As originally appeared in the May 2018 issue of Canadian AutoJournal.
Make the most of the time you have with your customers in the Financial Services Office by focusing on products that improve the consumer ownership experience and bring value to your dealership.
Prepaid maintenance can help ensure a steady stream of customers are flowing into your service department, as well as foster ongoing relationships with your customers by retaining their business through future service expenditures. Not only does this product have significant advantages for your dealership, but it also comes with a bundle of benefits for your customers.
Prepaid maintenance can provide your customers with a range of coverage, from essential service needs to the service maintenance necessary to maintain manufacturers’ warranty. The most recognizable form of prepaid maintenance is the mandatory oil and filter changes, and tire rotations. This helps ensure that drivers get the most out of every mile, keeping their vehicle at optimum performance. Your customer likely knows how important it is to stay on top of their vehicle’s regular maintenance, but you can help them see that this product is right for them by adequately explaining the following benefits.
FINANCIAL BENEFITS
There are a number of financial benefits to prepaid maintenance. The resale value of your customer’s vehicle could be improved, due to both regular services by trained OEM technicians and the OEM genuine parts used on the vehicle.
Additionally, this product provides an element of financial security. Through purchasing prepaid maintenance, customers are paying now for the value of tomorrow. This means that regardless of price increases over time, their essential maintenance is covered by the price they initially paid. No one likes surprises, so encourage your customers to protect themselves against inflation and reduce out of pocket essential maintenance costs.
As an added bonus, if prepaid maintenance is purchased at the same time as the vehicle, your customer can lock it in to their finance or lease payments over an extended period of time.
PEACE OF MIND
There are enough things to worry about in today’s day and age without adding regular vehicle service maintenance to the list. Prepaid maintenance is a great way to ensure that other unplanned expenses or credit card bills have zero impact on your customers’ ability to take care of their car. Essentially, prepaid maintenance programs eliminate any worry about the cost of upcoming service maintenance.
Prepaid maintenance brings peace of mind because the customer can seamlessly return to the dealership that they trust for all of their service needs. By returning to the dealership where they bought their car, your customer can be confident that they won’t be sold something they don’t need. This enables you as a dealership to build a relationship with your customers where they can trust your recommendations.
A major benefit of prepaid maintenance is that customers can rest-easy knowing that an OEM-trained technician is working on their car. These technicians follow the highest standards and use OEM parts to improve the vehicle. This will bring your customer peace of mind, knowing that the car they use to get their loved ones around is well looked after.
RELIABILITY
Car troubles can be frustrating, and consumers are interested in an affordable option to avoid these unexpected costs. We all know that regularly scheduled maintenance, such as oil changes, are vital to the life of a vehicle’s engine.
Through prepaid maintenance, the customer ensures that their car will undergo regular inspections with each service maintenance appointment. This means that unexpected issues could be prevented by having a trained OEM technician ensure that your vehicle is in good shape to keep your customer and their family safe on their next road trip. Without this regular maintenance, their vehicle could be more prone to more serious problems down the road.
CONVENIENCE
There’s nothing like having your to-do list all planned out for you. With prepaid maintenance, customers are able to pre-schedule their routine maintenance appointments. This allows them to get the time slot that works best for them –planning ahead certainly has its perks.
FLEXIBILITY
Your customers want a personalized product that will suit their unique needs. Prepaid maintenance can often be personalized based on your customers’ future plans. Customers can choose from different term lengths depending on what is best suited for their lifestyle. For example, if your customer plans to hand their car down to their son or daughter one day, they would likely be interested in longer coverage to ensure the vehicle will be taken care of. In other words, prepaid maintenance allows you to offer your customer protection that suits their intended ownership period on financed, leased, or cash purchase buyers.
By taking the time to explain the many benefits of prepaid maintenance to your customers, you can help them see how this product can improve their ownership experience.
