Three Reasons Why Your Customers Need GAP Coverage

Whether you’re an automotive, marine, powersport, commercial truck, commercial bus, or recreational vehicle dealer principal, chances are you’re constantly seeking ways to enhance not only gross profit but customer satisfaction and loyalty too. One way to do this is to ensure that your F&I team always adds GAP coverage to every deal. 

Guaranteed Asset Protection (GAP) Coverage is not just a valuable add-on; it's a crucial part of vehicle ownership that can not only make a difference for your customers but ultimately your dealership as well. Here are three compelling reasons why your customers need GAP Coverage and why your dealership should choose Ascent Dealer Services for its F&I offerings. 

1. Protect Your Customer’s Investment and Offer Peace of Mind 

When your customers finance their vehicle, they’re often unaware that if the vehicle is totaled or stolen, their standard insurance might not cover the entire amount owed on the loan. This is where GAP Coverage comes in. GAP Coverage protects your customers from having to pay out of pocket for the difference between the vehicle's actual cash value and the remaining balance on the loan. 

Imagine a customer who has just purchased a high-end marine vessel. A few months later, a severe storm hits, and the vessel is declared a total loss. Without GAP Coverage, the customer could be left paying thousands of dollars for a vessel they no longer own. By offering GAP Coverage, you give your customers peace of mind, knowing their investment is protected no matter what happens. 

2. GAP Coverage Brings Customers Back to You 

Another significant benefit of GAP Coverage is that it fosters customer loyalty and repeat business. When a customer experiences a total loss, they often need a new vehicle quickly. With GAP Coverage in place, the financial burden of the remaining loan balance is lifted, making it easier for them to consider purchasing a new vehicle from you. 

Consider a scenario involving a commercial truck customer. Their truck is essential for their business operations, and a total loss without GAP Coverage could be devastating. However, with GAP Coverage, they can quickly resolve their financial issues and return to your dealership to purchase a new truck. This not only boosts your sales but also strengthens the customer-dealership relationship. 

3. Building Trust and Ensuring Future Sales 

Offering GAP Coverage is more than just a financial product; it's an opportunity to build trust with your customers. When a customer uses their GAP Coverage, they see firsthand the value of the protection you recommended. This positive experience reinforces their trust in your dealership and your finance & insurance (F&I) team. 

Let’s take an example from the powersport sector. A customer who buys a recreational vehicle and later faces a total loss due to an accident will greatly appreciate the GAP Coverage you offer. This experience builds trust and makes them more likely to return to your dealership for future purchases. Moreover, they are more likely to purchase GAP Coverage again without any objections, having seen its value in action. 

Elevate Your F&I Team Today 

GAP Coverage is an essential part of a comprehensive F&I strategy that benefits both your customers and your dealership. It protects your customers' investments, ensures they return to you for new purchases after a total loss and builds lasting trust that translates into repeat business and referrals. 

At Ascent Dealer Services, we specialize in providing top-notch GAP Coverage solutions tailored to the unique needs of your dealership, whether it's automotive, marine, power sport, commercial truck, commercial bus, or recreational vehicles. Elevate your F&I department and delight your customers – get in touch with Ascent Dealer Services today! 

By incorporating GAP Coverage into your offerings, you're not just selling a product; you're providing peace of mind and fostering long-term customer relationships that drive success for your dealership. Contact us to learn how we can help you integrate guaranteed asset protection seamlessly into your finance & insurance offerings and see the difference it makes for your business and your customers.