Lake Forest, Calif. - Portfolio, one of the nation’s leading reinsurance program managers for automotive dealers, has launched Portfolio Edge, a program to extend coverage on the manufacturer’s parts and labor warranties for repairs in dealership service drives, and then reinsure the extended coverage contracts to the dealer’s Affiliated Reinsurance Company.
Portfolio Edge comes with two options for the dealership: a limited warranty that is included in the customer’s payment of the repair order, or a service contract covering the repair paid for separately by the customer. The coverage can be extended for 1-4 additional years not to exceed 5 years total coverage. All consumer documents will be generated electronically.
“With reinsurance being a vital part of most dealers’ business strategy, we have recently been asked for a service drive product that can be reinsured,” observed Steve Burke, Chief Executive of Sales. “We believe this is the first program of its kind to meet that dealer need. Plus it boosts wholesale parts sales and helps with customer satisfaction and retention.”
To achieve a seamless technology solution for the dealership, Portfolio partnered with PartShield, which created a similar extended warranty program for OEMs such as Ford Motor Company. PartShield developed a Portfolio private labeled website and will assist in implementing this technology in the dealership. The website facilitates the sale and distribution of the Portfolio Edge product for the consumer documents (electronic contract) and determines part eligibilities. The website integrates with most major DMS providers to more easily install the program in the service department.