General Motors’ Protection coverage group, Chevrolet-Buick-GMC and Cadillac (CBGC) Protection, is currently rolling out a new F&I platform across its dealer network that will soon merge its e-contracting solution at GM Financial into one unified system, reducing dealership wait times, and educating consumers through interactive video elements.
MaximTrak, which was acquired by RouteOne Holdings in December 2016, will provide the technology for the new platform so that F&I managers and consumers alike can complete vehicle finance contracts and subsequent aftermarket insurance products all in one digital experience, Jim Maxim, president of the insurance platform, told Auto Finance News.
“We’re probably 60 to 90 days away from having a fully integrated e-contracting experience for both the finance and insurance products,” he said. “This is one of the highest priority integration projects that our company is working on right now.”
Since this article was first published, a RouteOne spokeswoman clarified that the all-in-one solution will be provided to all clients, not just GM.
While that all-in-one product isn’t ready yet, late last year MaximTrak began testing the separate insurance platform in 25 to 30 GM dealerships before finalizing a contract in January. After training regional managers, MaximTrak began more actively rolling it out and is now in some 65 GM dealerships.
GM has long partnered with RouteOne for its e-contracting solution, and once MaximTrak’s insurance platform is more widespread across GM Dealers, they will start to combine the two.
“When our companies came together, it was the first time we had the opportunity to really engage together with General Motors,” Maxim said. “We’re finding overlap and opportunities to extend out our services to the broader GM group of customers and clients internally.”
For example, the platform could be used to sell financed maintenance packages to consumers when they come in for serious repairs or just a routine oil check, he added.
Regulators have increasingly scrutinized these aftermarket insurance products — such as guaranteed asset protection and other maintenance products — and Maxim said this platform helps GM educate the consumer on exactly what they are receiving.
“From a regulatory perspective, the interest isn’t really on the product itself but in how it’s sold to the consumer and what that margin is,” he said. “There is an interactive environment where you can watch a video, you can ask more questions, you can see limitation of those cover gates. It’s pretty robust in its capability beyond just the words on a piece of paper.”
