The reinsurance concept allows the dealer or other parties to own and control their own insurance company that accepts premiums generated from vehicle service agreements and other aftermarket products. This insurance company holds the premium reserves and earns 100 percent of the underwriting profits and investment income from those premiums thereby providing the owner with a new profit and wealth creation center. The reserves are also reinsured, which limits the risk to the selling dealer.
This concept has been marketed primarily to franchised automobile dealers for over a decade. It is not an “experiment,” and hundreds of satisfied references are available for review by any prospective client.
Please feel free to contact anyone at Cyclone Automotive if you have questions or would like to setup an appointment to review the concept of reinsurance and determine whether or not it is right for you.
Being compliant isn't just important, it's the law. The Consumer Finance Protection Bureau (CFPB) requires and advises dealership staff be trained in multiple federal rules and regulations. And, failure to be compliant can result in fines of thousands of dollars as well as jail time.
Cyclone Automotive has tools and resources available that can make compliance manageable for you. Cyclone can help you and your staff:
- understand Gramm-Leach-Bliley
- know when and how to use the FinCEN 8300 Form
- comply with the Patriot Act without offending repeat customers
- define Adverse Action
- follow the Red Flag Rules
- use the FTC Buyer's Guide properly
- show you how to find and use the Specially Designated Nationals List (SDN)
- and so on...
Whether your staff needs an annual refresher in compliance or you have new hires that need a complete introduction, the team at Cyclone can help. Webinars and classroom training available; call and set up an appointment to determine what's best for your dealership.
Beyond the Classroom
Training and educating is an on-going process, not a one time event. We not only offer regularly scheduled classes at Cyclone headquarters, but also offer webinars, lectures, and educational summits throughout the year. Topics have included:
- what's trending in our industry today
- creating a culture of customer service
- getting the most out of social media
- implementing and sustaining the perfect sales process
- evolution of the menu
- advanced training seminars for experienced F&I and sales management professionals
- Webinars on Friday's
The Cyclone Team has provided new perspective and renewed enthusiasm by guest speaking at sales meetings for Cyclone dealers. They have presented to 20 groups around the country, and have been a guest speaker at the National Independent Auto Dealers Association meeting, and the Iowa, Nebraska, and Kansas Independent Auto Dealers Association annual meetings as well.
If you would like to talk to someone about training and educating your staff or arranging a special speaking engagement, please feel free to contact us!