Vehicle loan insurance on the up

Cooper Solutions has reported a 25% year-on-year increase in vehicle loan days as retailers benefit from vehicle sales and growing aftersales services

Cooper Solutions, which provides a range of integrated dealer management solutions and systems, has revealed a 25% year-on-year increase in the number of days retailers took advantage of its FullCover daily rate insurance for customer loans.

It claims a buoyant new and used car sales market in 2016, and growing service and repair business for retailers, helped to fuel this growth, alongside an expanding portfolio of franchised and independent retailer clients.

Dean Pipitone, director at Cooper Solutions explained, ‘In the main, retailers continued to see strong sales in 2016 which boosted demonstrator loan car activity. However, where we saw the most notable increase in loan car activity was in the aftersales departments, with retailers investing in larger courtesy car fleets for the benefit of service and repair customers.’

Cooper Solutions believes one of the key drivers behind the success of its FullCover offering is its partnership with one of the UK’s leading chartered insurance brokers, Cooke & Mason.

Dean concluded, ‘Whilst longer term new and used sales for 2017 are tricky to predict, take up of our daily rate insurance is already showing a very promising start to the new year.’