Car Dealers: Can DealerPolicy REALLY increase your Auto Dealership’s Finance Department profits?

Hello, its christian younggren, and i want to welcome you to their automotive, dealership, product and service review in these videos.

I go ahead and collect and gather all the different dealership, product and service information from vendors throughout the automotive industry go through the presentations.
Do interviews call on references and then summarize it all and package it up and do a quick review video allowing you to have more time to add to your bottom line to sell more cars.
Now, in today’s review, you’re going to learn about dealer policy, they’re a company – that’s got a smartphone application that helps guests, save money on car insurance right before they go in the finance office.

They can receive up to 12 different quotes from major car insurance underwriters throughout the nation and see if it saves them money on car insurance.

They claim that customers typically save sixty to sixty three dollars in car insurance and then reinvest that money into finance products.
So we’re going to go ahead and test out the application see if it works, see if it saves my wife and I some money on our car insurance now, if this is your first time here and you want to improve your automotive sales skills by learning.

More word tracks find out how to use psychology to close more car deals and receive unbiased dealership product and service reviews go ahead and subscribe and then make sure you turn on the bell.
So you never miss out on learning any new information or receiving any product and service reviews.
Okay, let’s get to work and we’re back what you see in my hand.

Here are my actual notes for my interview with company president dealer policy, Mike Burgess go ahead and read from the notes that way, we just make sure we’re succinct and we don’t misquote mr.
Burgess after asking some initial questions like how long have you been in existence Which is four and a half years, two and a half years in market were there out of those types of initial questions.
I really get to the meat of the matter by asking how the product works and here’s what he told me once the payments been negotiated during the write up phase, all the documents have to be filled out.

One of the documents that has to be filled out is the insurance carrier.
Now this gives the salesperson a natural opening to be able to ask if the guests would like to save money on car insurance.

If they do, they go ahead and go to the phone application or go online and they go to this Fast Pass location and they enter in some information from the gas about their past insurance, history and initial information that you’d have to get that quote, and then They actually get an actual quote, a real quote, not a guesstimate or an estimate, an actual quote from up to twelve different major insurance underwriters, and then they can actually talk to real live insurance agents right on the spot again.

Do it click the call or they’ve got a call feature where you can call the agents to either sign up on the spot or get your questions answered now? The next question I like to ask is well: who are the insurance carriers I mean? Is it some fly-by-night companies and there were some major carriers – you’ve got the Hartford progressive, MetLife, traveler’s and nationwide, so some pretty major players in the insurance business throughout the nation? Another question, I think, is a smart question to ask: is: does the product save the dealership money on expenses or does it help create profit for the dealership and whose product saves the customer money on insurance, which in turn increases profit for the finance department? I asked a little bit more about the ROI and I will show you a few statistics that they have come up with during some of their studies.

However, I went ahead and made some phone calls.
I called actually a big dealer group herb chambers, which is in the New England area.

They’ve got about twenty.
Actually I don’t know how many stores they’ve got.
I do know this they’re one of the largest groups of auto dealers in the nation.

I think they’re in the top 20 of the largest auto groups in the nation, so all their stores have this.
I called one of their Ford stores in Boston and I called a luxury store in a nearby suburb and both finance managers loved the product.
They did feel it in turn saved the customers money in most situations and increase their finance opportunity to sell more products.

They didn’t have any numbers or statistics like a were eighty percent in finance penetration or service contract penetration.
However, one of the gentlemen or one of the finance managers I talked to, did remind me that hey it really eliminates the objection of we don’t have the money, we don’t have the budget because they just found them 30, 40, 60 dollars and budget.
So as long as he sells the value, then in turn the customer really has a hard time disagreeing with, and he typically is able to sell the service contract or whatever product.

It is.
Another question I like to ask is how many dealerships are currently paying for your service? I mean you’re using it 500 and then I asked well.
What do you charge the next question? What is it, how much does it cost? That was the interesting part get this.

It doesn’t cost you anything.
Their service is free to dealers.
In fact, dealers can actually get paid on this in two ways.

One there spiffs available when insurance carriers go ahead and sign people up.
They can offer the dealership people staffs of the general managers owner general manager, finance managers or sales managers can get some type of ASP if they put it on a Visa card or if the dealer really wants to get involved.
With this, the company dealer policy can set them up with an LLC.

Have them become really, I guess, for lack of a better word, an insurance agent or being there under an umbrella of an assurance agency that they help you out with with an LLC, and then the dealership would receive money in renewals when the customer renews the engine Car insurance for the next coming here, pretty neat other questions.
I asked who’s your biggest competitor and I said no one really I mentioned Allstate and and then we both kind of agreed, and I think you would agree too – that’s one major underwriter versus many major underwriters.
So doing policy has a lot more choices: the ability to probably save the the guests more money.

Another question I asked was: if you could go back and do something different, so if you could start all over again knowing what you know now, what would you do differently and he told me that they would integrate it with CRM much quicker.

They do that now, but they would have done that from the very beginning and they would have went ahead and introduced it to the service advisers, so they could introduce it to customers and help them save money.
Last questions I asked was how easy it is to sign up.

Is it a difficult process, as I take a lot, and he told me not really at all, it’s got one form to fill out.
You’ve got a form for the Visa gift cards: that’s how they pay the spiffs.
If you choose to go that route and then you’ve got to download the Fastpass application, I don’t think there’s a lot of involved with that.

So not a lot of a lot of work to get signed up with them and doesn’t take a lot of your time here.
We are in dealer policies website.
Now I wanted to bring you here.

Obviously this is where you’d start to do some research on the the company.

Here’s the address to get there you’re welcome to go through all these tabs.
I have obviously they put their best foot forward.

This is a marketing tool for companies their website.
So you expect that, however, let’s see what they talk about here.
So they do have a statistic over here that I thought was interesting and that is 72 % of car buyers would use the insurance savings to purchase more finance products and then they’ve got another one.

Over here, seven hundred and twenty dollars is the average annual savings for the dealer policy insurance marketplace.
So they will have disclaimers on them and that’s one thing I want to do is dig in give you the disclaimers.
Tell you what the sample size of the studies are so number one here they say.

According to the 2019 dealer policy Survey, dealer policy, car buyer study – so that’s a study they have done.
They sent me a copy of this with their media kit, so I will show this to you and we’ll look at the sample size and if you want a copy of it, I’ll leave a link in the description you can reach out to me as well.
The second disclaimer just says that the customers of the Winooski LLC operating is dealer policy insurance agency based on more than 3,500 transactions, so that might be the LLC they help set you up with.

So you can get the insurance renewal money.
However, they’ll that aside, you can see, that’s the the sample size.
There was 3,500 transactions.

One other thing they talked about down here is service contract penetration, 44 % for a traditional finance, F & I, and then with the dealer policy tool, 77 % finance penetration.
Excuse me, 77 % service contract penetration and there you go so they see their base, that off of five dealership and 671 vehicles sold next, I’m gon na take you to dealer policy.
This is their study.

So again I’ll send this to you.
If you like, or leave a link in the description, let’s just go see what the sample size is.
I really want to dig in and see all right.

So the purpose of the study nationwide survey nationwide a thousand people who purchased within the prior six months and then the they can.

You can read the rest there if you like, and then here’s your demographics, so an OK sample size, a thousands, not a lot.
However, its it’s more than it’s more than nothing and it gives you something to go on, obviously alright.

Next, I want to talk about credibility of the company, so the the next place I went to were the Better Business, Better Business Bureau page and you can see dealer policies there there’s some other info.
What they are LLC insurance company there’s their address.
You can get ahold of them.

There’s your website again.
Phone numbers and accreditation they’ve been with Better Business, Bureaus known about them since 2017.
For years, they’ve got an A+ rating.

That’s what I was looking forward to see what their rating was and then, lastly, do they have any complaints? I would say no we’ll, look and see what this review is, but usually a 5-star review won’t be a complaint.
Let’s see what they said about dealer policy, LLC Shayla saved two hundred and eighty dollars on car insurance for two cars, full coverage, so she’s pretty happy with them a newer company again.
So you could look at that as a good thing or a bad thing, but just be known that it’s a newer company they’re, not gon na, have a lot of info on them and speaking of reviews or credibility, go to google reviews.

They’ve got nineteen reviews.
There are four point, eight out of five stars, and this first page here shows you their probably their best one.
This Alexis here works at the dealership and when dealer policy system was introduced from day one, she was a fan.

She goes on here to say I did read this prior to shooting this video and she called what happened.
Was she went ahead and used the insurance herself and was able to save a bunch of money, and she had a real good experience with this Danica.

So it feels like it’s a definitely a legitimate review.

However, she really wanted to give this Danika shoutout and she got shoes about Danica, but she also saved $ 120 a month in insurance, so that’s nothing to sneeze at and then I saw a poor review down here here.
We go so here’s their worst review, one star two months ago, high turnover agents, leaving constantly no consistency.
I get the impression they are mismanaged, not recommended, so we’ve got 19 reviews.

Majority of them are five stars.
In fact, I think the all are 5 stars of them that one that brought it down to a 4.
8 ok.

So there are the reviews.
Now the moment we’ve all been waiting for.
I know my wife and I have been waiting for this – to see if we can save any money on car insurance.

So let’s just see what can Christian young ruins my name married date of birth are ice.
So here I need a shout out: hey old school, to anybody, that’s younger than me! So go ahead and leave me a comment.
If you are younger, you were born after 1967.

Give me a shout out and say: hey old school, I’m trying to get a lot of comments figuring that we’re not gon na, be many people younger older than me out there alright, usually Park here overnight.
That’s interesting! I’m already insured we’re with national general.
I don’t think they’re gon na be on here, but you never know so.

Let’s see I see some smaller ones on here, Kemper MetLife now I see the general insurance Shaquille O’neal and here is Shaquille O’neal and the little cartoon guy of it.
Alright, we’ve been with them for about a year and a half so we’re gon na put that there.
I do know that we’re in this range here I checked before I came to this video or before I did the video and I checked, to see what we’re paying it’s a hundred and twelve dollars a month and I’d like to pay less.

So how much are you currently paying for insurance continued exciting and then there are two potential vehicles at this address.
Would you like to add them? Yes, so there’s not a spot to say yes, it just says no and continue.
I guess we’ll just put one on there: full coverage and the vehicle is financed.

The next one we’ll put the Elantra on there, that one is liability and it is owned.
So those are two vehicles, we’re done with vehicles.
So first we get the info.

Oh my gosh Chris younger, and that’s me Angela, younger and now my wife is younger than me: bb2.
I’m not sure why she’s 82 years old, let’s change this quickly, 72! So just a little young.
Okay, no other drivers.

I’ve got a 14 year old.
So not quite yet I’m done with the drivers.

Here’s my wife.

Yes, we did have some damage, so she backed into a demo.
As I said what happened, it was our fault.
Unfortunately, it happened about.

It was not quite a year ago it’s coming up on a year and the damages I mean.
If we there was hardly even anything happened, and here we had $ 1,800, so there you go and then no other violations alright.
So here we go.

Let’s just stay with standard, and this is pretty slick here.
This allows you to be able to get your score dragged and rank from the most to the most important to the least important.
The cost of policy is going to be important.

Ease of filing claims will say and understanding the policy will say, so you can flip them around how you like that, how you want to rank them, but I thought that was interesting here.
Alright, so we’re gon na pay in full.
So we can get a discount.

There’s my email: if you need to get ahold of me, my phone number, if you need to call or text me, go right ahead.
If you do text me, please just let me know that I don’t know you and who you are and I’ll text you back.

Okay, exciting the moment we’ve been waiting for, let’s see if we can save any money by the way dealer policies, agents, one travelers, insurance 2020 agent of the year – all right, so we’ve got several that want us state, auto and Stillwater, okay, so about seventy bucks.

Is the lowest state auto so that saved me what forty to forty three dollars so over forty bucks? So it’s not quite sixty, but hey I’ll.
Take forty bucks! Well, as you can see here, it did save us some quite a bit of money.
Sixty nine dollars was the the largest amount of savings.

It’s over five hundred dollars a year, it’s over forty dollars a month, which would definitely give me room to purchase a finance product.
If I saw the value and then grab the things up, I want to give you my opinion on dealer policy now the way I do this is asking myself the same through questions.

I ask myself when I was a general sales manager of a car dealership and making decisions for products and services for our store.

The first question I always asked myself was: does it benefit our customer? Well, in this case, it does benefit your customer.
If they’re able to save money on car insurance, they save money on shunts.
They could either just go ahead and save the money, and that way they free money up in their overall budget or if they were wanting to purchase more vehicle or look at a product or service that your dealership offers now.

They’ve got that additional budget to be able to afford that product or service.
The second question I always ask myself is easy and easy out: is it an easy product to sign up with and to trick, be trained on and learn, and is it difficult to exit that product or they got ta charge? Any fees is there 30 days 60 day, cancellation notice, those types of things and it’s obviously an easy product to sign up with and an easy priority to exit, because there’s just not a lot involved and then.
Lastly, the last question I ask myself is how many cards do.

I have to sell to go ahead and pay for this product.
So what’s my return on investment and there’s really no factor there that you have to be concerned with because it’s not an expense.
The first card that you go ahead and are able to sell more finance product on you says it’s a profitable product or service.

Overall, I would say I think you want to give this product a shot.
It’s not difficult to get in, or out of I just gave you the other two answers to the main questions.
You’d want to ask if you do have more questions, feel free to go ahead and comment and reach out to me I’ll do my best to get the questions answered.

Well, there you have it my unbiased dealership, product review on dealer policy.
Now, if you’ve got a dealership product service or a vendor, that’s asking to do a presentation.
You don’t have time or you just are curious and want to learn more about that product or service.

Go ahead and drop me a comment and I’ll do my best to see if I can’t do a review for you and save you a little bit of time and help you out next, if you’ve got sales, people that are struggling to stay focused and do positive, Proactive things during this coronavirus craziness that we’re all experiencing go.

Look at this video.
It’s coming up right, , .

About Richie Bello

Richie Bello has a vast knowledge of the automotive industry, so most of his services are faced towards automotive dealerships. He couples all his skills with the power of the internet to render even remote services to clients in need of a little brushing

Find out more