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Best Idea Awarded for Profit Center Opportunity
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by Martin Boyer, Austin Boats and Motors

I was recently asked to give a presentation during my 20 Group meeting. I had been realizing great success through a product in my F&I department, and my colleagues had asked me to provide some insight into how under the theme of "ways to increase dealer revenue”.

Ultimately, among all the presentations that were given in the 20 Group meeting, this idea was chosen as the winner of our Best Ideas award. And because I’m a member of the Marine Retailers Association of the Americas, and because this opportunity is really only available to MRAA members, I thought it would be appropriate to share the same success story with you, my fellow members.

I’ve been finding great success adding revenue to my topline and improving my customer satisfaction through Norman-Spencer’s MRAA Rewards AquaPac insurance program. I don’t look at this as an "insurance program.” Again, I think of it as a way to increase both revenue and customer satisfaction. My message and presentation were simple:

  • ŸI provided the group a sample of Norman-Spencer’s AquaPac and FishOn dealer kit, which includes brochures and other marketing pieces; and an example of a revenue calculation.
  • I gave them some idea of the competitive nature of the products offered.
  • I told them about Norman-Spencer, their staff, service levels, etc.
  • ŸI reminded them about how most of us just consider insurance a task. And since we don’t really incorporate it into our selling process, we lose out on the revenue opportunity.
  • ŸI showed them how it only takes two to three minutes to be more involved in the process to endorse the program with the buyer. That time leads to a very high success rate.
  • ŸBecause we all have limited time for additional duties, I explained how Norman-Spencer just takes it from there, and it’s basically off my plate. Including the application and payment processes.
  • ŸI also noted that their after-hours service is unlike any other program I’ve dealt with. Evenings, weekends, or holidays… they work when I work.
  • ŸLastly, I discussed how this program has specifically helped me earn profit.

The funny thing is that I was slotted for about 5 minutes to present. It turned into a 20-minute round table discussion with my group, and won the Best Idea for the meeting.

HERE’S MY STORY and why I now partner exclusively with Norman-Spencer.

Like many dealers, I had a couple of referral programs for our buyers. I pushed it, but maybe not as hard as I should have, and didn’t really consider it a viable profit center for my dealership.

After meeting with Norman-Spencer, I finally decided to give them a chance to explain the program in detail and how it could help me.

I told them I would test it. I still sent referrals to my other contacts. I was skeptical if it would be everything they sold it as. I quickly realized it was unlike any other program I’d ever worked with. Within a couple of months I was left scratching my head as to why I hadn’t done it sooner.

Today, Norman-Spencer’s program is the only insurance service that we use. They have unmatched service for dealers, their programs are the best I’ve seen, and they take care of my customers (who constantly tell me how pleased they are with the program).

And, at the end of the day, this program provides me with a revenue stream that I have never earned in the past.

I’m grateful I made that decision. I recommend that you reach out to them if you haven’t already. Give the program a chance to work and let it provide you with the same service and profit that it has for me.