Rifco National Auto Finance will implement several changes to its Fast Forward 500 Club (FF500) dealer rewards program based on feedback received at its annual dealer meeting last month.
Changes for dealers include more one-on-one direct contact to Rifco’s credit and funding team, and access to a dedicated analyst, a spokeswoman told Auto Finance News. “The personalized service is a huge factor of what draws dealerships to the FF500 program, and this is another way to add value for our dealers,” she said.
Additionally, the lender wants to find new credit opportunities to boost dealer business. “This will require analysis of our credit space to see how we can do 100% of our dealers’ business,” she said.
FF500 has three status levels: bronze, silver, and gold. There are approximately 110 dealers in the program, which has been growing at a rate of 10% to 15% a year.
Rifco will also increase the amount of points dealers can earn, and offer bronze members access to a 60-day deferral payment program, which allows finance managers to push a customer’s first payment date back 60 days.
Previously, the deferral program was only available to silver and gold members. All changes will be implemented in the first quarter of 2018, the spokeswoman said.