Lexington National Specialty Launches LNS LionShare Model Will Help Auto Dealers Realize Up to 25% Added F&I Profits
Lexington National Specialty will partner with innovative auto dealerships to increase profits from vehicle service contracts (VSC) and ancillary products while eliminating entrenched and unnecessary third-party administrators.
BALTIMORE, April 24, 2019 /PRNewswire/ -- Lexington National Specialty, an AM Best A- Rated surety underwriter and contractual liability provider, has launched its "LNS LionShare" model, a direct-to-dealer line of contractual liability insurance policies (CLIPs) complete with the back-end servicing capability required to properly establish and administer VSCs and maintain a continued line of communication to customers.
In an industry with more per-vehicle revenue from F&I products than from actual vehicle sales, Lexington sees LNS LionShare as the future for successful auto dealers. "Dealers do all the work, take all the risk, and invest significant resources in bringing customers to the point of purchase," says William Diones, Vice President of Specialty Products at Lexington National Insurance Corporation. "Why should they share the rewards from the most profitable element of that sale with third parties that provide outdated systems and one-size-fits-all solutions?"
Each year, third party administrators collect an estimated $15 billion on the back of auto sales, yet do nothing to attract customers and often offer dated servicing platforms. Lexington National Specialty's LNS LionShare model unbundles the typical VSC package to propel auto dealers to greater profitability.
To address common complaints among auto dealers that their F&I servicing platforms are hard to use, slow to respond, and frequently experience down time, Lexington National Specialty has partnered with PCMI, the premier provider of integrated software solutions for extended warranty management and F&I administration. Their PCRS platform is an end-to-end solution for claims management that integrates with all Dealer Management Systems. By combining feature-rich, reliable software with a more hands-on approach to providing VSCs, Lexington National Specialty is helping dealers unlock both greater profitability and a mechanism for providing better service to customers that can lead to increased sales opportunities in the future.
Notes Ronald Frank, Lexington National Insurance Corporation's chief executive, "in an industry that is changing quickly and continues to face shrinking per vehicle revenue, we simply think that now is the time for auto dealers to push for the continued evolution of their companies and their industry by controlling this critical driver of profit." Adds Frank, "It's ludicrous for sophisticated dealers to give away so much of their profit."
About Lexington National Specialty
Lexington National Insurance Corporation was established in 1989 as a surety underwriter and today is licensed nationwide. Lexington has established itself as a fresh alternative contractual liability provider for the service contract and extended warranty industries. The company is a privately held business based in Baltimore, Maryland and is rated A- (Excellent) by AM Best and U.S. Treasury approved.
Lexington National Specialty (LNS) is headed by William Diones with over 25 years in the service contract business. LNS is focused on providing opportunities for industry participants to align with an underwriter that doesn't have the conflicts found with other players in the service contract industry. LNS's mission is to align with partners who are both innovative and customer-centric.
To learn more about Lexington National Specialty, or to schedule an interview with William Diones, please call 303-803-0440 or email [email protected]. You can also visit the Lexington National Specialty website at www.lexingtonspecialty.com.
Contact: William Diones
Phone: 303-803-0440
Email: [email protected]
SOURCE Lexington National Specialty
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