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AutoPayPlus Launches Industry-First Fintech Solution to Increase Dealer Profit

AutoPay+PERKS amplifies a dealer’s two biggest profit centers in one easy step.

September 7, 2021
AutoPayPlus Launches Industry-First Fintech Solution to Increase Dealer Profit

AutoPay+PERKS amplifies a dealer’s two biggest profit centers in one easy step.

2 min to read


ORLANDO, Fla. – Profit. It’s every dealership’s primary business goal and ongoing challenge. AutoPayPlus has unveiled an all-new, industry-first solution designed to increase PVR and service retention for dealerships in one easy step. AutoPay+PERKS combines the company’s award-winning biweekly loan payment service with the added advantage of a dealer loyalty program to increase profits from customer-pay service and boost customer retention at no additional cost to the customer or dealer.

Consider these industry statistics:

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  • The new-vehicle department accounts for 58% of a dealership’s overall revenue with 83% of a dealer’s front-end gross profit coming from the sale of F&I products.

  • The service and parts departments make up 49.6% of the dealer’s gross profit.

  • Only 13% of customers have maintenance performed at the selling dealership, but when they do, 76% will purchase another vehicle from the dealership, as well.

“The key to a dealership’s success today is to maximize its two primary profit sources,” explained AutoPayPlus CEO Robert M. Steenbergh. “AutoPay+PERKS also gives agents something to offer their dealerships that no other biweekly program can deliver and continually build customer loyalty. Only that can combat the disrupters.”

How does AutoPay+PERKS work? It begins at the point of sale by enrolling customers in AutoPayPlus, an F&I service that uses automated biweekly payments to help car buyers better afford their loan payment, purchase additional products, shorten their trade cycle and return to the dealership with less negative equity. A 10-year analysis by AutoPayPlus has shown that dealerships sell approximately 57% more F&I products on AutoPayPlus deals versus standard retail deals. In addition, results from AutoPayPlus’ top dealer groups reveal a 63% increase in per-vehicle financed income on AutoPayPlus customers.

Once a customer’s AutoPayPlus account has been active for six months and it’s time for their first service, AutoPayPlus sends them a debit Mastercard co-branded with the dealership’s logo and preloaded with $100 that can only be used at the selling dealership’s service department.  A dealer boost program allows dealers to load additional funds to the card, further incentivizing their customers’ return to the dealership. AutoPay+PERKS is supported by a mobile app that lets customers access their perks from a dealer-branded service page, as well as receive factory recommended service scheduling reminders and recall alerts.

"AutoPay+PERKS is a guaranteed way to drive new customers to the service department that doesn’t interfere with any other existing retention program such as pre-paid maintenance,” added Steenbergh. “And, best of all, it’s easy and can be cost-free for dealerships to implement.”

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