There are several ways to increase your auto dealership’s bottom line—although some solutions are easier and faster to implement than others that may require excess time, additional resources and extensive up-front costs. Consider one of the quickest and most viable ways to boost your dealership’s bottom line: selling more vehicle service contracts by offering IPPs (Installment Payment Plans).
Selling More Vehicle Service Contracts
Simply put, offering IPPs to increase the number of VSCs (Vehicle Service Contracts) sold by your dealership can translate into higher revenue, as customers will likely return to your dealership for routine maintenance and repairs throughout the ownership cycle of their vehicle.
One of the biggest obstacles to selling extended service contracts is that customers do not want to make the large out-of-pocket payments they can sometimes require. This financial hurdle is eliminated through offering IPPs, which can provide your customers with highly-flexible, interest-free financing.
Better Customer Service, Better Customer Retention
At the same time, you will be able to offer your customers a higher level of customer service and customer care. When you offer Budco Financial’s IPP solutions, your customers will immediately enjoy the following benefits:
- Up to 24 months of extended and flexible payments
- Interest-free payments
- No credit check required for approval
- Several payment options, including credit card, invoice and debit card
- Online customer payment options through our convenient, secure portal
Budco Financial provides your dealership with expert customer service to ensure the process is as seamless as possible for both you and your customers.
Make a Quick Change
As one of the fastest ways to see results, IPPs allow you to offer your customers multiple financing terms for VSCs. Your dealership will have access to a quick, turn-key solution to effectively bolster payment plan administration.
Best of all, IPPs provide an excellent opportunity to sell service contracts after a vehicle has been sold:
- To customers who did not previously purchase a VSC
- Through dealer-initiated direct marketing campaigns
Instead of having to fax IPP retail contracts, Budco Financial offers e-contracting. This feature allows F&I managers to quickly and easily complete the retail installment contract through a dealership portal. With significantly less paperwork, you will save significant time. In addition, this process significantly reduces the number of common errors, which could effectively delay activation.
In the end, your service customers are very likely to purchase—or at least consider purchasing—their next vehicle from your dealership. The key to retaining their continued business is to offer fast, easy, flexible installment payment plan solutions.