Your potential customer has what could be a great trade; a vehicle that will stand tall on the front line and probably turn quickly.
But then that vehicle is involved in an accident.
To help all parties involved, Dealer Owned Warranty Co. (DOWC) this week introduced Value Protect, an option in a retail installment contract to preserve the trade-in value of a vehicle should it be involved in an accident.
“With many of today’s vehicles becoming increasingly expensive, consumers were simply losing too much money at trade-in if there was an accident requiring repairs to the vehicle,” stated, of DOWC founder Michael LaMotta said in a news release. “Value Protect helps drivers recapture some of that diminished value that insurance companies don’t cover.”
The provider and administrator of F&I products and services acknowledged many owners are shocked to learn that vehicles involved in an accident can be worth up to 30% less at trade-in time.
“Even if the vehicle was properly repaired and the driver was not at fault for the accident, the potential loss in value is real and can be quite significant,” DOWC said.
Value Protect can protect consumers from an additional dent to their wallet at trade-in, following an accident. For example, the company explained that if the trade-in value of a vehicle before an accident is $20,000, it may only be $14,000 following an accident, even if the vehicle is fully repaired.
Value Protect could preserve the original trade-in value by reimbursing up to $6,000, depending on the accident repair amount.
“We think drivers who take care of their vehicles deserve to get the most money possible at trade-in,” LaMotta said.
The Value Protect Option Contract is just one of the customizable products available to DOWC partner dealers and their customers.
For more information about DOWC, visit dowc.com, call (201) 777-1000 or email email@example.com.