Opteven, parent company of WMS Group, has launched a new digital payment service for dealers to allow customers to spread the cost of their warranty payments.
The new process allows customers to spread their warranty payments over a period, thus keeping control of large outgoings, and provides dealers with a tool to help support the upsell of aftersales products, Opteven said.
As part of the new digital process, paperwork is sent to the customer for electronic signature.
Neil Monks, retail sales and customer services director at WMS, said: “With the support of Opteven and their investment in technology and digital solutions for the Group, WMS dealers are set to benefit from this new development and save themselves time and effort in return for delivering lots of advantages for their customers.”
This year, Opteven launched its new growth strategy, Highway25, which aims to meet the challenges facing motorists in the coming years, including the transition to electric vehicles (EVs), digitisation, the development of driverless cars, and the growth of subscription models in the industry.
Julie Sheward, head of sales at Payment Assist, which Opteven has partnered with for this service, said : "We are delighted to be working in partnership with Opteven and WMS, to enable dealers to offer a solution to their customers to purchase warranties, at a time when consumers are conscious of increased household bills.
“Paying monthly for a warranty will give them the peace of mind that they are less likely to incur costly one-off repair bills.
"The automated system also makes the process seamless for the dealer, meaning a quick and simple sale for both dealer and customer.”
Opteven said the partnership with Payment Assist forms part of its strategy to digitise its business and support customers and busy dealers by making things more efficient and simpler.
It negates the need for reams of printing and paper, and supports dealers to move towards the digital economy, the company said.
Amid the rapidly rising costs of living car retailers must rethink their customer propositions to offer greater financial security to cash-strapped customers, warned the RAC Dealer Network recently.
There are signs that some consumers are keen to control their future expenditure and hold onto their cars for longer.
Demand for GAP insurance quotes and extended warranties for alternative fuel vehicles (AFVs) is rising year-on-year (YoY), according to data from Intelligent Motoring.