The partnership between ProGuard Warranty and OTTOMOTO® ushers in a new era in auto finance, characterized by enhanced speed, accuracy, and compliance for auto dealers across the United States. Facing challenges from tight credit markets and rising interest rates, this alliance is strategically positioned to enhance dealers' capabilities to finalize more sales effectively. 'The traditional lending process is outdated and painful for both the dealer and the consumer,' states Dominic Limongelli, President of ProGuard Warranty. Auto dealers often face the challenge of broadening their lender options to serve a diverse customer base but lack the necessary resources to identify suitable financial institutions.
Many resort to sending multiple credit applications to different lenders, often leading to outright denials. This competitive disadvantage is addressed through OTTOMOTO®’s streamlined platform, which simplifies every aspect of retail financing, from initiating credit applications to finalizing funding. With features like a specialized lender verification tool, the platform enhances the probability of credit approval, effectively supporting dealers in closing more deals. The OTTOMOTO® platform provides dealers with access to a comprehensive array of lenders across the credit spectrum. Its suite of tools aids in enhancing security, maintaining compliance, and boosting efficiency.
Dealers can seamlessly integrate Finance & Insurance (F&I) products, including ProGuard protection plans, into the financing process with a single click, increasing potential revenue. The customer experience is streamlined too, making it easy for buyers to complete applications or secure prequalification by scanning a QR code. Real-time text alerts keep customers informed of any additional steps needed for approval, thereby speeding up the funding process and improving overall satisfaction. Compliance is a major focus, addressed through OTTOMOTO®’s innovative approach that eliminates data entry errors and potential legal infractions linked to the FTC Safeguards Rule.
'With privacy concerns at an all-time high, dealers continue to handle paper documents containing sensitive personal information,' remarks Limongelli. Utilizing OTTOMOTO®’s digital approach ensures a fully online process, which helps dealers remain compliant without increasing their staffing costs. Paul Nicholas, CEO of OTTOMOTO®, highlights the value of the collaboration, saying, 'ProGuard's stellar reputation for transparency aligns perfectly with the value we bring to dealers. Our launch of the Digital Deal Jacket further strengthens security and compliance measures. Integrated automated compliance checks and advanced fraud detection bolster our capabilities to prevent fraud and protect our clients.'
Limongelli adds, 'Enhancing customer experience remains our top priority, and this robust platform elevates efficiency even further.' ProGuard Warranty, a third-generation family business, has been a stalwart in the automotive industry for over seventy years, offering a wide range of vehicle protection plans through its national network of dealer partners. Their offerings are diverse, including specialized products for Farm and Ranch Trucks, commercial vehicles, and more. ProGuard's commitment to flexibility, accessibility, and transparency ensures dealers and their customers are protected from costly repairs.
OTTOMOTO® is leading the charge in transforming lending processes with its digital-lender-first model, promising a faster, more secure, and transparent financing experience. As an innovator in lending technology, OTTOMOTO® bridges the gap between dealers, consumers, and financial institutions, maximizing efficiency through its strategic alliances and industry expertise.
