GAP insurance has long been a great way to provide customers with a valuable service while creating an excellent revenue stream, and as money gets tighter and loans get longer, it’s more important than ever for customers to get GAP protection.
The trouble for dealerships is that most GAP plans have a painful flaw: Early cancellations and the subsequent chargebacks dealers must pay.
Keeping your profits
ExpressGAP from Wise F&I solves the chargeback problem with an innovative and accelerated GAP earning method that maximizes dealership profits and cash flow. An average of about 30% of customers cancel their GAP coverage in the first half of their terms, leaving dealers on the hook to pay massive chargebacks on these plans. ExpressGAP lets you keep your profits because unlike a prorata plan, ExpressGAP’s cancellation policy protects dealership profits long-term.
ExpressGAP has a radically different cancellation refund factor. Based on a conservative 35 ExpressGAP policies sold a month and assuming the industry average of about 30% cancelled each month, ExpressGAP would leave more than $1,700 more profit with the dealership each month when compared to standard GAP plans. One large-volume dealership improved its bottom line by $500,000 per year with ExpressGAP.
Contact FLADCO to get this powerful profit tool working for your dealership today.