levels of finance penetration for new cars in 2012 makes GAP insurance even more relevant to today’s car buyer, especially with so many new car sales linked to a PCP agreement.” So says Mike Macaulay, Corporate Development Manager at AutoProtect.

AutoProtect’s view is dealers should offer a GAP policy that is transferrable, cancellable, written in plain English and which benefits from a clear presentation, with the buyer’s needs clearly established and matched. AutoProtect also believes that business’ selling GAP insurance in an ethical and transparent fashion should be rewarded by having their commission fully protected. So if a customer chooses to cancel their policy and refund an appropriate pro-rata refund, the dealer will still enjoy their commission with no debit back.

With the FLA reporting in their latest statistics that new car finance penetration has reached 68.6% and with 60% of these sales relying upon a PCP product, the risk to car buyers of a financial loss in the event of a total write-off is particularly high. This is especially true since the increased use of PCPs encourages consumers to purchase higher value vehicles, whilst keeping monthly repayments at an affordable level. Such increased exposure provides even more reason to ensure every customer is offered appropriate GAP cover.

Macaulay concludes that helping dealers to integrate GAP into every sales presentation is proving highly effective, and at a wider level than just income; “In today’s market, dealers fully understand the value of a compliant approach to GAP sales. Ours is a highly ethical product that more dealers are recognising; our additional success is in working with a growing dealer audience to demonstrate is that GAP sold well is a retention and profit tool that can satisfy a customers needs and enhance the car sales process as well.”

For more information on GAP Insurance please visit: http://www.autoprotect.net


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http://www.autoprotect.net 30 Nov -0001 00:00:00 GMT Business & Finance Motoring
<![CDATA[ AutoProtect’s Williams F1 Ceramic Paint Protection - Keeping That Showroom Shine for Longer ]]> https://pressat.co.uk/releases/autoprotects-williams-f1-ceramic-paint-protection-keeping-that-showroom-shine-for-longer-093cec936300695676be61a80188fde0/ https://pressat.co.uk/releases/autoprotects-williams-f1-ceramic-paint-protection-keeping-that-showroom-shine-for-longer-093cec936300695676be61a80188fde0/ Monday 30 November, -0001
AutoProtect has taken a fresh and imaginative approach to helping dealers to instill confidence in paint finishes and overcome any buyer resistance. The F1 Williams Ceramic Paint Protection offered by AutoProtect carries a unique 5-year guarantee and the credibility of the F1 Williams branding. A further and crucial difference is that it can only be purchased at the time of purchase.

The ‘time of purchase only’ approach is an interesting feature ensures that buyers know that they really can ‘lock-in’ that showroom finish there and then, protecting paintwork, alloys, bumpers and interior surfaces and fabrics for five years.

Restricting the purchase opportunity to the point-of-sale works on a number of levels. On a practical level, it really is the best time to protect a car’s finish, when it is already looking its best. Buyers’ recognise this reality, which provides a strong emotional incentive, especially when the product benefits from the F1 Williams name. On a practical level, the five year guarantee means that buyers appreciate that helping the car look its best through the worst that nature and road conditions throw at it enhances the car’s future re-sale value when it comes to their next car change.

The point-of-sale only opportunity also means that sales personnel have to offer the product there and then, or the opportunity is lost. Procrastination is not an option!

What should dealers be doing now to prepare for sales of paint protection in Q1?

“Source a product that is credible.” This is the quick and easy reply from XXX at AutoProtect, adding, “Dealers need to have a product and processes with which they are comfortable. We encourage dealers to talk to us to take advantage of best practices and to understand the significant difference that a high calibre product and branding can make.”

2. Can you give some indication of the profit potential of paint protection for car dealers over a full year with specific example/s?

“Whilst ‘profit per pack’ is one metric that is used, I think this is part of the short-term approach that misses the wider opportunity afforded by a quality paint protection product. We prefer to work with dealers to leverage the wider opportunity; sales penetration, impact upon customer satisfaction, retention, advocacy and the use of the product as a marketing tool are all part of the way in which dealers can benefit.”

3. What can dealers do to overcome customer resistance in the showroom to paint protection sales?

“Credibility is a key issue with paint protection. It is not just customer resistance that needs to be overcome; frequently sales resistance also needs to be overcome, as well.

“The F1 Williams branding delivers a level of trust that is significantly enhanced by the point-of-sale only option. The proposition is a compelling combination of trust and science that creates real value in the product and the customer/dealer relationship.

”We support the F1 Williams branding through training and a high quality range of point of sale merchandising.”

Click to find out more about car paint protection.


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http://www.autoprotect.net 30 Nov -0001 00:00:00 GMT Motoring Personal Finance