WAYNE, Pa. — MaximTrak, a technology provider for the retail automotive finance and insurance industries (F&I), and CNA National Warranty Corporation, a vehicle service contract company, have partnered to provide a time-saving advance in dealership F&I processes. CNA’s automated VIN rating system, QuikRate, eliminates the need for F&I managers to manually search rate books when pricing a vehicle service contract. MaximTrak has seamlessly integrated this technology into its F&I menu platform, which dramatically reduces rating errors and maximizes finance managers’ time for more productive face-to-face interaction with vehicle buyers.
Due to the sheer volume of paperwork needed to complete the sale of a vehicle and the complexity of dealership F&I transactions, customers can easily spend 45 minutes or more meeting with an F&I manager after they have already agreed to buy the vehicle. Customers start to get restless at about 30 minutes. Anything that can shorten the process and free up more productive time for the F&I manager has to be seen as a win-win for all parties.
MaximTrak’s focus is to streamline the F&I process. The company’s overall technology platform represents a major advance for car dealers, on average saving dealers about 20 minutes per transaction by integrating multiple applications onto one platform. When F&I managers are pricing a service contract, they currently have to search an insurance rate book by vehicle class, make, model, model year, mileage covered and contract term to come up with an accurate contract price — or they pluck a suggested retail price from a pre-printed rate card and start negotiating. Either way, customers are likely to get agitated.
MaximTrak, together with CNA National’s QuikRate system, is able to provide an accurate price quote for the service contract after only a few keystrokes at the F&I manager’s desk. No more rate books. No more duplicate entries into multiple computer systems. No more wasted time. No more agitated customers. No more lost income for the dealership. In the near future, MaximTrak will also incorporate CNA National’s newest technology, QuikContract, for online contract printing and contract registration. This will enable the dealer to print the retail vehicle service contracts out of the MaximTrak system and remit the details of the sale to CNA National directly, eliminating the old-fashioned paper process that takes on average 45 to 60 days.
MaximTrak was the subject of a recent article in the industry publication Car Dealer Insider, which highlighted the success of MaximTrak’s technology and training in producing significant improvements in net F&I income for some of the largest automotive dealership groups in the U.S.