Preferred Warranties Marks 20th Anniversary with Announcement of 29 Percent Growth in 2011

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The service contract leader reports consecutive years of strong growth, notes expanded protection plans and support

best used car warranty, good reputation, excellent dealer support

Wayne Herring Jr.

2010 was strong, 2011 was even stronger.

Preferred Warranties Inc., widely regarded as a quality leader in extended service contracts for pre-owned vehicles, celebrated its 20th anniversary with the announcement of a 29% increase in sales revenues for 2011. The performance follows an impressive 2010, when the company reported 16% growth.

“2010 was strong, 2011 was even stronger,” says Wayne Herring Jr., PWI’s national sales manager. “The new plans and dealer programs that we introduced last year have been extremely well received. We’re opening up new territories, and we have built the best customer service and sales team in the business. The long and short of it is that we have a lot to celebrate.”

In 2011, the company introduced a new high-end protection plan, an online contract entry tool for dealers, new Spanish sales literature, and expanded dealer rebate incentives. The long-term reason for celebration that Mr. Herring refers to is the company’s solid record of growth since its founding in 1992. In 1998, Preferred Warranties was ranked #179 on the Inc. 500 list of fastest growing U.S. companies and earned a Torch Award for Marketplace Ethics from the Better Business Bureau. Today Preferred Warranties protection plans are insured by an A.M. Best “A-” underwriter, and offered through used car dealerships in 17 states. The company is rated “A” by the BBB.

In March of last year PWI introduced its top-of-the-line Premier Plan, offering coverage on a wider range of parts and service needs including many new high tech systems and components.

“The coverage is so extensive that we’ve gone to an exclusionary contract,” says Mr. Herring. “It lists the few items NOT covered by the Premier Plan. If a component or problem is not on that list, this plan covers it.”

The company also invested heavily in support and technology for dealerships that carry Preferred Warranties. In June they introduced eContract, an online program that allows dealers to instantly compare, present and submit service contracts on virtually any vehicle.

“The speed and simplicity of Preferred’s online contract program are amazing,” comments Mike Bowers of John’s Great Cars, Reading, PA. “In less than a minute I can enter the information on any vehicle, calculate all of the service contract options, and have it presentable for the customer on a single page.”

During the summer the company also introduced new Spanish versions of marketing and sales materials.

“To my knowledge, Preferred Warranties was the first provider of aftermarket vehicle protection plans to make a focused effort on hiring bilingual claims reps,” says Greg Reyes, one of PWI’s full-time bilingual customer service reps. “The management team is committed to recruiting, training and maintaining the best bilingual staff in the business.”

Celebrating aside, Preferred Warranties won’t be resting on its laurels. Their plans for 2012 include a new e-tablet app that enables dealers to instantly customize and compare finance and insurance products for customers.

Preferred Warranties extended service contracts are available through dealerships in 17 states: Alabama, Delaware, Georgia, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. More consumer and dealership information is available on their website, http://www.warrantys.com.

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