Portfolio Launches Reinsured Service Drive Product
LAKE FOREST, Calif. — Portfolio has launched Portfolio Edge, a program designed to extend coverage of the manufacturer’s parts and labor warranties on repairs performed in dealership service drives. It also reinsures the extended coverage contracts to the dealer’s affiliated reinsurance company.
The program, the company stated, will come with two options for dealerships: a limited warranty that is included in the customer's payment of the repair order, and a service contract that covers the repair paid for separately by the customer. The coverage, the company added, can be extended up to four additional years.
“With reinsurance being a vital part of most dealers’ business strategies, we have recently been asked for a service drive product that can be reinsured,” said Steve Burke, chief executive of sales, noting that all consumers documents related to the program are generated electronically. “We believe this is the first program of its kind to meet that dealer need. Plus it boosts wholesale parts sales and helps with customer satisfaction and retention.”
Porfolio partned with PartShield, which has created a similar extended warranty offerings for vehicle OEMs such as Ford, on the development of the program's private labeled websites, which facilitate the sale and distribution of the Portfolio Edge product. The sites, which integrate with most major DMS providers, are also designed to determined part elibilities. PartShield will also assist in implementing the technology in dealerships.
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