We are very excited to team with MenuVantage and place our products on their Provider Exchange Network as the process will now be instantaneous so claims on contracts-in-transit are covered. It also ensures no rating errors and eliminates F& I chargebacks
Orlando, Fla. (PRWEB) September 8, 2008
MenuVantage (http://www.menuvantage.com), the market's premier web-based menu selling system, today announced Innovative Aftermarket Services (IAS) has agreed to integrate MenuVantage with "EREC", IAS' proprietary eRating and eContracting system for all of the IAS F&I product warranties. This enables eContracting for the company's entire set of F&I product warranties including: IAS InTire™, Phantom Footprints®, Theft Avert®, Multi-Shield, GAP, Windshield, and Paintless Dent Repair. It significantly streamlines the F& I process for all 2800 IAS auto dealership customers nationwide.
IAS dealers can now submit all consumer warranty 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 to team with MenuVantage and place our products on their Provider Exchange Network as the process will now be instantaneous so claims on contracts-in-transit are covered. It also ensures no rating errors and eliminates F& I chargebacks," commented Bob Corbin, President of IAS.
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 pleased to team with such an industry leader as IAS. Enabling electronic contracting and e-signature within the F&I office improves dealership CSI scores and increases the ability to up-sell F&I products. The entire process is completed quickly and customers can get out of the store 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 as well as Puerto Rico 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 9,000 users at automotive dealerships in all 50 states nationwide, Canada and Peurto Rico, 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 60 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.
About Innovative Aftermarket Systems
IAS is the leading provider of F&I aftermarket programs to automotive dealerships. IAS offers a variety of products including, GAP, Invisible Phantom Footprints, Theft Avert, Super Polysteel, The Preferred Advantage and R.O.A.D. InTire among others. Additionally, IAS' flagship software suite, SmartDealerProducts, provides revolutionary F&I software solutions for dealerships and their customers. IAS' training department, SmartDealerUniversity, provides ongoing training and feedback to ensure continued penetration, ethical presentations and increased profits for IAS dealership customers. Headquartered in Austin, Texas, IAS has hundreds of certified agents throughout the United States and provides technology solutions and aftermarket products for many of the top-100 dealer groups. For more information, please visit http://www.iasdirect.com.