ORLANDO, FL (PRWEB) April 18, 2006
MenuVantage, a fully customizable, web-based menu selling system that integrates seamlessly with major Dealer Management Systems (DMS), today announced the release of a new California Car Buyer’s Bill of Rights disclosure tool built right into its leading menu selling system. The new feature provides dealers with a tool to automatically comply with California AB 68. Effective July 1st, 2006, dealers across the nation must be in full compliance or vehicle sales could be shut down.
California AB 68, the California Car Buyer’s Bill of Rights, requires detailed new disclosures to prevent "payment packing." That practice occurs when dealerships include finance and insurance products in a vehicle purchase contract without a customer's knowledge. Dealerships also will be required to make credit scores and their explanations available to consumers.
The MenuVantage compliance tool enables dealers to meet these requirements by providing the dealership with a simple tool to ensure full disclosure to each customer and a means to prove that they are doing everything right – that every penny in every deal is accounted for.
“MenuVantage is proud to be the first system to go live with an F&I compliance tool for California AB 68. We have a great advantage in that our CEO is an automotive trial attorney and thus maintains a company focus on legal compliance,” commented MenuVantage Chief Marketing Officer Phillip Battista.
“The MenuVantage system 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,” Battista added.
MenuVantage provides dealers with superior F&I tools to ensure compliance and increased per unit profit. The system offers F&I Departments the most advanced technology available on the market including electronic submission of warranty and F&I products to providers, real time service contract rating for over 50 providers, and dynamic printing of documents on regular paper.
MenuVantage has seen a strong increase in market presence and currently processes more than 67,000 deals per month for 2,300 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.
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.