During the “Optimising The Year Ahead” webinar held by Assurant, Christof Engelskirchen, chief economist at Autovista, told more than 100 delegates that a move was underway back to a situation where there was oversupply and tight demand.
Developed by the RAC’s partner in the aftersales sector, Vehicle Care by Assurant allows dealers to notify their customers about key product information and keep in touch with new offers, as well as creating the opportunity to renew at the end of an existing term.
There’s also a growing trend towards user generated reviews – especially video content – either created by consumers or influencers, and as a younger demographic such as Gen Z gets to an age where they start to spend a lot of money within the economy, it’ll get more and more important in capturing their attention
Five year Hyundai Promise warranty proposition is available for all vehicle types, covering petrol, diesel, hybrid and electric vehicles, with the latter featuring Assurant’s EV One℠ warranty programme, which launched in the UK market in 2020.
The number of policies written covering six, 12, 24 and 36-month periods all increased with only the shortest available cover – for three months – seeing reduced sales. Overall, the company’s average warranty term rose from 9.9 months to 11.1 months.
It's not just a question of dealers and others in the remarketing industry spending more money on bringing vehicles up to the expected retail standard, but allocating additional time and enforcing new standards.
Group plans to grow the number of dealers in the network and the penetration of our products in the second half of this year and into 2023, and are now starting to recruit in support of this strategy, with new motor warranty consultants required in areas across England, Scotland, Wales and Northern Ireland.
The exact warranty offered differs depending on the franchise and vehicle but includes a maintenance and repair plan alongside RAC breakdown cover including At Home, Roadside assistance and National Recovery. It can be applied to any car, van or motorbike for periods from 1-48 months.
Car retailers will need to identify ways of providing reassurance to customers who were being offered older vehicles at historically high prices while their personal finances were stretched.
Many of the network’s 1,300-plus dealers already have the relevant regulatory permissions to sell RAC GAP Insurance but now a pioneering arrangement has been made for the remainder to offer the product using a third party.
