Leveraging Lifetime Powertrain Warranty the Right Way
At a time when new car inventory for some OE’s is struggling to keep up due to the chip shortage, used car inventories are becoming more valuable and the prices are rising as we speak. As such, dealers have to do whatever they can to move units on either side of the lot to maintain sales momentum as we move through the Spring.
One way to make sure your used car inventory is as appealing as possible is to offer a lifetime powertrain warranty. And if you offer it as a preload, even better.
Used car shoppers are always concerned about how long they have for warranty protection and if they know that the powertrain (arguably the most expensive system to repair) coverage added into the price of the car, it should be an easier sell. Make sure the salespeople know how to position it when reviewing the sticker addendum…
How does this help beyond sales, though? Offering a preloaded lifetime powertrain warranty helps drive traffic to YOUR service department. If the customer sees the coverage as branded to your store, they will naturally have no issue coming to you for the major work needed.Service benefits from the work itself and quick reimbursement through the provider, but they get opportunities for other repair or maintenance upsells when the car is on the lift. Fast and efficient repairs lead to better CSI and referrals, too.
But wait...there’s more! Preloading a lifetime powertrain warranty on every used car also helps raise CSI with your customers, too. They see your dealership as investing in their vehicle and helping to make sure costly or unexpected repairs don’t impact their ability to make their monthly payment or put their family in financial jeopardy. You are seen as the dealer who cares, the dealer who wants to make sure an engine or transmission repair doesn’t empty their bank account.
If you are considering adding a Lifetime Powertrain Warranty to your used inventory, make sure you are working with a provider that is also an in-house TPA with a stellar reputation and one that will not hit you with surprise fees.
Click here to see how truLifetime can provide that invaluable measure of financial security for your customers and strengthen the ‘why buy here’ proposition for your dealership. We know that the challenging times are still with us but we aim to make it easier for you to drive profits while making your customer happy for ‘life’.
One way to make sure your used car inventory is as appealing as possible is to offer a lifetime powertrain warranty. And if you offer it as a preload, even better. Your Customers Want It…So Why Not?
Offering a standard powertrain warranty on all units can help take those units you may think will be difficult to sell and make them more attractive to buyers who don’t necessarily need the latest-and-greatest models.