Issue link: https://read.dmtmag.com/i/410969
MotoLease's new add-on products bring growth www.PowersportsBusiness.com FINANCE Powersports Business • November 3, 2014 • 13 participates in training the sales staff. Working together and being willing to do a little extra when needed goes a long way toward both building a good relationship and showing the staff you have each other's backs. They must also present a united front. My wife and I, and many other parents, use this one all the time: "What did your mother (or father) say?" This is the same phrase that I found myself using as both a sales and finance manager. The sales staff will use a chance to use one of you against the other. There should be generally defined duties laid out between sales and finance managers. If, as a sales man- ager, a salesperson asked me about the status of an approval, I would say, "What did Dan tell you?" When I was a finance manager, if a salesperson asked me what we could sell something for I would say, "What did Jamie say?" If either one of my fellow managers were out of the dealership, I was able to find out the information or make the decision, but we agreed to this protocol in order to make sure that we stayed on the same page. Here's hoping this advice helps you to be the best Mom and Dad you can. Happy selling! PSB Steve Dodds II is a moderator, trainer and consultant for Gart Sutton and Associates with a focus on sales and finance departments. Con- tact him at info@gartsutton.com. DODDS CONTINUED FROM PAGE 12 Lease assurance, service contracts, roadside assistance among additions BY LIZ KEENER MANAGING EDITOR MotoLease already had a program that appealed to subprime customers. Those inter- ested in buying a bike could lease it without mileage restrictions, despite their FICO score, and they could own the bike at the end of the lease without a large balloon payment. Though the plan is attractive and has been drawing customers in the seven states where MotoLease has been offered, the leasing plan alone wasn't the only service MotoLease man- aging partner Emre Ucer wanted to offer. He wanted to add more F&I products that not only increase his subprime business but also attract prime buyers. "For a long time we've been looking for a company to partner with. Our goal was to be a one-stop shop to provide a turnkey solu- tion to both the dealers and the consumers," he explained. Now MotoLease has found that partner in EFG Companies, the innovator behind the award-winning Hyundai Assurance program. Ucer contacted EFG earlier this year, seeking a partner that could help MotoLease offer more services to its dealers and customers. Now, MotoLease is offering lease assurance/vehicle return, roadside assistance and service con- tracts with EFG as the backend administrator. Starting in June, each vehicle leased from MotoLease has come complimentary with six months of lease assurance and 12 months of roadside assistance, with the option to upgrade those packages and include a service contract. MotoLease will be selling these products using SelectGuard branding. "When it comes to the lease space, MotoLease is very differentiated in providing these compli- mentary products as part of the lease. And what that does for the dealer, it gives the dealer an ability to have A) A greater opportunity to gener- ate profit through upselling the program, and B) They're doing right by their customer by provid- ing these quality products that are of tangible value," said Jenny Rappaport, chief marketing officer and president of marketing services at EFG Companies. ADD-ON PRODUCTS The lease assurance program now offered by MotoLease is unique in the powersports indus- try. Lease assurance allows customers to return their bike without damaging their credit in the case of financial hardship. MotoLease offers the program complimentary for six months, allowing dealers to upsell the program for the remainder of the 18-60-month lease. "If they lose their job, become disabled, international transfer, accidental death, they can return their motorcycle without damaging their credit," explained Glenice Wilder, vice president of EFG Motorsports. "We were very excited about building a product like that together to provide lease assurance options for the lessees," Ucer said, adding that a Plus program can also be pur- chased, which will cover three months of pay- ments while the lessee gets his or her finances in order. The MotoLease program was inspired by Hyundai Assurance, which EFG designed for Hyundai when the economy crashed. Hyundai at the time had contacted EFG looking for a way to differentiate itself in a bad economy just as the OEM was starting to gain a foothold in the U.S. "We developed this program for them which basically said, 'If you buy a Hyundai, and you lose your job, you can return that car with no impact to your credit, and you can just walk away,' and they experienced over a 14 percent increase in sales while the rest of the industry was down over 27 percent," Rappaport said. Though lease assurance was especially See MotoLease, Page 15