VinTraxx Automotive LLC. announced in a press release a partnership with CPR for Cars. VinTraxx will operate as a sales and distribution channel partner. The CPR for Cars Car Payment Reimbursement Program reimburses the vehicle purchaser or lessee the monthly financial obligation (monthly car loan or lease payment) when a covered vehicle is out of their care, custody or control.
“VinTraxx Automotive focuses on providing solutions that address gaps in the buying, marketing, and finance process. Our goal is to continually enhance our services to result in faster vehicle transactions, from acquisition to disposition. We have a strong understanding of the automotive industry, offering unparalleled expertise in vehicle appraisal and remarketing services, as well as software solutions for automotive dealers. At VinTraxx, we are dedicated to improving the industry and serving as a guiding force for transformation,” said John Canales, VinTraxx Automotive LLC. CEO/president. “This partnership with CPR for Cars opens doors for North American dealers to provide solutions that protect the consumer and maintain the highest level of consumer confidence for the dealership,” Canales added.
At the core of VinTraxx Automotive’s offerings is a state-of-the-art media platform, vehicle payment protection services and integrated diagnostic solutions. The suite of innovative services now includes VinTraxx Appraisal, VinTraxx Media and VinTraxx CPR.
VinTraxx Appraisal: The VinTraxx Automotive scanning and appraisal process is quick and easy, taking less than a minute. Anyone in the dealership with a smartphone or tablet can be trained to use it with just five minutes of training.
VInTraxx Media: powered by TikTok: Connects dealers with millions of shoppers around the clock on TikTok, the world’s largest social media platform. VinTraax’s in-house production team collaborates with dealers to design a world-class video marketing strategy.
VinTraxx CPR for Cars: Provides consumer payment protection. This is beneficial for both the consumer and the dealer because customers can buy with confidence knowing they have payment protection should their car break down or become unusable in the next five years. The car dealer mitigates potential loan buyback due to consumer non-payment. This also results in high satisfaction scores from completely satisfied consumers.
CPR for Cars powered by VinTraxx can be sold in the finance office or on the showroom floor as an add-on or included on an addendum. Unlike GAP, CPR is available throughout the term of the loan, providing payment assistance to customers who experience an issue that is mechanical, collision or based on a recall, and the repairs take longer than seven days. Repairs due to theft and vandalism are also covered. In the event of a total loss, CPR provides further budget protection and peace of mind by offering a one-time monthly payment benefit amount to further help reduce any outstanding loan balance amount due. If a vehicle is in a dealer’s service department for seven to 15 days, CPR will cover 50% of the vehicle owner’s monthly payment. That benefit extends to 100%, 200%, and 300% of the monthly payment if the vehicle is in the shop for 16 to 30 days, 31 to 60 days, and 61 to 90 days, respectively.
CPR for Cars is also an effective loyalty program as it drives customers back to their selling dealer for repairs. In addition, it can be wrapped around other ancillary products the dealer offers to customers, who will be directed back to the selling dealership. The result is extra parts and labor income that dealers may not realize on customer repairs, as well as a possible boost to CSI.
“CPR for Cars is excited to be partnered up with VinTraxx Automotive as they bring value to the dealerships as well as the end user consumer in the automotive space. They also have great leadership at the helm with a great foundation to help bring CPR for Cars to the marketplace,” said Joe Arruzza, CPR for Cars co-founder.
Commenting further on the program, Canales stated, “There could not be a better time for us to be offering CPR for Cars. Delinquency rates are at the highest level in almost 30 years. The subprime auto loan delinquency rate is also at the highest levels since 1996 for customers 60 days past due. According to Fitch Ratings, this is driven by higher interest rates, higher vehicle prices, and unusable vehicles in need of repair. In addition, the average age of the vehicles on the road in the U.S. has topped 12 years old for the first time, according to IHS Market, and these vehicles will require more maintenance and repairs.”
