Monday, Jan. 07, 2008, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
SOUTHFIELD, Mich. — Late last week, GMAC Insurance announced it is launching new additions to its suite of technology-based solutions for dealers.
Combined with ongoing training and support, IntelliMenu(SM) and IntelliTracker(SM) provide a state-of-the-art, custom-designed, menu-selling process with the potential to increase dealership F&I revenue by 30 percent on average, according to officials.
"During the last several years, dealers' profit margins on new-vehicle sales have become increasingly slimmer," explained Tom Callahan, executive vice president of GMAC Insurance's Dealer Products & Services group.
"Our integrated menu-selling process will help dealers remedy that trend. First, it will provide dealers with unprecedented and complete access to all of the tools and training necessary. And second, by enhancing customer awareness of F&I product offerings, we expect the solution will ultimately result in significantly improved penetration and revenue," he continued.
GMAC Insurance is providing this service through a partnership with MenuVantage.
"We are proud to be working with GMAC Insurance on this unique, integrated dealer solution," said Phil Battista, co-chief executive officer of MenuVantage.
"On average, dealerships with our system have seen a 30-percent increase in F&I revenue. By combining our technology expertise with GMAC Insurance's complete support package, dealers can expect unparalleled service and results," he added.
IntelliMenu will also provide dealers with an interface approved for ADP's dealer management system, in addition to an interface certified for Reynolds and Reynolds' DMS, the company pointed out.
"These interfaces allow MenuVantage access to a dealer's DMS using standard data interfaces and help ensure dealer information security, privacy, confidentiality, integrity and supportability," executives indicated.
The company will also supply GMAC Insurance with technology support and development expertise for future upgrades and improvements.
IntelliMenu and IntelliTracker are big departures from the industry norm, officials noted. While the majority of competitors traditionally focus solely on products, GMAC Insurance is redesigning its entire portfolio of offerings around dealer-focused solutions by integrating F&I products with ongoing dealership training and best-in-class tools to provide a complete, packaged solution, executives claimed.
"Our business model is built around developing products, services and training that address specific issues raised by our dealer-customers. IntelliMenu and IntelliTracker were both born out of our ongoing conversations with dealers," said Callahan.
Moreover, officials said that by integrating with major DMS providers, Web-based IntelliMenu can provide a seamless sales transaction, giving dealerships an easy, affordable way to structure multiple deals in the F&I office.
IntelliMenu can further assist dealerships with disclosure needs, allowing dealers to show every customer a complete listing of product offerings while providing a record of acceptance or decline.
IntelliTracker integrates with IntelliMenu to provide dealers and their GMAC Insurance account executives with up-to-the-minute information on F&I sales results. An individually tailored approach to maximizing sales is then jointly developed based on the needs of the dealer, and any necessary training is immediately set up, GMAC Insurance explained.
The entire process will be made available to dealers by mid to late January. Dealers interested in more information can their GMAC Insurance representative.
Additionally, officials indicated that reps will be available to demonstrate these new solutions in GMAC Insurance's booth at the National Automotive Dealers Association Annual Convention on Feb. 9-12 in San Francisco.
"I encourage every interested dealer to stop by the GMAC Insurance booth," said Callahan. "While there is no silver bullet to address dealer needs, we believe GMAC Insurance can offer real solutions with the depth and breadth of our products and proven F&I capabilities."