Consolidation in the automotive F&I space—especially in vehicle service contracts, GAP, and ancillary products—has reshaped the market in ways that are not always beneficial to independent agencies. Large provider roll-ups promise scale, efficiency, and broader product portfolios, but they also create a quiet crisis for agents seeking to grow their business by acquiring new clients.
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The EFG Companies announces a new comprehensive product administration platform targeting product providers and administrators seeking to expand their business. EFG Admin Solutions enables rapid product portfolio expansion, with faster time-to-market, expanded product offerings, entry into new markets, and accelerated growth—without increasing operational infrastructure. For more information, visit www.efgcompanies.com
Full Release: https://efgcompanies.com/wp-content/uploads/EFG-Admin-Solutions.pdf
Missouri lawmakers furthered the protections for consumer finances by signing a new law that affords additional options for people looking to keep their budgets safe.
Full Article: https://gapalliance.org/new-legislation-increases-protection-offerings-for-missourians/
When it comes to voluntary protection products, such as guaranteed asset protection, debt cancellation, credit insurance, service contracts, and vehicle protection products, the hottest topic this summer seems to be the Federal Trade Commission’s Motor Vehicle Dealers Trade Regulation Rule…
Full Article: https://www.jdsupra.com/legalnews/states-are-joining-the-war-on-voluntary-3795919/
A report compiled by AmTrust Financial Services showed how much value consumers are getting from F&I products, especially guaranteed asset protection (GAP) coverage as well as owners who operate their vehicles where weather and road conditions are poor.
Full Article and Report: https://www.autoremarketing.com/subprime/report-value-consumers-get-gap-coverage-continues-rise
Sep 24, 2020 11:00 AM in Central Time
Guest speaker Lori Arce joins us to share JM&A Group‘s experience as an Innovation Partner implementing our new GAP Claim Consumer and Lender Portal. Register to learn about this powerful add-on as we run through its exciting features, including:
✔️ Consumer self-registration
✔️ 24/7 claim initiation
✔️ Mobile document upload
✔️ Automatic claim status updates
Registration and more information: https://us02web.zoom.us/webinar/register/4015997512568/WN_8redCa0YSHuzNEL54RtUng
As if Gap losses weren’t bad enough we now see the significance of Negative Equity.
Although we have seen it before today’s rapid increases in GAP losses should be of concern. Both the frequency and severity are now rising to levels that are concerning.
The CFPB’s Summer Supervisory Highlights report says one or more lenders are deceptive in their advertisements for GAP coverage and disclosures of payment deferral terms.
According to Consumer report you should carefully read the contract when buying car or truck – or you could end up paying more than you expect.
Full Article: http://www.consumerreports.org/shopping/beware-of-car-dealership-sales-contracts/