Tag Archive | "Innovative Aftermarket Systems"

Innovative Aftermarket Systems (IAS) Appoints Bob Corbin as Executive Chairman and Taps Patrick Brown as the Company’s New President and CEO


Austin, Texas – IAS, a leading provider of F&I solutions
to the automotive industry, today announced that Patrick Brown has joined the
company as president and CEO effective September 12, 2016. Mr. Brown
succeeds longtime IAS executive Bob Corbin who has been with the company
since 2000. Mr. Corbin will continue to play a key role in the company
transitioning his focus to mergers and acquisitions.

Mr. Brown’s experience running high growth private companies and divisions of
high growth public companies makes him uniquely suited for the leading role at
IAS. Furthermore, Mr. Brown’s experience in non-automotive financial services
industries affords him a fresh perspective to help grow IAS.

“I have spent a lot of time with Patrick over this process and am convinced that
he is the right person at the right time for IAS. He is a big picture thinker with a
proven track record of successfully managing and growing companies and that
kind of vision is something we need more of in F&I,” said Bob Corbin, executive
chairman at IAS. “I’m incredibly proud of my tenure at IAS and the team that we
have put in place. I lit the torch and now I’m ready to pass it on.”

Before joining IAS, Mr. Brown served as the General Manager of the Commercial
Prepaid business for Netspend, a division of Total System Services, Inc. (NYSE:
TSS). In this role Mr. Brown was responsible for the strategy and overall growth
of Netspend’s commercial prepaid division. Mr. Brown joined Netspend
subsequent to its acquisition of Procesa International, LLC where Mr. Brown was
founder and CEO. Mr. Brown also served as General Manager of Euronet
Payments & Remittance, Inc., a wholly owned subsidiary of Euronet Worldwide,
Inc. (NASDAQ: EEFT). Mr. Brown joined Euronet subsequent to its acquisition of
Continental Transfer, of which he was a co-founder and served as chief operating
officer.

“I’m thrilled to be joining the IAS family. Bob and team have done an outstanding
job over the last 16 years positioning IAS as the market leader in the F&I
industry. I’m looking forward to working with the IAS team and the company’s
extended family of nationwide partners,” said Patrick Brown, president and CEO
at IAS. “

Mr. Brown holds a Master of Business Administration from the University of North
Carolina at Charlotte and bachelor’s degrees in economics and finance from
Wingate University. He and his family currently reside in Austin, Texas.

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IAS Announces Internal Promotions to Senior Leadership


AUSTIN – IAS, a leading provider of F&I solutions to automobile dealerships, today announced a series of senior management changes designed to advance the adoption of the company’s complete F&I solution.

Frank Klaus has been promoted to Chief Operating Officer for the IAS Oklahoma City, Oklahoma and Dublin, Ohio offices. Mr. Klaus had previously served as President of VSC.

IAS also announced that Eric Mélon with take on the national role of President of Sales. Mr. Mélon, who has been with the company since 2004, most recently worked as Sr. Vice President of Dealer Development.

“Frank and Eric are seasoned and trusted leaders who consistently deliver results,” said Bob Corbin President, and Chief Executive Officer at IAS. “One of our greatest strengths is our management team and as a result, we are blessed with an outstanding talent pool that is ready for expanded executive responsibilities.”

Frank started his career in the automobile industry in 1980 selling vehicles at an Oklahoma dealership. In 1987 he expanded his experience by joining General Financial Systems, where he learned and honed his reinsurance expertise. Frank founded First Dealer Resources (FDR) in 1989 and due in large part to his leadership, FDR became one of the largest independent general agencies in the country prior to their acquisition by IAS in 2014.

“As IAS continues to transform from a pure product provider to a complete aftermarket solution, we must continue to operate at a high level to deliver innovative products and solutions that set our agents and dealers apart,” said Klaus. “I look forward to working with the leadership team in a new capacity to position IAS for continued success.”

Eric brings with him nearly three decades of experience in the automotive industry. Eric joined First Dealer Resources, now IAS, in 2004 to direct their sales training initiatives and grow dealer relations. Prior to joining FDR, Eric worked as a dealer development consultant for Stuker & Associates and before that enjoyed a successful career working in automotive retail, with extensive experience in sales, sales management, and upper management.

“I am thrilled to start the New Year with this exciting challenge – leading the sales organization for one of the most dynamic innovators in F&I,” said Mélon. “IAS’ strategy has never been more compelling and I am incredibly energized to lead this company to the next level.”

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St. John to Bring Brain Science to Agent Summit


LAS VEGAS — Organizers of the annual Agent Summit have announced that Joe St. John, director of training for Innovative Aftermarket Systems (IAS), will present a neuroscience-based Coaching and Development session at this year’s event, which will be held March 2–4 at the Venetian Palazzo Las Vegas.

“To remain relevant and prove oneself indispensable to one’s dealer clients, agents must ride the leading edge of technology and training,” said David Gesualdo, show chair and publisher of Agent Entrepreneur and F&I and Showroom. “Joe’s presentation is guaranteed to captivate our attendees and, hopefully, pay dividends for their dealer clients.”

“Xs & Os – Brain Science for Better Coaching” will begin at 1:30 p.m. on Tuesday, March 3, and will be followed by a panel session on Coaching and Development. St. John is expected to cover a myriad of brain science topics, including biology, behavioral patterns, effective skills training, personal motivation and more.

“Strap yourself in as Joe puts a charge into how you approach Coaching and Developing your F&I Superstars. While we all know inspiring others to perform at a higher level can be challenging, Joe breaks down the roadblocks and speaks both from experience and his lofty academic achievements,” said Randy Crisorio, president and CEO of United Development Systems Inc. (UDS) and chair of the Agent Summit advisory board. “Don’t miss it.”

To register for Agent Summit or for more information, visit AgentSummit.com. Attendees who register on or before Feb. 1 will enjoy a $100 early-bird discount. For sponsorship and exhibition opportunities, contact Eric Gesualdo via email hidden; JavaScript is required or call 727-612-8826.

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A Roundup of Combo Products


When it comes to the term “Combo Product”, while there are a wide range of products and philosophies around the strategy, there are a few things that seem to be universal.

First, is that a combo product isn’t simply bundling several products together on a menu. While that is one way to sell F&I products, the combo strategy involves one provider offering a bundle of their branded products, and for the sale of those products to happen on a single contract. Across the board, our respondents to this month’s roundup agreed that the benefits of having a single contract for a customer to sign – getting them in and out of the F&I office faster – leads to higher sales volumes and a higher profit on the items sold. They did note that, at times, it can backfire however. If a customer doesn’t see the value of even one product in a bundle, it can kill the sale of the entire contract. But for the most part, our industry experts agreed that this is a powerful sales strategy.

Second, what was interesting to note was that while there were some common products across the board – most providers we talked to started with a base of a vehicle service contract, and built their combo offering from there – the products that were offered did have some variety. Roadside assistance, dent and ding coverage and key replacement were three of the most cited products. Tire and wheel and appearance protection came in a close second, and most providers offered an average of three to four products in their combo packages.

One thing several providers mentioned is that they are always working with agents and dealers to bundle products together in new ways, but that state and federal regulations are something they keep a very close eye on. Key replacement, for example, is often in bundles today, but one provider noted that it’s possible that will be classified as an insurance product in some states in the future, which would disallow it from being included in combo packages.

If you are looking for insight into the exploded market for combo products, click on the companies below to hear their thoughts about the category, the pros and cons of selling combo packages, and where they see it evolving next.

Combo Product Roundup

American Guardian Warranty Services (AGWS)

American Guardian Warranty Services (AGWS)
Jon Anderson, SVP, Sales and Marketing

How do you define a “combo product”?

Combo appearance packages offer extreme value and represent the most relevant offering to a new vehicle or certified pre-owned customer. Customers love the appearance of new or certified pre-owned vehicle and they want to protect it. They give an F&I Manager the versatility to offer the appearance protection benefits most relatable to the customer.

Read More »

GSFS Group

GSFS Group
Alan Bond, VP, National Sales

How do you define a “combo product”?

To me, combo product means multiple products that have been combined into, in essence, one product or at least one form.

Read More »

Innovative Aftermarket Systems (IAS)

Innovative Aftermarket Systems (IAS)
Jeff Jagoe, SVP, Sales and Marketing

How do you define a “combo product”?

More of a concept than a product, IAS offers dealers the ability to bundle two or more IAS F&I products as a packaged deal on a single form with a single price. This completely customizable program, called Multi-Shield, utilizes a mix and match approach to meet dealership and customer needs and the perfect F&I price point.

Read More »

National Auto Care Corp. (NAC)

National Auto Care Corp. (NAC)
Curt Johnson, Senior Risk, Product & Compliance Manager

How do you define a “combo product”?

In our industry, when multiple programs are combined into one potentially easier-to-sell product it’s referred to as a “combo”. Typically, combos have a service agreement product base, with non-mechanically related vehicle services incorporated – like tire and wheel or paintless dent repair – to add value for the consumer and ensure F&I offers a fuller range of aftermarket products to each customer.

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National Automotive Experts (NAE)

National Automotive Experts (NAE)
Kelly Price, President

How do you define a “combo product”?

To me, it would be taking any combo of several offerings, and creating different opportunities based on needs of the dealer. We focus mainly on reinsurance for dealers, and we try to combine products that are good for reinsurance and high value to the customer.

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RoadVantage

RoadVantage
Randy Ross, SVP, Sales

How do you define a “combo product”?

Typically, a combo product, or a bundled product, includes three or more ancillary components offered together in a single, branded package.

Read More »

Safe-Guard Products International LLC

Safe-Guard Products International LLC
Dave Duncan, President

How do you define a “combo product”?

A combo product takes existing ancillary F&I products and packages the benefits into one product, sold on one form.

Read More »

Wise F&I

Wise F&I
Matthew Croak, President

How do you define a “combo product”?

A “combo product” typically includes coverage benefits of multiple ancillary products in a single contract. These multiple coverage benefits may be offered in several formats including bundled, à la carte or a combination of both. A dealer’s ability to offer a single contract with multiple coverage benefit options allows for a more personalized solution and enhanced value to the customer, as well as additional profit opportunities for the dealer.

Read More »

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Innovative Aftermarket Systems (IAS)


Jeff Jagoe, SVP, Sales and Marketing

How do you define a “combo product”?
More of a concept than a product, IAS offers dealers the ability to bundle two or more IAS F&I products as a packaged deal on a single form with a single price. This completely customizable program, called Multi-Shield, utilizes a mix and match approach to meet dealership and customer needs and the perfect F&I price point.

What types of products are you including in your combo packages today? Why?
IAS sells programs that include any combination of the most popular F&I products available today including tire and wheel, dent repair, windshield repair and replacement, key replacement, rips tears burns, cosmetic wheel scratch repair and a number of other products that can be packaged to offer maximum protection at the best value.

Multi-Shield has practically limitless combinations because different dealers want the ability to offer a variety of customer benefits depending on the type of car being sold and clientele that is represented. For example, a high-line store with high performance wheels will sell more cosmetic wheel repair than a non high-line dealership with standard class wheels.

What are your top reasons behind offering combo products? What, if any, reasons would you have to not offer them?
Simply stated, Multi-Shield adds value for the consumer, making it not only a popular product, but one that is easy to sell. Just like within a vehicle service contract (VSC) that offers more engine component coverage, Multi-Shield offers more tangible consumer benefits. But unlike a VSC, Multi-Shield doesn’t have to compete with manufacturer’s warranties, making it easier to sell. Plus, the benefits cover every day losses, such as grocery store door dings, lost keys and potholes, making Multi-Shield like a mini service contract, covering everything the manufacturer does not.

Is the sales process for a combo product different than for an individual product? Can you give an example?
One of the most attractive sales benefits of Multi-Shield is that although the consumer is receiving multi benefits, it does not take up multiple boxes on the menu. Since Multi-Shield is one program with multiple benefits, it frees up real estate on the menu, making it appear less cluttered and easier for the consumer to follow.

Do you believe the combo product strategy will evolve in the future? What types of product combos do you anticipate in the next 2-5 years?
Multi-Shield continues to thrive because it provides such a real value that consumers are likely to buy. A service contract can cover how well your car has been built, but Multi-Shield will protect how well your car is treated.

In the future, we foresee TAP, our new Trade Assurance Plus program, which is like GAP for trades, becoming part of a combo package presentation with GAP. It fits into the combo program because they both share loss benefits with different triggers. It happens to be so much like GAP that you can package-sell the program, all the while maintaining separate forms for flexibility.

Is there anything else you would like to add?
Overall, combo programs are a great back up plan for F&I managers who aren’t selling VSCs because it offers coverage for all the reasons they didn’t buy a VSC. And for that reason alone, we feel combo programs will continue to grow and thrive in F&I.

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2013 F&Idol Contest Now Open for Entries


Torrance, Calif. — F&I and Showroom magazine and Innovative Aftermarket Systems (IAS) are now accepting video entries for the third annual F&Idol contest, a competition that seeks the best F&I sales performance in five product categories. The deadline to enter is Friday, July 26.

This year, there is a new “F&I Products for Lease Customers” category to reflect the resurgence of leasing, which accounted for a record 27.5 percent of all new vehicles financed in the first quarter, according to Experian Automotive. Other categories include Vehicle Service Contract, Tire and Wheel, Key Replacement and an open category. The latter allows participants to submit a video of them selling a product of their choosing.

“This isn’t just for bragging rights; the overall winner will walk away with $3,500 in cash,” said Gregory Arroyo, editorial director, F&I and Showroom, and one of the contest’s eight judges. “And all you need to enter is a smartphone with video-recording capabilities, great technique and a colleague to play the customer. It’s that easy.”

Participants are asked to submit a video of no more than five minutes that shows them working with a customer in a staged transaction. The videos, which can be recorded using an iPhone, Android phone, Webcam or any other video-recording device, must also show contestants handling at least two objections. Only one video may be submitted for each F&I product category.

A panel of eight judges will review each submission and award points for transition statement and overall flow; customer rapport and engagement; product disclosures; product knowledge; personal stories and testimonials; and objection handling.

Category winners will be announced in early August and are required to be in attendance at Industry Summit 2013, where they’ll be recognized during a special luncheon ceremony on Tuesday, Sept. 17, 2013. Category winners will receive $1,000 in cash, airfare and a two-night stay at the Paris Las Vegas Hotel. The overall winner will receive an additional $2,500 and will be featured in the November issue of F&I and Showroom.

To upload a video or to find contest rules, visit www.fandidol.com.

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