Why Your Dealership Needs a Payment Plan Provider

Why Your Dealership Needs a Payment Plan Provider

Offering flexible options to your customers on how they can pay for a VSC and/or other ancillary products is essential to ensure your dealership is maximizing F&I sales. So why would your dealership need to consider using a Payment Plan Provider for your F&I sales efforts? A Payment Plan is an ideal solution to close a sale for cash buyers and for buyers with alternative or sub-prime financing as well as for customers in the service lane of your dealership. Let’s take a closer look at how Payment Plans can help add incremental revenue to your business.

Increasing Sales & Satisfied Customers

According to Ed Walder, Omnisure’s President, “This product will increase their sales and income by allowing a customer, that wasn’t able to pay in full, an option to make payments over time for a product they benefit from in the future.” Sometimes, dealerships lose sales when customers are unable to afford VSC’s, do not qualify for loans, or pay in cash and don’t have a loan. In these cases, it can be difficult to sell a VSC, but this is where Payment Plans come into play.

Because Payment Plans are paid off in small increments over time, that means no large, upfront costs for the customer. This is much easier for those who do not have the income to afford large down payments or upfront costs that are seen in other large purchases. It is recommended that F&I managers be the ones to propose the Payment Plan initially, but there are other ways for customers to take advantage of a plan.

VSC Sales Beyond the F&I Office

The service drive is an area where VSC offering is becoming more predominant and a Payment Plan is the ideal tool to help close the sale. Another way to attract customers who did not initially consider a VSC at the time of the purchase of the vehicle is through dealership direct mail and phone campaign efforts.

With over 25 years of experience, Omnisure Group is the ideal partner to provide you with innovative financial solutions and help add incremental revenue to your business. Contact us today for more information.