Figures underline the impact of the pressure on personal finances that has been seen over the last couple of years. A £1,000 repair bill for a used car is not uncommon – transmission issues, air conditioning compressors or timing chain failure can easily cost this much
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.
Product will be sold through the more than 1,200 strong RAC Dealer Network, which is operated by the RAC in conjunction with Assurant, a Fortune 500 company with a presence in 21 countries which is the RAC’s partner in the aftersales sector.
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.
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.
A series of third-party agreements will soon be announced providing products and services in support of the RAC Dealer Network's 1200+-strong group of used car, van, motorcycle and motorhome retailers.
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.
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.
RAC believes that dealers should pay more attention to their warranty proposition as we enter the second half of 2022, ensuring that they have the right products and infrastructure in place to satisfy what is likely to be a growing customer need as the cost of living continues to rise over the coming months.
