We are very excited as with MenuVantage we are bringing a whole new level of professionalism into the F&I office. It's all done by e-contracting and is completely revolutionary. It essentially puts F&I offices on the same level of paper work as if someone went into a bank such as Wells Fargo for a loan
Orlando, Florida (PRWEB) July 23, 2008
MenuVantage (http://www.menuvantage.com), the market's premier web-based menu selling system, today announced American Financial Automotive Services (AFAS) has expanded its relationship with MenuVantage to incorporate an electronic deal jacket which includes all of the AFAS F&I Products on MenuVantage's Provider Exchange Network (PEN). This enables electronic signature and e-contracting for the company's entire set of F&I products, from GAP insurance and chemical protection through paintless dent repair, and significantly streamlines the F& I process for all 1,100 AFAS auto dealership customers nationwide.
AFAS dealers can now submit all consumer service contracts electronically, reduce errors in contracting and greatly reduce the amount of time spent in the F&I Office while maintaining an electronic record for seven years.
"We are very excited as with MenuVantage we are bringing a whole new level of professionalism into the F&I office. It's all done by e-contracting and is completely revolutionary. It essentially puts F&I offices on the same level of paper work as if someone went into a bank such as Wells Fargo for a loan," commented Arden Hetland, AFAS President.
With MenuVantage's Provider Exchange Network, electronic deal forms are collected and placed into an electronic deal jacket. The F&I manager guides the customer through the review process and has the customer sign deal forms via an electronic signature pad. As in the paper world, the F&I manager maintains control over the sequential order in which the forms are reviewed and executed. Each signed electronic deal document is automatically archived into the digital deal jacket. Once the deal is finalized in the back office, clerks can electronically transmit the deal forms to lenders and other vendors.
It decreases time from signature to approval, reduces the number of returned contracts, creates a manageable paper trail, lowers shipping costs, and delivers greater data accuracy. These greater efficiencies improve the speed of the deal, lead to increased customer satisfaction and give the F&I manager more time to explain the value of F&I offerings.
"We are very happy to expand our relationship with an industry leader such as AFAS. Enabling electronic documents and laser printing within the F&I office improves dealership CSI scores and increases the ability to up-sell F&I products. The approval process and funding of the deal is completed quickly and customers can get out of the store and into their new car in less time, with less hassle," commented Phillip Battista, MenuVantage Co-CEO.
MenuVantage has seen a strong increase in market presence and currently processes more than 100,000 deals per month for over 9,000 users at automotive dealerships in all 50 states nationwide and Canada; the average deal with MenuVantage produces $903 per unit compared to $633 per unit without the system - a 30% increase in revenue.
MenuVantage, based in Orlando, Florida, provides automotive dealers with best in class F&I tools to ensure compliance and increased per unit profit. The MenuVantage system offers F&I departments the most advanced technology available on the market today to increase F&I sales. It is also capable of the electronic submission of warranty and F&I products to providers, real time service contract rating, and the electronic contracting and signature. Founded in 2003, MenuVantage has enjoyed tremendous growth and currently services more than 8,000 users at automotive dealerships in all 50 states nationwide and Canada, processing more than 100,000 deals per month.
MenuVantage has developed a system that not only assists dealers in the F&I office, but also providers with contract administration making the system a truly end-to-end business solution. Over 50 providers currently enjoy the benefits of the MenuVantage platform including , Service Payment Plan (SPP), A.U.L Corporation, LOTS, Cal-Tex Protective Coatings, SouthwestRe, CNA National, EasyCare, GE, American Financial Automotive Services, and Safeguard. MenuVantage can be reached on the web at http://www.menuvantage.com.