Advertisement feature: How Hendy Group Championed Their Own Warranty To Return Over 2.5Million In Expired Profit
Advertisement feature from Warranty Administration Services Ltd
Paul Hendy, Chief Executive of Hendy Group Ltd & Alan Davison, Managing Director of Warranty Administration Services Ltd
By Paul Hendy, Chief Executive, Hendy Group Ltd
The Hendy Group have partnered with Warranty Administration Services for 30 years. I remember walking into the WAS offices back in 1990 with specific needs and requirements – to find a warranty company who could deliver on the Hendy promise, work closely and impartially with my team, and help us profit from the quality of the vehicles we were selling.
Over 30 years later, Hendy Group and Warranty Administration Services have built a strong and prosperous relationship based on trust and respect. Their expert staff work as an extension of our team. Working with our best interests at heart and our core values central to the service we receive from them.
Rising to The Challenge
In order to remain competitive and cement our position as a leading AM100 dealer group, in 2019 we challenged ourselves by putting our warranty provision out to tender. Warranty Administration Services won that competitive tender by offering us the financial control we needed, with data and bespoke reporting at our fingertips, along with the prospect of exciting IT integration.
One key requirement of this tender was to futureproof our product delivery and maintain our first-class Hendy customer experience. We were excited to discover that the team at WAS had already embarked on an ambitious IT development plan, centered around cutting-edge solutions and dealer customer retention which aligned perfectly with our roadmap.
Over 71,000 customer
warranties registered.Almost £9million of warranty
funding managed by WAS.Nearly 17,000 warranty
claims managed.Across 60 Hendy Group
dealerships.Generating over £2.5million expired
warranty profit for Hendy Group.
Our partnership has returned the Hendy Group an additional profit of over £2.5million over the last 30 years and being able to keep the monies in our bank account, puts us in control.
What always surprises me, is that this profit figure also accounts for the nearly half a million pounds in goodwill claims that the warranty also paid for. Those claims where the item was not covered, but we wanted to provide an unrivalled customer experience and pay for the claim using our warranty fund as a goodwill solution.
This is a key benefit to our warranty and a pivotal strategy in our aftersales. The expert WAS Claims Team work closely with our decision makers. Anticipating challenges, providing quick solutions and giving us the tools to maintain the Hendy promise.
Beyond Profit
Warranty Administration Services does much more for Hendy than simply provide profit, although the month end reports always make good viewing! The team take away the administrative burden. They are the people that Hendy can turn to for reliable, informed aftercare solutions allowing us to make decisions quickly and effectively.
They are truly transparent. As a trusted partner, their independence and integrity are something Hendy really value.
Their processes are simple and easy to work with. They visit every Hendy site, regularly training our teams from sales and upselling, to service and customer retention. Always responding rapidly to the ever-changing motor industry and our requirement to increase customer retention with a best-in-class service.
Growing Adaptive Warranty Partner
As the Hendy Group has grown over the last 30 years, from a small family group to one of the largest multi-franchise groups in the UK, Warranty Administration Services has been there to support and accelerate that growth.
We can make changes to our warranty quickly and easily, allowing us to compare new and old divisions of our business, and challenge our own decisions.
One example of this rapid turnaround was our need for a new, profit-generating, Hendy Rescue and Recovery solution for 2020 and beyond. The WAS team reacted swiftly and with incredible ingenuity. Developing a new, self-funded, rescue and recovery dealer product which is now benefitting Hendy customers today.
Hendy Group and Warranty Administration Services will continue to work together to achieve the best outcomes. We are keen to explore solutions around customer retention to enhance the driving experience. We also look forward to our profit statements and being able to reinvest this to benefit both our customers and hard-working staff. That is what makes this partnership great!
Q: Paul, what would you say to motor dealers thinking about a self-funded warranty for their business, but they’re not sure who to talk to?
A: “What can I say? After 30 years of working together, the people to talk to are Warranty Administration Services. If you are confident in the vehicles you sell, then give them a call and go self-funded!”
To find out more, contact Warranty Administration Services Ltd on 01522 515600 or visit warrantyadmin.co.uk
