Preferred Warranties Marks 20th Anniversary by Revealing Continued Sales Revenue Jump

Extended service contract provider Preferred Warranties began its 20th anniversary celebration this week by highlighting a 29-percent increase in sales revenues last year, coming on the heels of a 16-percent jump during 2010.

PWI national sales manager Wayne Herring Jr. declared, “2010 was strong, 2011 was even stronger.

“The new plans and dealer programs that we introduced last year have been extremely well received,” Herring continued. “We’re opening up new territories, and we have built the best customer service and sales team in the business. The long and short of it is that we have a lot to celebrate.”

Last year, the company introduced a new high-end protection plan, an online contract entry tool for dealers, new Spanish sales literature and expanded dealer rebate incentives.

PWI also introduced its Premier Plan, offering coverage on a wider range of parts and service needs including many new high-tech systems and components.  

“The coverage is so extensive that we’ve gone to an exclusionary contract,” Herring pointed out. “It lists the few items not covered by the Premier Plan. If a component or problem is not on that list, this plan covers it.”

The company also invested heavily in support and technology for dealerships that carry Preferred Warranties.

In June, PWI introduced eContract, an online program that can allow dealers to instantly compare, present and submit service contracts on virtually any vehicle.
 
“The speed and simplicity of Preferred’s online contract program are amazing,” stated Mike Bowers, of John’s Great Cars in Reading, Pa.

“In less than a minute I can enter the information on any vehicle, calculate all of the service contract options, and have it presentable for the customer on a single page,” Bowers added.

Last summer, the company also introduced new Spanish versions of marketing and sales materials.

“To my knowledge, Preferred Warranties was the first provider of aftermarket vehicle protection plans to make a focused effort on hiring bilingual claims reps,” noted Greg Reyes, one of PWI’s full-time bilingual customer service reps.

“The management team is committed to recruiting, training and maintaining the best bilingual staff in the business,” Reyes emphasized.

Celebrating aside, Preferred Warranties stressed it won’t be resting on its laurels. The company’s plans for 2012 include a new e-tablet app that can enable dealers to instantly customize and compare finance and insurance products for customers.

Herring insisted the company’s solid record of growth has come since its founding in 1992.

In 1998, Preferred Warranties was ranked No. 179 on the Inc. 500 list of fastest growing U.S. companies and earned a Torch Award for Marketplace Ethics from the Better Business Bureau. Today Preferred Warranties protection plans are insured by an A.M. Best “A-” underwriter, and offered through dealerships in 17 states. The company is rated “A” by the Better Business Bureau.

Preferred Warranties extended service contracts are available through dealerships in 17 states, including Alabama, Delaware, Georgia, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.