LAKEWOOD, Colo. — A program developed by GE Auto Warranty Services now offers dealers all the advantages and none of the risks of offshore re-insurance programs. It also presents dealers with an opportunity to increase profits on the sale of vehicle service contracts.
“Earnings Plus Elite has become an attractive alternative to offshore re-insurance programs for our dealers. There is absolutely no risk of losing money as a result of participation in the program,” said George Godfrey, vice president of sales for GE Auto Warranty Services.
The Earnings Plus Elite program features multiple benefits that are attractive to dealers who are looking for an alternative to re-insurance since the release of IRS Notice 2002-70.
Features include a production bonus on every contract sold, a deferral option up to five years (with the option to renew annually) to collect additional interest, interest income earned on the dealer’s account balance and a flat administration fee with up to 99 percent of premium ceded into the dealer’s account.
Dealers participating in Earnings Plus Elite will also qualify for rewards and payouts, receiving their first production bonus checks just 45 days after their first qualifying month.
