Car dealers are great referrers of business for a good P&C guy. Doesn't matter what your rates are actually, as long as you can help them with their 2 pain points:
- They need the buyer to leave in the car, meaning they need insurance bound now.
- They need to get their loans funded, which means they need someone very responsive to the banks (and why they don't like the online services).
The smaller the lot, the easier it is to get their business.
If you are paid on loss ratios, car dealers tend to be problematic, your losses will be high. If you rate people on credit scores, used car dealers can be problematic as well, since they usually are dealing in the lower range, not the upper.
Dan
- They need the buyer to leave in the car, meaning they need insurance bound now.
- They need to get their loans funded, which means they need someone very responsive to the banks (and why they don't like the online services).
The smaller the lot, the easier it is to get their business.
If you are paid on loss ratios, car dealers tend to be problematic, your losses will be high. If you rate people on credit scores, used car dealers can be problematic as well, since they usually are dealing in the lower range, not the upper.
Dan
