AutoPayPlus by US Equity Advantage rolled out a new product on Thursday aimed at giving dealerships another option for operators who want to get into reinsurance.

The company launched RePayPlus, a reinsured bi-weekly payment program that combines AutoPayPlus’ bi-weekly payment service with a customer retention and reinsurance structure to deliver a solution for dealers.

“It’s not often that I get to be involved with something that is truly innovative in this business, so I was happy to assist in the creation of RePayPlus,” said Mark Genova of Reinsurance Associates.

AutoPayPlus founder and CEO Robert Steenbergh added in a news release, “Having Mark’s expertise was essential. We are also very pleased to have Fortegra as our CLIP provider for the program.”

Designed to strengthen both dealer economics and customer outcomes, RePayPlus is meant to deliver a financially self-sustaining reinsurance model that can increase customer retention, accelerate equity creation, reduce negative equity exposure, and shorten extended loan terms — all while generating meaningful, long-term reinsurance revenue for dealers.

Other key program benefits include:

—Second highest dealer premium, second only to VSC, maximizing dealer reinsurance reserves

—$499 loyalty credit: Applied at the dealership after two-thirds of the loan term to drive repeat business and retention

—Limited dealer risk: Loss ratios comparable to or slightly lower than VSC

—AutoPayPlus bi-weekly servicing: Aligns customer pay cycles with payments, helping customers build equity faster, shorten loan terms, and reduce total interest paid

Robert Hunter is president of Brown and Brown Dealer Services Auto F&I.

“I’ve been familiar with AutoPayPlus for many years, and it was a fine product, but I believe that this new reinsured version of the biweekly program elevates it to a core Dealer product,” Hunter said in the news release.

“RePayPlus represents a breakthrough in innovation for an F&I market that rarely sees anything new that’s not a gimmick,” Steenbergh added. “By combining three already successful and proven components, we’ve created a force multiplier.”

For more information on RePayPlus, contact AutoPayPlus director of national sales Damon Walker via [email protected] or by calling (714) 658-4187 or (866) 600-2400.