At some dealerships, such as DCH Kay Honda in Eatontown, N.J., DealerPolicy is integrated with the Dealertrack's lending platform to allow both systems to process customer information simultaneously. Integration is also available with RouteOne's lending platform, said Ryan Fitzgerald, vice president of business development for DealerPolicy.
While the dealership is shopping around the customer's credit application for a finance deal, it also is shopping the customer's information to different insurance sources.
When a sales associate scans a customer's driver's license into the DealerPolicy app, the data prepopulates the credit application, according to Ruben Arcila, general sales manager at DCH Kay Honda, which sells 2,000 new vehicles and 1,600 used a year.
While customers wait to meet with the finance manager, the sales associate can offer them competitive insurance plans generated by DealerPolicy.
"If you're keeping your customer occupied, it's not really looked at as a waste of time," Arcila said.
Fitzgerald said about 65 percent of the dealerships that use DealerPolicy utilize the combined finance and insurance application, which also integrates with Route One's credit application management system.
"We take the dealers credit app that they have now, bolt on a section of questions that are related to the insurance and allow us to generate quotes. We get the dealer to switch out to our digital credit app, and we push through [the info] to Dealertrack or Route One that automatically allows us to generate quotes in the background," Fitzgerald said.
If a customer chooses to pursue one of the quoted insurance plans, the customer can video-conference a policy agent. The policy agents are DealerPolicy employees who work for Winooski Insurance, a wholly owned subsidiary of DealerPolicy, and act as intermediaries between the insurance company and the customer. Currently, there is no fee for dealerships using DealerPolicy, and the company provides iPads and tablets to the dealership.
The first week a dealership uses the technology, a DealerPolicy representative helps train the staff. On a monthly or quarterly basis, DealerPolicy support staff checks in on each store to provide a report card.
"At some point in the future, we could start charging, but we don't know what the number's going to be," Fitzgerald told Automotive News. According to the company, 164 new-vehicle franchised dealerships use DealerPolicy, in seven states — Vermont, New Hampshire, Maine, Connecticut, New Jersey, Pennsylvania and Ohio. Thirty-one insurance providers have joined the platform, though the number of available providers varies by state. On average, dealers can show customers quotes from between 12 and 15 insurance companies on a per-state basis.