Powersports Dealership Reinsurance FAQs
When sales are down, how does your dealership make money? Through its parts and services department and the F&I products that you've sold both of which bring in more money than unit sales. But a powersports dealership reinsurance company, which will improve your F&I department, is worth considering if you want to have a safety net when sales are down. It's a tool that not only helps you build long-term wealth, but also greatly improves customer service.
What should I know about dealership reinsurance?
Briefly, dealership reinsurance is partnering with a provider like Torque Group to enable your dealership to offer aftermarket or F&I products to your customers directly through your reinsurance company. You will no longer have to look for, and consult, several providers at a time to find a package that best fits your customer's financial capacity. You also get to keep the underwriting profits from the premiums.
What products can I offer through my powersports dealership reinsurance company?
What you can offer are the same products that you already offer through your F&I department: extended service contract, tire and wheel protection, GAP and total loss protection, battery replacement, service and maintenance contract, tire, and wheel protection, and so on.
Can I customize the products according to each customer's needs?
Yes, you can. This is one of the benefits of having your own reinsurance company. You have more flexibility when it comes to customizing packages for customers. This immediately elevates the customer experience, which of course, encourages loyalty.
How does dealership reinsurance build long-term wealth?
As mentioned above, you get to keep the underwriting profits from premiums that have matured. The funds you've collected can be used to expand the business or invest in equities. It's up to you how you will use the profits that you've earned.
You build long-term wealth by wisely utilizing the underwriting profits you've gained. Instead of leaving the funds alone to sit idly and stagnate, use your business acumen to utilize the profits.
Do all reinsurance providers offer this flexibility?
No, not all reinsurance program providers offer dealerships the flexibility to invest their profits in equities, expand the business or use it in other profit-generating ventures. Make sure to discuss this option with the partner of your choice before agreeing to become their reinsurer.
Torque Group powersports dealership reinsurance program
Torque Group offers a dealership reinsurance program designed to help you gain financial flexibility. Call Torque Group today at (800) 859-0590 to learn more about their reinsurance program.
