New York, NY, January 25, 2011 – IntelliPayment, the automobile industry's leader in financial payment acceleration products, today announced it will release a newly enhanced version of its popular biweekly payment products at Booth #4023N, at the 2011 NADA Convention and Expo in San Francisco, CA, February 5-7. With IntelliPayment, auto dealerships can accurately calculate and offer accelerated payment options to all their customers with integrated online tools and enrollment options, resulting in substantial increases in F&I profit.
“IntelliPayment has eliminated the pain points dealers have typically associated with biweekly payments since they were first introduced to the automobile market," commented Mickey Cavuoti, Founder & CEO of IntelliPayment. "As a result our business has greatly expanded in this current economy with a more than 150% increase in transaction volume last year. What differentiates IntelliPayment is that our dealers achieve greater than 50% product penetration over extended periods of time, which allows Per Vehicle Revenue (PVR) to increase meaningfully. IntelliPayment sales within our dealerships don’t start and then just fade away,” Cavuoti added.
IntelliPayment’s automated biweekly payment service is producing much needed increases in F&I Department profits for auto dealers during these tough economic times. By utilizing IntelliPayment, a dealer can pick up extra profit in F&I product and accessory sales while lowering the monthly payment and keeping the loan payoff term the same. “Using IntelliPayment has increased our PVR by over $150 a copy without complicating the F&I process for our business managers,” said Christian Gomes, Owner, Ford of Smithtown.
IntelliPayment customers benefit by making smaller, more frequent payments, which sync with their paychecks automatically and help them to budget, save interest, accelerate their equity, and ensure their good credit. The customer is also put into a better position to trade sooner. IntelliPayment tracks the loan, works seamlessly with any lender, and assists in loan management.
IntelliPayment is an easy to use web application which allows F&I managers to enroll customers in a matter of a few minutes; this is key because it doesn’t burden a dealer’s existing F&I resources. IntelliPayment is integrated with all major DMS providers and commissions are paid up front with no charge backs.
“The blended IntelliPayment product penetration for all of our stores has averaged over 50% each month for almost two years now, and our grosses are higher than they’ve ever been,” commented Ray Tantillo, Owner, the Tantillo Group. “We never have to worry about enrolling our customers with IntelliPayment because we know they’ll get great customer service and can rest assured that their payments are being made,” Tantillo added.