As vehicles get more expensive and loan terms extend to an average of 67 months, GAP insurance is a compelling F&I offering for most customers financing a vehicle. But too often closing the sale is not the end of the story.
That’s because most GAP protection offerings have clauses where early cancellations lead to painful chargebacks for dealerships. About 30% of customers cancel GAP coverage in the first half of their terms – that’s a lot of revenue lost to chargebacks.
Wise F&I created ExpressGAP to help solve this issue.
ExpressGAP uses an accelerated GAP earning method that maximizes dealership profits and cash flow. ExpressGAP’s cancellation refund factor helps you retain more of your profit than a typical prorata GAP plan.
The difference is remarkable. If your dealership sells just 35 policies a month and 30% are cancelled each month, using ExpressGAP rather than a typical plan mean over $1,700 more profit each month. One large-volume dealership improved its bottom line by $500,000 per year with ExpressGAP.
See How Much More Revenue Your Dealership Can Keep
Download this Excel calculator to see just how much extra money ExpressGAP could deliver for you. We think you’ll be eager to get this tool working for your dealership.