The old adage, "let a sleeping dog lie," may make good sense for a postman, but not for an auto dealer if that sleeping dog is back-end F&I income. When vehicle and service contract sales are down or uncertain, many profit-sharing programs take a nap because of missed production minimums. If slow sales are causing your dealership to miss production targets, and therefore forfeit underwriting and investment income, AIADA and CNA National have partnered together to offer a product to wake the profit dog.
Based on similar successful programs from CNA National, AIADA Equity offers our members the opportunity to generate underwriting and investment income without individual production minimums. If your stores are not meeting service contract production minimums or your service contract provider does not offer underwriting or investment income, act now to see how AIADA Equity can generate additional income for you. CNA National has generated substantial income for dealers with similar programs in several states - and is now offering the same opportunity to AIADA members nationwide. In fact, CNA National has paid more than $152 million to participants in their profit-sharing programs.
AIADA Equity offers specific benefits beyond waiving individual production minimums to qualify for back-end income. There are no start-up costs, no initial investment requirements and no hidden fees. Investment income is compounded monthly and paid every six months; because it is not included in the reserve account, it is not at risk for paying claims. Underwriting income is paid annually after 75% of premium is earned. The account is analyzed by CNAN's Dealer Management department to help maximize profit-sharing income.
AIADA Equity is provided by the best in the business-CNA National, the only company to be named "Best Service Contract Provider" in the Dealers' Choice Awards (2005-2006-2007-2008) as awarded by Auto Dealer Monthly, and the first service contract company to be awarded "Highest Overall Dealer Satisfaction" by J.D. Power and Associates.
AIADA Equity is backed by CNA, A.M. Best rated "A" with over 100 years in the business and over $52 billion in assets. The program is fully insured by an insurance company, not a risk retention group (the latter being vulnerable to potential underfunding). With CNA, dealers have the reassurance of partnering with one of the nation's oldest and largest insurers.
To get the most out of your service contract program, you need both financial stability and superior service levels to keep your customers happy and your dealership running smoothly. In more ways than one, CNA National puts the "service" in service contracts. Its service contracts are written in clear, consumer-friendly language, eliminating confusion in the service lane. It offers online contract rating, which speeds the process for your F&I Department and eliminates most, if not all, rating errors. E-contracting reduces mistakes that can make it necessary to amend or re-write the service contract, which could delay funding and income. When your service department calls in for claims, CNA's ASE-certified claims adjusters answer the phone in less than 10 seconds on average, and most calls are handled in less than five minutes. More than 90 claims adjusters hold 370 ASE certifications and 10 are master certified, allowing your service department personnel to speak to their peers and quickly provide your customers superior service to set you apart.
For more information on this exciting new program, watch our short introductory video, call (800) 345-0191 x767, or e-mail info@cnanational.com. Prefer to be contacted by CNA National? Click here and someone will be in touch shortly.
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