Randy Ross, Vice President of Sales
Can you give me a bit of your company history? How did you become involved in the Key Replacement category?
RoadVantage was founded in May 2011 by F&I industry veterans focused on one goal: build a better automotive aftermarket ancillary product company, from the ground up. Starting with a clean slate enabled us to eliminate the legacy issues that can be troublesome with providers and set a new industry standard in the process.
RoadVantage offers a full suite of F&I solutions, and we include key replacement because we recognize the value of offering this coverage to dealers and their customers. Due to the standardization of the OEMs’ advanced security technology in automobile keys, along with the expense related to a replacement, we know consumers easily recognize the value of coverage.
What makes your product different from others on the market? How do you differentiate it?
RoadVantage’s comprehensive coverage is unmatched. We offer coverage per occurrence with no aggregate annual limits, and our coverage includes replacement of additional keys on the customer’s key ring. Additionally, home lockout coverage is provided. RoadVantage also offers key replacement as a stand-alone item or in a variety of bundled programs, so agents and dealers can select what best fits with their specific business model.
What is your primary sales channel? How do you market to that channel?
RoadVantage’s primary sales channel is our network of accredited agents across the country. The reputation and experience of our founder, Garret Lacour (who previously founded IAS), and of our executive team, provides us with a long history of relationships. These relationships have opened many doors and we believe will continue to do so. We stay in communication with agents through our monthly e-newsletter, industry events and also through webinars. Our clients and us consider these webinars to be valuable tools. For example, we held webinars in June on “Reducing Claims Fatigue” – we’ve developed a fresh approach to the claims process, making it as simple and effortless as possible for both dealers and agents.
How has technology impacted Key Replacement in the last year, if at all? Do you see it having an impact in the future? Why or why not?
Technology has greatly impacted key replacement in the last several years, and last year was no exception. OEMs are moving to keyless fobs and push-button ignitions, and as always, the more security and technology used in key fobs, the more expensive the replacement.
The market will continue to move toward push-button ignitions, and these technological advancements mean key replacement will continue to gain traction among dealers and their customers.
In your opinion, where is the greatest growth potential for the Key Replacement category?
The greatest opportunity for growth in the key replacement category exists for dealers that offer it as an additional benefit in a “bundled” package. It’s simply a better value proposition. There is growth potential across the board, due to keys becoming more complex and expensive – making this product more desirable to both customers and dealers.