ORLANDO, Fla. — MenuVantage, a Web-based menu selling system, announced that Service Payment Plan (SPP) has joined its nationwide network of active F&I providers. SPP administers interest-free payment plans for service contracts on new and used vehicles for both manufacturer and independent service contract providers in the United States and Canada. MenuVantage will enable auto dealers to offer these payment plans to car buyers and submit the contracts electronically, keeping the submission process paperless and hassle-free.
Making vehicle service contracts affordable without paying any interest is an option many consumers appreciate and a great way to dynamically increase sales. The SPP payment plans can range from 12 to 18 months in length, depending on the term of the service contract. All customers that purchase a vehicle with cash, outside financing or limited financing, can benefit from SPP’s zero percent interest monthly payment option.
MenuVantage enables dealers to take full advantage of these interest-free plans in the sales office, F&I office and service drive, with a sales tool built right into its F&I menu selling software and ServiceMenu products.
“I am excited about our relationship with MenuVantage as it makes it much easier and more efficient for dealers to do business with SPP and benefit from our interest-free payment plans for service contracts,” commented Robert Hymen, SPP president.
Commenting on the relationship Phillip Battista, MenuVantage co-CEO stated, “We believe this relationship will benefit our customers by bringing another opportunity to generate greater profit, not just in the F&I office but also in the service drive.”
MenuVantage provides dealers with superior F&I tools to ensure compliance and increased gross profit. The system offers F&I departments the most advanced technology available on the market, including electronic submission of warranty and F&I products to providers, real-time service contract rating for over 50 providers.
MenuVantage has seen a strong increase in market presence and currently processes more than 100,000 deals per month for over 4,000 users at automotive dealerships in all 50 states nationwide and Canada. The average deal with MenuVantage produces $903 per unit compared to $633 per unit without the system — a 30 percent increase in revenue.
