Why You Need a Warranty Provider to Be Your Wingman
In the popular movie Top Gun from 1986, a pilot tells one of his peers, “You can be my wingman.” The comment refers to a traditional military flight pattern for fighter jets. Typically, a wingman flies off the right-wing of, and behind, the lead pilot, protecting the lead pilot by watching his back. But as a car dealer, who has your back?
Being your customer’s wingman
Every new vehicle sold in America is covered by a manufacturer’s warranty. Such warranties are limited in length of time or number of miles covered. These coverage guarantees, however, will most likely expire long before the car does. That’s where you offer a lifetime limited powertrain warranty and become your customer’s “wingman,” building more value for your dealership brand while helping to protect your customer’s vehicle investment.
So, you’ve made the decision to offer a lifetime limited powertrain warranty, but which type? There are “types,” you ask? Yes, two types: dealer obligor or administrator obligor. Although the difference may not matter to consumers because their claims will be processed by a professional call center, the difference to you, the dealer, can be costly.
Under the first type of warranty (dealer obligor), the reinsured dealership is on the hook for fulfilling all the financial aspects of the lifetime limited warranty program, as well as compliance and enforcement. Under an administrator obligor plan, however, a separate company assumes those same responsibilities.
Find your wingman
Now that you’ve chosen to offer lifetime limited powertrain warranty protection that’s administrator obligor, you will still want to know who’s going to help you make the most of the program. Are you simply getting a warranty product or a partner, one who is actively engaged in your business’ success?
Look for the signs to know you have a wingman
A reliable warranty partner becomes an extension of your company, and works closely inside your dealership to provide initial and ongoing training. This partner delivers customized warranty marketing and advertising materials focused more on your brand and less on the warranty company.
It promotes your warranty message at every consumer touchpoint, from phone to chat and from texting to face-to-face, helping your sales team get away from the single-sale, lowest-price culture and driving the more lucrative culture of value, which creates lifetime customers.
This partner strives to know your business as well as you do, and seeks to help you sell more vehicles, hold more gross, and increase service contract penetration. In short, the partner becomes a valuable part of your team — your wingman. Put another way, the partner is the power under the hood, helping to enhance your brand so you reap the rewards.
Sound great? Yes, but remember, this isn’t necessarily the standard of every “warranty provider” out there. Think like your customers and seek the best, long-term value. Just as you protect your customers, the right warranty wingman can protect you.
Now that you’re ready to put your customers first by being their wingman, contact Binary Automotive Solutions at [email protected] or 888-883-8557, ext. 307, to learn more about the programs, tools, and training you’ll need. Remember, with Binary’s warranties and service programs, your customers will love you because they have the peace of mind of knowing you’ve got their backs.