Santander Consumer Finance has appointed The Warranty Group to supply Return to Invoice GAP products to 3,000 motor dealers for which it provides new and used car finance.
Return to Invoice GAP products are designed to provide a safety net for car owners in the event of total loss, paying the difference between the settlement offered by the customer's insurance company and the greater of either the original purchase price or finance settlement
As part of the new programme, Santander Consumer Finance will also be offering training support to dealers, helping them to put a structure in place that can have a dramatic impact on the penetration of Return to Invoice GAP sales.
Talking about the decision, Andy Green, Santander's marketing director, said, "Service Plans from The Warranty Group have become an important part of the product mix offered by our dealers during the last couple of years, and it makes sense for us to offer Return to Invoice GAP using them. Offering a wide range of options to customers in support of car finance is becoming an increasingly important revenue stream for dealers and, by extending our partnership with The Warranty Group, we are providing our dealers with access to market leading Return to Invoice GAP and service plan products, easy online administration and a high level of training support."
Commenting on the new business, Ian Simpson, sales and marketing director at The Warranty Group, said, "Return to Invoice GAP is not necessarily a headline grabbing product but it's a crucial part of any dealer's product portfolio. We are very pleased to be working with Santander Consumer Finance in this area and are actively working to help their dealers increase sales penetration."