Maintenance & Repair
A simple product which is perfectly summed up in that old saying of ‘prevention is better than cure’. As a service contract it is non-insurance regulated which removes some of the burden and no IPT is payable. Plus, only our warranty can carry the RAC brand (for selected dealerships).
The ideal product if you’d prefer to hold the funds and take the risk yourself. We administer the scheme, the VAT is reclaimable (subject to tax status) and as it’s non-insured no IPT is required.
Benefit from a non-insurance regulated sale, without the burden of risk yourself with an Insured Obligor scheme. The contract between yourself and your customer provides a service rather than insurance, so it attracts VAT and a commercial insurance policy between you and ourselves (behind the scenes) will attract IPT at the standard rate.
Mechanical Breakdown Insurance
The more traditional way of putting an extended warranty on a car. The contract exists between your customer and the insurance Intermediary, and is therefore subject to IPT and insurance regulation.
Benefits to your business
Whether it’s being able to leverage an instantly recognisable brand or our consultancy approach stemmed from our Pat Ryan roots – we make sure we provide the resources to make your Warranty proposition a success.
Power of the Brand
With our Maintenance and Repair Warranty you can choose to join the community of over 1,200 dealerships that are part of the RAC programme – a Warranty brand we can exclusively offer. You’re able to choose from 4 different cover levels, including our market leading Platinum Plus product.
Click here to see in more detail ways in which combining your business with the RAC and The Warranty Group can benefit your business.
Account Management & Training
Our dedicated account management will make sure that the end-to-end proposition and positive customer experiences are delivered from day 1.
Here’s how we’ve grown revenue…
Our partner, one of the largest used car multi-site franchises in Britain, opened a new flagship store in the UK in which they wanted to continue offering a 3 year Warranty with each vehicle. We already had significant success with three other sites achieving a consistent 54% average Warranty penetration from January to December in 2016.
After achieving such success previously, the expectation was high. It was important that this new site equalled their performance so the aim was to, at least, match the figures from the other three sites. As well as this, nearly all members of the new sales team had no industry background.
With inexperience in the dealer team, we rolled out our intensive standardised training to the Business Managers and Compliance team. They were taught not only about the Warranty product, but also objection handling and selling techniques. As always, throughout this period our dedicated Account Manager was on hand to assist in any way possible.
By effectively providing an efficient sales process, coaching and training we were able to deliver the following results*:
• In just 6 months, the site sold c.4,500 vehicles and 3,100 warranties after opening in April 2017, representing a 68% penetration
• In this time less than 10% of customers exercised their right to cancel, echoing our belief that high volume has to be matched with high quality sales
• The product is uniformly delivered with monthly training evaluations
Ultimately, Warranty sales are above expectation demonstrating our ability to not only ensure that a business hits the ground running when using us as a Warranty partner, but our continued commitment to ensure maximum sales penetration. We also monitor claims performance and provide feedback highlighting areas for continuous improvement.
*As of October, 2017
All our underwriting is carried out by our excellent and experienced in-house team, allowing us to work with your business to create a solution that works for you. Unlike other providers, we do not outsource our underwriting which means you deal directly with us.
Additional revenue stream
Increased customer loyalty
Choice of warranty
Benefits to your customers
Peace of mind
Avoid unexpected costs
Just some of the great companies we already work with.
We will continue to build our partnership with The Warranty Group. The support that we receive is fantastic, whether it be regular training or small changes in the scope of cover to benefit our customers, nothing is too much trouble
CEO Trade Centre Wales & UK