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...and it is this reason why we get media attention. We have a strong position in the warranty market and massively successful, innovative insurance products.

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THE new head of warranty firm AutoProtect has called on the industry to get its house in order and help dealers to capitaliSe on the selling of warranty products through better training.

Chief executive Andrew Richards said the time had come for warranty companies to become more heavily involved in the selling of warranty products through more intense face-to-face and online product training for dealers.

“Over the years, there has been little innovation and product development in the warranty market,” he said. “Consumers need to be convinced of the value of warranties.”

Richards pressed the need for dealers to be educated, and called for sufficiently trained staff available on the ground to drive this.

“The efforts made by the FSA have been of great value to this market sector, but the rest of the hard work rests on the shoulders of warranty companies and dealers,” he said.

Richards claimed AutoProtect was looking to shake-up the market.

Two new products – Million Mile Motoring and Engine For Life – are being launched by the firm, which Richards claimed would provide dealers with new revenue lines.

The Million Mile Motoring product offers dealers a range of cover policies, including standard and premier cover. Both warranties will allow motorists to claim up to £7,500 in total.

The Engine For Life policy covers a vehicle’s engine for the entire duration that a motorist owns the vehicle, up to one million miles for a range of engine components.

“We estimate that dealers will welcome this new warranty and that it will create some excitement in the marketplace.” added Richards.

“The retention potential with warranty products is massive and more dealers need to realise this if they are to take advantage of their added value potential.”

Survey shows customers dissatisfied with warranty policies
John Van Straaten

Mike McVeigh, operations director of warranty firm AutoProtect, pressed the need for dealers to tackle the sales process properly.

“Dealers can no longer rely on just handing over a piece of collateral at the point of sale that covers the warranty product in the hope that the consumer will read the terms and conditions and understand what the warranty does and does not cover.

“Part of the problem in consumer perception of warranties is that at the point of sale, many dealers fail to take the car buyer through the specific warranty product.”

AUTOPROTECT, the warranty and insurance services provider to the motor industry, has accelerated its dealer recruitment campaign.

The company, which was acquired by Capricorn Ventures international in the summer, claimed that September had seen it sign up 150 new dealerships across the UK.

As part of the drive, the group has also bolstered its staff numbers, appointing a number of new regional sales executives and administration staff.

Chief executive Andrew Richards said the business was on track to achieve its target of 3,500 dealers by the end of the year.

“Our growth over the past six months has been substantial and year-on-year this equates to around 35 per cent growth in new acquisitions,” he said.

“Without question, Autoprotect is raising the standards of service offered by warranty companies.”

Richards said the staff expansion was all part of the company’s aggressive three year business plan embarked upon earlier on in the year.

He added that heavy investment in product innovation and system technology would continue to form the focus of Autoprotect’s development.

Andrew Richards, chief executive of warranty and insurance services provider AutoProtect, draws parallels between the restructuring of warranty provision and what happened in the banking industry in the 1990s.

He said: “Just like businesses back then, dealers have been rather negative in their assessment of the regulations but the fact, about regulations is that it is here to stay.” He added: “If people embraced the requirements as part of the natural sales track rather than a bolt-on process, dealers would see their sales performance improve as a result.”

Richards pointed towards the value of professional sales training, something he claimed was sorely lacking in the industry. He said: “There is a real opportunity there for dealers who are consistent in their sales process.”

Warranty and insurance service targets dealers with new web-based systems

AUTOPROTECT GROUP, the warranty and insurance services provider to the motor industry, is gearing up to develop its offerings to dealers as it seeks to claim a bigger stake of the warranties market.

Following its recent acquisition by Capricorn Ventures International, the group claimed the next nine months would see it ramp-up its operations and product offering to dealers and manufacturers.

This includes investing heavily in both front and back end web-based warranty systems, which will allow dealers and manufacturers more efficient access to the claims process.

This month has also seen AutoProtect begin rolling out training workshops and a new online training tool across the UK.

All of the initiatives are aimed at helping dealers in the development of finance and insurance. FSA compliancy and how to drive profits from warranties and insurance services.

Heading up the investment drive is new chief executive Andrew Richards, who took over earlier this month having completed executive directorships with the insurance divisions of Lloyds TSB, HFC Bank and American Express.

Richards claimed the acquisition by Capricorn both complimented and strengthened AutoProtect’s aggressive three year business plan.

He said: “Over the next 12 months, we will increase our market share by 20 per cent through technology investment and development of our customer service and strengthening our skills set by enhancing our management and sales teams.”

He added: “Capricorn brings a wealth of experience in the financial services and motor industry sectors and will significantly develop the springboards from which to launch our plans.”

Richards claimed the group had already signed contracts with the Beadles Group to provide services for ten of its outlets while another deal with an unnamed dealer group was also in the pipeline. It has also renewed its contract with the TVR brand.

Jaco Marx, an executive director of Hollard Risk Partners, a subsidiary of Capricorn, said: “We are pleased to have concluded our acquisition of AutoProtect which furthers our presence in the UK insurance market and complements our international warranty business.”

AutoProtect Group, the warranty and insurance services provider to the motor industry, is gearing up to develop its offerings to dealers as it seeks to claim a bigger stake of the warranties market.

Following its recent acquisition by the Hollard Group, a subsidiary of Capricorn Ventures International for an undisclosed sum, the group claimed the next nine months would see it ramp up its operations and product offering to dealers and manufacturers. The firm claimed it had already signed deals with Beadles Group to provide services for ten outlets while another deal with an unnamed dealer group was also in the pipeline.