Orlando, FL (PRWEB) April 12, 2006
MenuVantage, a fully customizable, web-based menu system that integrates seamlessly with major Dealer Management Systems (DMS), today announced the addition of new sales tools and feature functionality to its leading menu selling system. The new features provide dealers with superior F&I tools to ensure compliance and increased per unit profit.
MenuVantage has seen a strong increase in market presence and currently processes more than 60,000 deals per month for 2300 users at automotive dealerships nationwide; the average deal with MenuVantage produces $903 per unit compared to $633 per unit without the system – a 30% increase in revenue.
According to Ernie Boch, president of Norwood, MA-based Boch Automotive Enterprises, MenuVantage has helped his stores average $175 more per deal, while ensuring compliance with each deal. Boch conducts approximately 2500 deals per month using MenuVantage at his 8 stores, which include the #1 Honda franchise in the country and the #1 Toyota franchise on the East Coast.
“MenuVantage ensures compliance, accountability and profitability. It gives a comfortable compliance starting point that is easy for the customer to see and F&I Manager to explain. Legally it’ll disclose everything to the customer from the beginning and show base payment, interest rate and term. It makes the F&I Manager and General Manager feel confident both in compliance and selling. With multiple finance managers it is important to have everyone on the same page. MenuVantage ensures there is never a discrepancy,” Boch stated. Boch is also president of Subaru New England, a Subaru distributorship that sells cars and parts to 60 dealers in New England.
MenuVantage offers F&I Departments the most advanced technology available on the market including electronic submission of warranty and F&I products to providers, electronic rating of their products and the dynamic printing of documents on regular paper. The new tools add further feature functionalities that include:
- Dynamic Waiver – A compliance tool for the dealership that clearly states what was selected vs. what was declined. Also a sales tool, it breaks down the monthly cost of the declined products making it that much more attractive to the customer.
Gap Benefit Form – MenuVantage’s relationship with a leading provider of residual value information enables it to present the residual values tailored to the customer’s current situation. This tool shows customers their actual GAP in multiple monthly intervals based on the difference between the actual value of their vehicle and the loan payoff amount; helping create awareness of and need for the GAP product.
VSC Benefits – A highly innovative sales tool that takes verifiable information from a 3rd party and displays it in such a way that the customer can financially understand the benefit of paying for tomorrow’s repairs at today’s prices. This is one of the easiest ways to show the need for a Service Contract.
Equity Advantage Program - An exclusive bi-weekly payment option through Wachovia bank. Because MenuVantage can show the customer the estimated residual values for their particular vehicle, it we can present the total financial benefit to the consumer by opting to pay their loan bi-weekly. Now dealers are able to retain business that typically went to the local credit union. This helps increase PVR and acts as a competitive advantage for financing with the dealership.
Maintenance Benefits Form - Much like the VSC benefits, this form shows the maintenance costs for the particular vehicle.
According to MenuVantage Chief Marketing Officer Phillip Battista, MenuVantage has developed a system that not only assists dealers on the front end, but also providers on the back end; offering unique benefits to F&I Providers. The MenuVantage system incorporates a powerful communication feature that offers the capability to broadcast information directly to their dealer's desktops. With this feature providers can run contests, make announcements and post new product promotions in minutes.
“Our goal is to partner with providers rather than turn them into commodities. We have created technology for 3rd party providers to brand their products. Every time an F&I sales person logs on, the individual providers full color banner, scoreboard or message will appear. Having their message lost in the clutter will become a thing of the past with the MenuVantage system. Now marketing messages and promotions will consistently hit their target,” Battista said.
“MenuVantage is far superior to anything else on the market and its tools to help brand our services our second to none. Of key importance is MenuVantage’s ability to push in and out of major DMS providers so when the menu is agreed upon by the consumer it goes in and grabs data off the system, the deal is written up, it is accurate, the customer signs it and it is booked back into the DMS. Other systems say they can do that but don’t. The success of our relationship is because MenuVantage always delivers on their promise,” commented Arden Hetland, American Financial and Automotive Services President.
MenuVantage provides a unique approach to presenting and selling additional Finance and Insurance (F&I) products by providing a custom F&I menu with products that better suit each dealership customers’ needs. Menus are generated based on the deal parameters entered by an F&I manager at the time of sale. These deal parameters are used to build a menu from templates to provide the best possible package for each dealership customer. The F&I manager then has the opportunity to fine tune the parameters for pricing and term to provide a customized solution, meaning higher possibility of sale. The practice ensures that customers are offered all products and get all required disclosures. Benefits include: Real Time ADP/ R & R interface, electronic warranty look up, OFAC Compliance, an average 22% increase in product sales and Doubled PVR.
MenuVantage is a truly customizable web-based menu system featuring bi-directional integration with major dealer management systems (DMS), eliminating any need for double entry. A web-based system also averts the need to back up information on the company server - any computer with Internet Explorer™ can access the system. In addition, the system constantly queries the database to ensure that all taxes, fees and prices are accurate on every deal processed in the MenuVantage system.
Founded in 2003, MenuVantage has enjoyed tremendous expansion and currently services over 2300 users at automotive dealerships nationwide, processing more than 60,000 deals per month.For more information call 732-754-1323 or visit http://www.menuvantage.com
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